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BayernLB acted as sole MLA for the refinancing of Project Harburnhead, an operational onshore wind farm consisting of 22 Enercon turbines located in Scotland. The refinancing involves a £62m green loan and is BayernLB’s first project finance transaction closed using SONIA (Sterling Overnight Index Average) as benchmark.
The wind farm is fully operational since November 2016 and has been accredited under the UK Renewable Obligation Certificates regime securing a stable revenue stream for 20 years from commercial operation date. Its electricity is being sold to the market under a long term pay-as-produced PPA with Statkraft Markets GmbH.
With a total capacity of 51.7MW the windfarm generates more than 139GWh of electricity per year, enough to supply more than 35,000 homes and save more than 65,000 tonnes of carbon dioxide emissions annually. The Project Company is a JV between Gresham House and the original developers with the Gresham House New Energy team also acting as asset manager.
Gresham House is a highly experienced alternative asset manager, listed on the London Stock Exchange’s Alternative Investment Market (AIM), offering a broad range of funds, direct investments and tailored investment opportunities, including co-investment, across five alternative investment strategies. Gresham House were advised by TradeRisks, a debt advisory firm. TradeRisks are part of the Gresham House Group since their acquisition in March 2020.
Commenting on the deal, Wayne Cranstone, Investment Director at Gresham House, said: “We are pleased to have completed on the refinancing of Harburnhead, which will deliver significant uplift in yield and IRR for the benefit of our investors and JV partners”
Karin Schramm, Senior Director of Project Finance at BayernLB, adds: “It was a great pleasure working together with Gresham House and TradeRisks on their refinancing on the Harburnhead Wind Farm. This successful transactions shows BayernLBs continuous commitment towards the UK onshore wind market as a long-standing player in the UK REN.’’