Airvolution snaps up Borders wind
Deal with Wind Prospect for consented 5MW Kinegar Quarry project
Airvolution Energy has bought the consented 5MW Kinegar Quarry project in the Scottish Borders from Wind Prospect Group.
The wind farm is the second the company has acquired since May and it aims to finance and build it within the next year.
Kinegar Quarry will feature two turbines with tip heights of 110 metres and be sited near Dunbar. The qurry of the same name is expected to take up to 10% of the project’s output.
Airvolution said the scheme will “most likely be financed via a framework funding agreement with Capital Dynamics”, which was unveiled earlier this year.
The agreement aims to deliver a consistent pipeline of consented, shovel-ready projects amounting to 40MW over the next couple of years, providing they meet Capital Dynamics funding criteria.
Airvolution chief executive Richard Mardon said: “Our efficient process for delivering procurement, funding and construction is steaming ahead and we are committed to continue filling our shopping basket with more consented projects outside of our existing portfolio.
“Over the next 12-24 months, we aspire to reach financial close for around 90MW from our current portfolio as well as acquire and close 45MW from other operators seeking deployment in this difficult funding market.”
Wind Prospect chief executive Euan Cameron added: “This is a very positive deal for the Wind Prospect Group. A strong working relationship with Airvolution has allowed us to access their existing funding and procurement process. This means the project can get up and running as soon as possible.”
Airvolution is currently building a 4MW project at Garlenick Estate in Cornwall, a 4MW project at Junction 18 of the M1 in Daventry and a 4.6MW project at East Youlstone, near Bude, in Devon.
Image: Airvolution's Ysgellog wind farm in Wales (Airvolution)