Renewable Energy Infrastructure
Scottish Highlands
£45M project finance facility for 25MW wind farm development in the Scottish Highlands. Completed funding structure with senior debt and equity partners in 8 weeks.
The Challenge
Independent power producer needed £45M for greenfield wind farm development in Scotland. Complex capital structure required combining senior debt, mezzanine finance, and equity investment. Banks required extensive technical due diligence and were cautious on merchant risk exposure despite secured CfD (Contract for Difference) revenue stream.
Our Solution
Structured three-tier capital stack: £28M senior debt (62% of project cost) from specialist renewable energy lender with 18-year tenor matching CfD period, £9M mezzanine layer from infrastructure fund, and £8M equity from impact investors. Coordinated technical, environmental, and legal due diligence across all parties. Negotiated intercreditor agreement defining waterfall and security priorities.
The Result
Full funding secured within 8 weeks. Construction completed on schedule and under budget. Wind farm operational since Q2 2024, generating ahead of P50 projections. Annual generation of 65GWh providing power for approximately 15,000 homes. Project achieved investment grade rating post-commissioning, enabling refinancing at lower rates.
Key Takeaways
- Specialized lender expertise in project finance was critical to success
- Completed in 8 weeks from initial consultation to funding
- Total facility size of £45M structured to meet client needs
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