Fred. Olsen Renewables achieves financial close on Mid Hill II Wind Farm

Fred. Olsen Renewables (FOR) announced today that financial close of Mid Hill II Wind Farm, an 18 MW addition to Mid Hill Wind Farm, was achieved on 9th April 2014, bringing the project’s total installed capacity to 75 MW. Mid Hill II is expected to become operational this year.

The loan facility for Mid Hill II Wind Farm forms part of a 117 MW onshore wind portfolio which also includes Rothes II Wind Farm. A bank group comprising the Bank of Tokyo-Mitsubishi UFJ Ltd, KfW Ipex-Bank GMBH, Lloyds TSB Bank Plc, Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., Siemens Bank GMBH, London Branch committed to financing the portfolio in March 2013.

BNP Paribas acted as financial advisor to Fred. Olsen Renewables on the deal.  Nick Gardiner, Head of Renewables at BNP Paribas, commented: "BNP Paribas is very pleased that financial close has been achieved in respect of the Mid Hill project. It is yet another demonstration of the strong relationship between Fred. Olsen Renewables and commercial banks in the development of its onshore wind portfolio. 

Allen & Overy acted as the borrower’s legal counsel, while Linklaters acted as the lender’s legal counsel.

David Brunt, CEO of Fred. Olsen Renewables commented: “We are extremely pleased to have achieved financial close on Mid Hill II Wind Farm which takes the site’s capacity up to 75 MW, capable of generating electricity to power some 43,000 homes. We would like to take the opportunity to thank BNP Paribas and Allen & Overy for their continued commitment to our relationship, along with all others involved in the project transaction.”

Mid Hill II Wind Farm is located mainly on forestry land in Fetteresso Forest, near Stonehaven, Aberdeenshire, and was consented in 2013 by Scottish Ministers. Leading renewable energy consultancy Natural Power has provided planning, EIA and construction project management contracts on both Mid Hill and Mid Hill II sites and will provide operational services through its 24/7 Control Centre once fully commissioned.

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Notes for Editors:

Fred. Olsen Renewables (FOR) has been developing and operating wind farms since the mid 1990’s. Its operational portfolio comprises Rothes (51 MW), Rothes II (45 MW), Paul’s Hill (64 MW), Crystal Rig I (62.5 MW), Crystal Rig II (138 MW) and Lista (71 MW) giving a generating capacity of 428 MW. Mid Hill (75 MW) is under construction. FOR also has wind farm developments onshore in Scandinavia with 561 MW of consented sites and a further 1GW offshore in Irish Waters. FOR is a wholly owned subsidiary of Bonheur ASA and Ganger Rolf ASA, both listed on the Oslo Stock Exchange, with FOR being responsible for the development and long term ownership of renewable energy generation activities.

17 Apr 2014