Press Release
£85m project financing facility arranged for Fenland Windfarms Limited
Standard Chartered Bank has provided a 14 year non-recourse project financing of up to GBP85m for Fenland Windfarms Limited, which is a subsidiary of EDF Energies Nouvelles.
Region: Europe Published by:
Date:
02 May 2005
Corporate finance
£85m project financing facility arranged for Fenland Windfarms Limited
Standard Chartered Bank has provided a 14 year non-recourse project financing of up to GBP85m for Fenland Windfarms Limited, which is a subsidiary of EDF Energies Nouvelles. The Renewable Energy Team was retained by EDF Energies Nouvelles as sole lead arranger.
The facility finances the construction and operation of the company’s 94MW UK portfolio of five projects in the Cambridgeshire and Lincolnshire, in the Eastern district of East Anglia. The portfolio will be constructed in two phases of 44MW and 50MW respectively. The construction of the first three wind farms has started and it expected that construction of the last two wind farms will begin the fall of 2005.
The first phase will generate electricity from 22 REpower MM82, 2.0MW wind turbines. REpower is also providing turnkey construction services. The first phase sells electricity pursuant to a long-term power purchase agreement with EDF Energy. EDF Energy accounts for over a quarter of the UK’s electricity distribution and supplies 5 million residential gas and electricity customers.
EDF Energies Nouvelles is a 50%-owned affiliate of the EDF group and specialised in the production of electricity from renewable energy. The company develops UK onshore wind energy projects in association with Wind Prospect Group.
Yvon Andre, Chief Operating Officer of EDF Energies Nouvelles said: “This deal financed by Standard Chartered Bank marks an important step for us in a growing market and gives us the means to construct additional 94 MW of installed capacity. Currently, we have an installed capacity of 35MW in the UK. So, the new projects will be a significant addition to existing portfolio.”
Standard Chartered Bank is a leading bank in the renewable energy markets globally. The bank structured this transaction as sole lead arranger, 100% underwriter and also acts as Agent Bank.
Shane Bush, the head of renewable energy at Standard Chartered commented “Standard Chartered Bank is particularly pleased that at 94MW, Fenland Windfarms Limited’s portfolio represents 10% of the UK’s operating wind power capacity as at the start of 2005”.
For further information please contact:
Julie Smith
Head of Corporate Affairs,
UK +44 (0) 20 7280 6068
Note to Editors:
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EDF Energies Nouvelles
EDF Energies Nouvelles, a 50% owned affiliate of EDF Group, has expanded in four segments of the renewable energy sector – wind power, micro-hydro, solar power and biomass plants, while focusing primarily on wind power. It has built up positions in the European Union (four priority countries: France, Portugal, Italy, the UK) and the United States. The company has adopted an integrated approach covering every aspect from project development through to electricity generation.
With over 1200MW in operation and owning an installed capacity totalling 800 MW (including 500 MW of net ownership), and an annual turnover of €200 million, EDF Energies Nouvelles aims to become one of the leaders in renewable energy in its key markets.
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