Braidenhill Farm Wind Limited owns and operates an 800kW wind turbine. The farm, which is situated just outside Airdrie, is owned and has been occupied by Dale Dunbar and his family for several generations.
Six years ago the Dunbars secured the required planning consent and grid connection to install a new Enercon 800kW wind turbine, assisted with funding from The Co-operative Bank. Since installation, the turbine has provided an income though the sale of energy to the National Grid has and given scope for the Dunbar family to consider erecting a second machine.
When the business received consent to build a second wind turbine, Dale Dunbar approached the renewable energy team at Close Brothers Asset Finance for financial assistance. He has worked with us before and believed we could help with his aim to repay the loan from The Co-operative Bank and release some equity to assist with the build and installation of the second turbine.
After looking at Braidenhill’s plans and applying our knowledge of the renewable energy sector, we agreed to refinance the existing Enercon turbine in order to meet the company’s needs.
The equity release from the refinance is now being used to pay for the grid connection to Scottish Power and the first contracted stage payment to Enercon for the new turbine order.
The Directors of Braidenhill Farm Wind Limited now benefit from a re-engineered finance agreement on their existing wind turbine investment matched to income stream, a capital sum made available to Directors allowing them to pursue a second wind turbine investment.
Commenting on the project, Dale Dunbar said: “I have a strong relationship with Close Brothers, they have always been quick to react to funding requests and support our family’s business activities over the years. They have extensive knowledge and expertise in the renewable energy wind market, so with their customer focussed approach and innovative thinking, we were able to repay The Co-operative Bank loan. In doing so, terms were aligned to the existing turbine’s performance and revenue stream whilst realising a capital sum to contribute to the construction of our second wind turbine.
“With Colin Swanston and James Waterson’s help on the refinance, we can now focus on the new project and work with their colleague Chris Rodgers who will help us realise income from a further renewable energy investment."