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Finance deal for Aikengall Community Wind Farms

Aikengall Commmunity Wind Farms

KfW IPEX-Bank is providing finance for Community Windpower’s (CWP) three Aikengall wind farms located near Dunbar, East Lothian, Scotland. 

The Aikengall portfolio debt facility is £144m and follows KFW IPEX-Bank’s refinancing of CWP’s Calder Water and Millour Hill Wind farms which use 21 Siemens Gamesa 3MW direct drive technology and the financing of Sanquhar Wind farm, which use nine Vestas 3.6MW technology. 

KfW IPEX-Bank originally provided finance for the construction of Aikengall II Community Wind Farm in 2014, which has now been refinanced alongside funding for the construction of Aikengall IIa Community Wind Farm. Aikengall IIA will be one of the largest subsidy free developments in Scotland using 19 Siemens Gamesa 4.3MW technology.  This transaction will also see Aikengall Community Wind Farm added to the finance portfolio.

Aikengall and Aikengall II have been operational since 2009 and 2017, respectively, while Aikengall IIa is scheduled to be operational in summer 2021.

Federico Florian, Head of London Branch and Team Head of Power, Renewables and Water at KfW IPEX-Bank said: “We’re delighted to continue our support of Community Windpower’s wind farm business in Scotland.”

“We are one of the leading Project Finance Banks in UK supporting the growth of Onshore and Offshore Wind and committed to sustainable development goals and follow a globally recognised code of enhanced social and environmental standards for project financings. CWP’s Aikengall portfolio fits perfectly into this profile.”

When Aikengall IIa is operational the Aikengall portfolio will have 54 turbines, from both Siemens Gamesa and Vestas, producing almost 200MW of clean, green energy, capable of providing power to at least 150,000 homes.

Rod Wood, managing director at CWP which operates a further five wind farms in Scotland, said: “KfW IPEX-Bank is recognised as one of the leading Clean Energy Financial Institution both here in UK and Worldwide with a longstanding track record of investment in wind which is really important when debt terms extend to 15 years or more.

“Many Project Finance Banks continue to finance Coal and Nuclear Generating Plants and I am pleased that KfW IPEX-Bank exclude these investments, which is a fundamental reason why CWP chose KfW IPEX-Bank.

“Having this level of support from KfW IPEX-Bank ensures we can continue to invest in renewable energy projects in Scotland, supporting local communities and creating jobs and investing in the Green economy.”

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