EDINBURGH-BASED renewable energy company Red Rock Renewables has reached financial close on a £62m financing with Lloyds, HSBC and China Construction Bank for its Benbrack Onshore Wind Farm.
The three lenders have provided equal project financing as the Dumfries & Galloway project takes final steps in preparation for handover to the operational phase.
Red Rock began construction of Benbrack in October 2022 on a self-funded basis, seeking to maximise opportunities for the local and UK green economy through its key contractors, throughout construction and the lifetime of the 67.1MW wind farm.
Contractors have included Dumfries & Galloway-based owner engineer, Natural Power, the provision and installation of 15 turbines by Vestas along with a 10-year service and maintenance agreement and site management services by Wood.
Shi Weifei, Red Rock’s chief finance officer, said: “Our team has been dedicated to delivering an efficient, high quality wind farm for the last five years and to now have the support from Lloyds, HSBC and China Construction Bank reaffirms that Benbrack was a solid investment.
“To self-fund construction during particularly challenging market conditions within the renewables sector took a giant leap of faith, so we are delighted to have our turbines operational and now the security of reaching financial close.”
