MONEY MATTERS
ING COMMERCIAL BANKING COMPLETES FINANCING FOR TENTH RENEWABLE ENERGY DEAL THIS YEAR
ING Commercial Banking announced recently that it has closed the Ardoch and Over Enoch (‘AOE’) wind farm transaction in Scotland. The deal represents the tenth for ING in the sustainable sector this year.
This deal confirms Ing’s strong expertise within the Structured Finance industry for renewable Energy transactions. AoE marks the second wind project financing in the UK, and enables Velocita Energy Developments to construct the AOE wind farm in Scotland. The site will consist of five 2.3Mw Siemens turbines for a total capacity of 11.5MW, producing electricity for approximately 7,200 UK households each year.
UK POWER PURCHASE AGREEMENT (PPA) AoE benefits from a 15-year PPA with Statkraft Markets gmbh, which will purchase the electricity and resulting environmental benefits at market prices. The transaction comprises a £16.3m project finance facility (plus VAT), working capital and Debt Service Reserve facilities, making a total of GBP 20.5m of credit facilities. This is supported by Letters of Credit, interest rate swaps and foreign exchange swaps.
PRIDE AND EXCITEMENT Therese Brouwer, Managing Director, head SF Utilities, Power & renewables – EMEA said; “The team here at ING Commercial Banking are both proud and excited about the number of transactions we have completed this year within the Renewable Energy sector. ING Commercial Banking is an established thought leader in this field, a position we will look to build on as Renewable Energy becomes more prevalent within Europe’s energy sources.”
CONTINUING TREND AoE marks the latest financing in the UK renewable energy sector, following the completion of the Yelvertoft wind farm and Drax biomass conversion projects in 2012.
It is hoped that this will be part of a continuing trend within the UK renewable energy sector, as carbon emission targets focus policymakers on developing a more sustainable energy mix in the UK and Europe as a whole.
PROFILE Ing is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base.
Going forward, they will concentrate on their position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for their insurance and investment management operations.
ING Commercial Banking
www.windenergynetwork.co.uk
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