ING Structured Finance Utilities Power & Renewables announced on august 14th that they closed the Ardoch and Over Enoch wind farm transaction in Scotland.

For this deal, ING levered on its existing knowledge regarding onshore wind project financings in the UK to financing this second renewable transaction in the region.

Velocita Energy Developments will develop, construct, and operate Ardoch and Over Enoch wind farm, approximately 16km south of Glasgow, Scotland.

Once complete (estimated in October 2014), the farm will consist of five 2.3MW Siemens turbines for a total capacity of 11.5MW, producing electricity for ca. 7,200 UK households each year.

The project benefits from a 15-year UK power purchase agreemen with Statkraft Markets GmbH, which purchases the electricity and associated benefits at market prices with a floor price for brown power. The transaction comprises a £16.3m project finance facility with in addition VAT, working capital and DSR facilities, making a total of GBP 20.5m of credit facilities. This is supported by LCs, interest rate swaps and FX swaps.