Bulletin

Shared ownership wind farm to generate huge cash boost for local community

Renewables

A new wind farm project in south Lanarkshire is set to boost the local community after it received £1.63m in funding from Scottish Enterprise's Renewable Energy Investment Fund together with a senior loan of £6m and a £0.5m VAT facility from Santander Corporate & Commercial. The three-turbine site, owned by Stewart Energy Ltd, will have a total capacity of 2.5MW which could generate enough electricity to power the equivalent of over 300 homes. Stewart Energy Ltd comprises of the Stewart family, and Lesmahagow Development Trust. LDT was always going to receive a stake in the wind farm project but with the establishment of REIF, the trust was able to secure a much larger share. Keith Wilson, Relationship Director at Santander Corporate & Commercial, said: 'By combining community ownership with both senior and secondary debt finance, Stewart Energy is an innovatively structured transaction which we are pleased to have been asked to support. 'Congratulations to Andrew Stewart for the drive and determination he has shown in reaching financial close. We hope Stewart Energy will act as a catalyst for other developers who believe, as we do, in the importance of local involvement in renewable energy projects.

 

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