Infinis Plc, the renewable-energy developer owned by Guy Hands’s Terra Firma Capital Partners Ltd., got a 75 million-pound ($121 million) loan from National Australia Bank Ltd. (NAB) for a group of U.K. wind farms.
The loan will finance the construction and operation of five onshore projects with a combined capacity of 52.5 megawatts, Northampton, England-based Infinis said today in a statement. It expects the projects to be operating by March.
The U.K., which through its so-called Renewables Obligation program offers premium payments for clean energy, is attracting investors from overseas. Mainstream Renewable Power Ltd., an Irish developer, signed a 60 million-euro ($77 million) loan agreement with Australia’s Macquarie Group Ltd. last month to help fund its U.K. offshore wind parks.
The Infinis projects, all of which have planning consent, include two in Scotland: the 10-megawatt Westfield park in Fife and the 12.5-megawatt Gordonstown Hill farm in Aberdeenshire. They also include three in northern England: the 15-megawatt Wingates park in Northumberland and the Tedder Hill and Blackstone Edge sites in Yorkshire, both with 7.5 megawatts.
Once all five plants are generating electricity, the company will have almost 275 megawatts of operational wind energy, according to the statement. Infinis, which produced about 9 percent of the U.K.’s renewable power in the year to March, also has hydropower and landfill-gas sites.
Infinis was unable to provide further details on the loan when contacted today.
To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at email@example.com