A UK-based renewable energy company has secured a £96m long-term loan from Scottish Widows and Lloyds Banking Group.
Constantine Wind Energy, which operates onshore wind turbines from offices in Godalming and Glasgow, secured the 17-year loan.
This will fund development of 185 of the firm's wind turbines, spread across 132 locations in the UK, powering around 15,000 homes.
The turbines can generate around 28MW, located at sites from the Isle of Skye down to Cornwall, with a significant presence in the South West of England and Scotland.
The financing deal will also be used to further develop the business and pay shareholders a dividend.
Bruce Hutt, director of Constantine Wind Energy, said: “The Scottish Widows financing is a significant landmark, providing us with a single loan for all our FIT assets at an historically low interest rate and for the long term, while also releasing capital to fund the further growth of the business.
Manuel Dusina, director of Scottish Widows Loan Investments, added: “The benefits of increased operational efficiency through asset consolidation in portfolios across the onshore wind market is a trend we expect to continue seeing in 2021, and our specialist team backed by the broader capability of Lloyds Banking Group puts us in great shape to grow our investment in this sector.”
