Thrive Renewables funds 11.5 MW of Scottish wind

Thrive Renewables has provided funds for the development of 11.5 MW of wind projects in Scotland (UK). 

Thrive has worked with REV to support the timely procurement and construction of the Gevens project with three turbines in Kirkcaldy, Fife all being delivered by boat. It is now focusing on delivering Brotherton, a two-turbine project near Johnshaven, Aberdeenshire and on schedule to start generating green electricity to the grid in summer 2017.

Banks typically lend 75%-80% of project capital costs with developers still needing to find the remaining 20%-25%. Thrive Renewables provided a mezzanine loan to compliment the senior loan provided by Santander on both the projects.

The Gevens project is located 5km from Kirkcaldy close to the open water of Loch Camilla. The three 2.3MW Enercon E82 turbines are just under 100 metres tall.

The Brotherton project is located within the Brotherton Estate near Johnshaven in Scotland. The two 2.3MW Enercon E82 turbines are just under 100 metres tall.

For the Gevens site, the civil engineering works were delivered by contractor RJ McLeod; and on the Brotherton site by AE Yates. The construction process has been managed by firms Green Cat Renewables and Greenbank Accountants.

Managing Director Matthew Clayton comments: 

“With changes in legislation we see a growing number of projects seeking a trusted financial partner who can help them realise their project with the  income from Renewable Obligation Certificates (ROCs). We are delighted to have been able to support and help finance these wind farm projects and work alongside REV and Santander UK plc on this transaction.”

Howard Whitehead, Head of Renewables, Santander UK plc, commented:

Banks are increasingly looking for experienced partners to find innovative ways to structure finance for community or local renewables projects.   The finance package for Gevens and Brotherton has been complemented by  Thrive Renewables investment, and we see other opportunities to work together to support the growth of the smart energy system in the UK.”

says Nicol Stephen, Director, REV.

“We appreciate the knowledge, expertise, speed and certainty that Thrive Renewables has brought to these projects. They were able to act quickly and put an innovative loan in place which has allowed us to retain 100% ownership and helped us to realise the project in time to benefit from the ROCs available at this time.”