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BayWa r.e. has finalized financing for its Damaged Cross Wind Farm with NatWest Plc. Positioned in South Lanarkshire close to Glasgow, Scotland, the farm will function 9 generators with a complete capability of 43.2 MW. The financing, totaling round €46 million, helps the challenge’s improvement. A 6-year Energy Buy Settlement (PPA) was signed between SmartestEnergy Restricted and BayWa r.e. final 12 months.
Previously an opencast coal mine, the Damaged Cross website displays the UK’s shift from fossil fuels to renewable power. Throughout building, emphasis was positioned on land preservation and restoration to maintain native wildlife habitats. The wind farm will supply an annual advantages bundle of €5,800 per put in megawatt to the neighborhood. Development commenced in October 2022, with generators at the moment being put in. The wind farm is scheduled for commissioning this 12 months, with financing preparations in place all through building and operation.
Christine McGregor, Managing Director at BayWa r.e. UK Ltd., added, “We’re happy to companion with NatWest for the long-term financing of the Damaged Cross Wind Farm. Reaching monetary closure for the challenge represents an necessary milestone, demonstrating that Scottish onshore wind belongings, corresponding to Damaged Cross, proceed to be enticing investments propositions. We’re dedicated to supporting the UK authorities’s internet zero ambitions by offering extra clear power to households and companies.”
Lyudmil Banev, Undertaking Finance Director at NatWest mentioned, “We now have been delighted to collaborate with the BayWa r.e. group to repurpose an opencast coal mine for the development of an onshore wind farm in a sexy space for wind technology. Our focus is on working carefully and creatively with our purchasers to navigate new frontiers with the intention to discover extra methods to help the power transition. Damaged Cross is an instance of that and demonstrates properly NatWest’s continued dedication to the UK renewable power sector and {our capability} in UK wind particularly, in addition to our potential to deploy our stability sheet successfully.”
Michael Kohn, International Head of Undertaking Finance at BayWa r.e. commented, “One key success issue for the power transition is the event of an ever-increasing variety of renewable power initiatives annually. As one of many largest photo voltaic and wind builders in Europe, BayWa r.e. secures monetary sources for renewable power initiatives in a continuously altering market atmosphere frequently – Damaged Cross is a wonderful instance for that.”
