Infinis Energy plc Financial Close on Funding Facilities (8969C)
October 21 2015 - 2:00AM
UK Regulatory
TIDMINFI
RNS Number : 8969C
Infinis Energy plc
21 October 2015
21 October 2015
INFINIS ENERGY PLC (Symbol: INFI)
Infinis achieves financial close on funding facilities for the
construction of Sisters and North Steads Wind Farms
Infinis Energy plc ("Infinis"), the UK's leading independent
generator of renewable power, today announces that it has signed
two project financing facilities with a total value of GBP51
million to fund the construction of Sisters (8MW) and North Steads
(19MW) wind farms in Northumberland.
The debt facilities have been arranged by Santander and will
fund the construction of both sites. The two neighbouring sites
will have a combined installed capacity of 27MW and means Infinis
will have a total of 135MW of new wind capacity under construction.
We expect both sites to be fully operational by September 2016 and
both sites to be accredited under the Renewables Obligation
scheme.
Eric Machiels, Chief Executive of Infinis, said:
"We are pleased to have finalised these two project financing
facilities. Taken together with our A'Chruach (43MW) and
Galawhistle (66MW) construction projects, this means we have now
reached financial close on 135MW of new onshore capacity which is
in line with our growth targets. The construction of both A'Chruach
and Galawhistle is progressing well with A'Chruach scheduled to be
fully commissioned by the end of March 2016."
"Securing project financing in the current climate of regulatory
uncertainty is a real challenge for British businesses investing
long term capital as they build out renewable generation capacity.
Our ability to finalise these facilities is testament to the
strength of our collaborative relationship with Santander and
Infinis' strong development track record. Government decisions to
change the regulatory framework for onshore wind at short notice
and without providing full details of those policy changes have had
a significant impact on the ability of developers of renewable
energy to conclude project financing agreements with lenders."
"While we have successfully concluded project financing on all
our projects, we call on the government to adopt a stable policy
regime that supports efforts to decarbonise power generation in an
affordable way, and which will prevent further damage to the
independent sector."
For further information, please contact:
Investors and analysts: Will Cooper, Head of Investor Relations
Infinis Energy plc
Telephone: +44 (0) 1604 742338
Email: equityinvestors@infinis.com
Media: Brunswick Group LLP
David Litterick / Simon Maine
Telephone: +44 (0)20 7404 5959
Email: infinis@brunswickgroup.com
Notes to Editors
About Infinis Energy plc:
Infinis is the UK's leading independent generator of renewable
power, operating a growing portfolio of landfill gas (LFG) and
onshore wind plants across the UK.
We employ approximately 365 people across 137 operating sites
with an aggregate generating capacity of 585MW, comprising, 121 LFG
sites (311MW) and 16 onshore wind farms (274MW). In addition,
Infinis has a strong onshore wind development portfolio with 135MW
now under construction.
About Sisters and North Steads:
Sisters and North Steads Wind Farms are adjacent projects
located on the site of a restored, former open cast coal mine near
Widdrington Village in Northumberland. Sisters will be a
four-turbine (8.2MW) project, while North Steads will be a
nine-turbine (18.5MW) development.
Farrans have been appointed as principal contractor at Sisters,
while I&H Brown have been appointed as principal contractor at
North Steads. Turbines and the ongoing operational maintenance at
both sites will be provided by Senvion.
Power purchase agreements have been completed with Axpo Group in
the case of Sisters, and Statkraft for North Steads.
Forward-looking statements:
This announcement contains forward-looking statements, which are
generally identified by words such as "expect", "may", "will" or
similar expressions. Forward-looking statements are subject to
risks and uncertainties and actual events, results or performance
may differ materially from those reflected or stated in such
forward-looking statements.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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