Burges Salmon advises Infinergy on project financing
15 July 2010
Burges Salmon's award-winning energy lawyers, led by Energy Head Ross Fairley and Project Finance Partner Graham Soar, have advised wind farm developers Infinergy on the project financing of its onshore Castle Pill and Ferndale wind farms.
The deal results in two UK onshore wind farms being successfully bank-financed which has happened only relatively rarely in the last couple of years.
The Burges Salmon team advised the project vehicle, Wind Assets LLP, on all aspects of the project including finance agreements, LLP structuring, the sale of the wind farm assets from Infinergy and a subsidiary to Wind Assets, real estate and energy contracts.
The 4 turbine, 3.2MW wind farm at Castle Pill, Pembrokeshire is fully operational while the 8 turbine, 6.4MW wind farm at Ferndale in south Wales is expected to be operational in 2011.
Burges Salmon partner Graham Soar said:
“We are delighted to have helped Infinergy achieve the project financing of these two wind farms which together will provide clean electricity to over 5000[M1] households. Hopefully this transaction is a sign of improving conditions for an industry that needs to grow dramatically in the next few years for the UK to hit its renewable energy targets.”
Tjiwolt Wierda, responsible for putting the financing together on behalf of Infinergy said:
“For Infinergy and the wider group this is a very important milestone in further rolling out its onshore wind strategy in the UK. We are pleased to have had the reliable assistance of Burges Salmon on this deal, which has been instrumental in getting this financing over the finish line. Given that onshore wind is the most cost efficient and developed renewable source of energy we think it should be the focal point of sustainable electricity generation and hope to celebrate more successes in the future.”