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Wednesday, 17th April 2024
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Windfarm deal closes Back  
 
The 26 mega watt Altahullion Wind Farm Project, the largest wind farm project operating in Ireland to date, has reached a financial close.

The project, which was financed by IIB Bank and KBC Project Finance, was developed on a joint venture basis by B9 Energy Services Ltd (B9) and Renewable Energy Systems Ltd (RES) in Limavady, Northern Ireland, and consists of 20 Bonus 1.2 MW turbines.

The financiers, IIB Bank and KBC Project Finance provided senior debt facilities totalling approximately ?19 million (approx. €27.1 million) towards the financing of the project.

The project commenced operations in July 2003 and has a 15-year power purchase agreement with Viridian Energy Supply Limited under which VESL will also purchase the renewable benefits of the project.

IIB Bank was the sole arranger of two wind energy projects in Ireland for RES / B9 during 1999. These were the 5.94MW Milane Hill and the 3.96MW Bennageeha windfarms, which began operations during 2000. This is the second renewable project sponsored by RES that KBC Project Finance has underwritten. It was the sole arranger of the 21MW Corbi?res and Souleilla wind farm, the largest wind farm in France.

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