Scottish and English firms team up for wind farm deal
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Burness, Eversheds, Norton Rose and Shepherd & Wedderburn all advised on the financing of a £38.6m wind farm project in the Scottish Borders.
The 28.6Mw Drone Hill wind farm will produce enough energy to supply 14,000 homes. Barclays Corporate provided US power company AES Wind Generation with a £22.8m long-term loan for the project, with the company providing £15.8m of its own equity.
Burness and Norton Rose advised Barclays. Partner Simon Currie led for Norton Rose, while energy partner Tamar Tammes and banking partner Scott Wilson led the Burness team that advised on the Scottish parts of the deal.
Eversheds, led by partners Michelle Thomas and Indraj Mangat, and Shepherd & Wedderburn, led by property partner Hugh Smith, advised AES.
Wragge & Co, led by director Gus Wood, acted for Statkraft, the Norwegian utility company that has agreed to buy the electricity generated by the wind farm, signing a 15-year off-take contract with AES.
Construction on the project started this month, with the farm expected to be in full commercial operation by August 2012.
Tammes said: “The renewable energy team at Burness is dealing with 50-plus onshore wind sites across Scotland. It’s an exciting time for green energy in Scotland and this deal highlights the significance of renewable energy projects.”
