REG Power Management (“RPM”) is pleased to announce that it has achieved financial close for the Hallburn Wind Farm in Cumbria, with construction expected to start by the end of this month.
RPM will continue to play a central role in the project through construction management and long-term asset management contracts.
The wind farm, located near Longtown, will comprise six Vestas V100 2.2MW wind turbines, with Antrim-based civil engineering contractor Creagh Concrete securing the civil balance of plant contract, and Smiths Brothers providing the electrical balance of plant and contestable grid connection works.
Funding for the project is being provided by a fund managed by BlackRock, the world’s largest asset manager, and marks the 27th project transaction completed under the ongoing strategic partnership between the two companies.
The Hallburn project, once operational, will provide a fund of over £1.6 million for local community initiatives over the 25 year operating period. The first fund allocation of £66,000 will be available before the wind turbines arrive on site.
Simon Wannop, Commercial Director for RPM commented “Reaching financial close on Hallburn is a fantastic achievement for the team at RPM and really demonstrates our successful approach to project development, procurement and construction on a project which was first conceived nearly 10 years ago.”
Andrew Whalley, CEO of REG Power Management said “This transaction and RPM’s ongoing role under the construction management and long-term asset management contracts is a continuation of our strong partnership with BlackRock, highlighting the depth of the relationship and mutual desire to bring new renewables projects to the UK market.”
REG Power Management say the project is expected to be commissioned by the end of 2017.