Power purchase agreement signed for 106 MW wind farm in Scotland
Statkraft has signed a fixed-price power purchase agreement (PPA) with Boralex for a 106 MW wind farm located in the Highlands south of Reay near Thurso in Caithness, Scotland, UK.
Boralex has signed a 3-year PPA with Statkraft for the period between the commissioning of the Limekiln wind farm in late 2024 and the start of the CfD in April 2028. The Wind Farm consists of 24 Vestas V136-4.5MW wind turbines measuring 150 m to the tip of the blade. It provides sufficient electricity to meet the needs of at least 74,000 homes based on the average generation mix of UK power sources.
Boralex recently announced a financial close for the project, secured through a 19-year term loan from National Westminster Bank PLC (NatWest) and Export Development Canada (EDC). Construction is progressing as planned with turbine components being transported to the wind farm site over the summer of 2024.
Gowling WLG acted as legal advisor for Statkraft on the PPA.
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