DIF fund secures £74m to refinance UK wind

Deal will restructure the debt of 46MW Carraig Gheal site in Scotland.

The DIF-managed Ampere Equity Fund and its project partner GreenPower have sealed a £74 million ($100.1 million; €83.6 million) deal to refinance a Scottish wind farm.

The deal will restructure the debt of the 46MW Carraig Gheal site, which has been operational since 2013. The seven-year mini-perm debt package was provided by Sabadell, Santander and ING.

The project was initially financed via a 17-year, £94 million loan from Lloyds Banking Group and the Royal Bank of Scotland in January 2012, described at the time as one of the largest onshore wind farms to close “in some of the most challenging market conditions ever seen”.

The €320 million Ampere Equity Fund was then managed by Triodos Investment Management, but the 2007-vintage was taken over by DIF in November 2013. It has made 18 renewable energy investments in the Netherlands, Germany, France, Spain, Italy and the UK across the solar, onshore and offshore wind sectors.

One of the fund’s largest projects, its 24.8 percent share of the UK’s 367MW Walney offshore site, owned alongside PGGM, was refinanced last December.