AES Secures Financing from Barclays for 22-MW Wind Project in Scotland

The AES Corporation announced that its wholly-owned subsidiary, Wind Energy (North Rhins) Limited has secured long-term financing to construct and operate the 22-megawatt (MW) North Rhins wind farm in Scotland, UK.

The £35.1 million [US $51.7 million] financing is part of a non-recourse senior project construction and term loan from Barclays Commercial Bank. The loan is repayable over 15 years from the start of commercial operation, which is scheduled for October 2009. The wind farm, located near the village of Portpatrick, will consist of 11 Vestas turbines and will sell wholesale power, Levy Exemption Certificates and Renewable Obligation Certificates under a 15 year Power Purchase Agreement with E.ON UK plc.

“The North Rhins project is AES’s first wind power project in the UK, and underscores our commitment to provide sustainable and affordable power in Scotland. Our ability to secure funding demonstrates that financial markets are open to well-structured renewable projects,” said Marty Crotty, president of AES Wind Generation.

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