The site is located on agricultural land near Turriff and will generate 2.1 MW via three wind turbines, generating enough electricity to power 4,200 homes. Set to be operational early next year, the project has been funded through private equity, arranged in association with Enterprise Corporate Finance Limited and traditional bank debt from The Co-operative Bank.
The wind farm development has been granted planning approval from Aberdeenshire Council and terms have already been agreed for connection to the National Grid. The project is being coordinated by Merepark Energy, part of the Merepark Group. Ongoing management of the wind farm will be provided by Eco2 Wind, which has a proven track record of delivering renewable energy projects across the UK. “We are delighted to have a continued involvement in this project going forward,” added Darren Williams from Eco2 Wind.
Richard Peel from Merepark, which has commercial, residential and renewable assets under management with a gross development value of in excess of £200 million said: “Commercial property is the largest producer of carbon dioxide emissions so it seems a very natural fit for us to explore development and income opportunities in this sector”.
“This partnership plays to our strengths as experienced asset managers alongside Eco2’s strong track record in the renewable market. We are confident this project will yield significant returns for our investors through feed-in tariff income.” Merepark and Enterprise have recently launched the Merepark Solar EIS Fund to benefit from solar photovoltaic generation and feed in tariff income from commercial 50Mw sites in the south of England.
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