Renerco Gets $125 Million LBBW-Led Loan to Build U.K. Wind FarmsLouise Downing
Renerco Renewable Energy Concepts AG was awarded a 79.6 million pound ($125 million) loan arranged by Landesbank Baden-Wuerttemberg, Germany’s biggest state lender, to help fund the construction of three wind farms in the U.K.
Landesbank Hessen-Thuringen Girozentrale, known as Helaba, will contribute a third of the non-recourse project finance, Stuttgart-based LBBW said today in an e-mailed statement. The total investment in the projects is about 88 million pounds.
The farms will have total capacity of 45 megawatts, enough to provide electricity for about 35,000 homes. The projects will contribute to Britain’s target to get 30 percent of its power from renewables by 2020, an increase from about 12 percent now.