TradeRisks advises Gresham House Wind Energy LP on GBP62m wind farm refinance

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TradeRisks, part of Gresham House plc, has advised Gresham House Wind Energy LP on a GBP62 million refinance of its Scottish operational wind farm, Harburnhead. 

The refinance has significantly extended the maturity of the debt to 2038, approximately three years beyond the PPA expiry date and post the end of the ROC subsidy period at a competitive margin.   

The total capacity of the site is 51.7MW and it 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. 

Harburnhead is a JV between Gresham House and its original developers, with the Gresham House New Energy team acting as asset manager. 

The Gresham House New Energy team has a proven track record in developing and operating onshore wind, solar PV, and battery energy storage, while Gresham House is focused on investing in transformative technologies and industries it believes will deliver strong financial returns alongside supporting the transition to a more sustainable world. 

Wayne Cranstone, Investment Director at Gresham House, says: “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” 

Antoine Pesenti, Head of Capital Markets at TradeRisks, says: “We are pleased to have supported LDV Harburnhead Ltd on this refinancing. Harburnhead is a strong project and attracted significant interest from lenders. We continue to see strong appetite from lenders for financing UK renewable projects.” 

TradeRisks is a London-based advisory firm focused in arranging equity and debt financing for infrastructure and energy projects across Europe and the US. TradeRisks was acquired by Gresham House in March 2020. TradeRisks has arranged over GBP14.9 billion of funding in loans, private placements and bonds, and ranks as one of the leading independent arrangers for Project Bonds in Europe according to Inframation League Tables. 

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