Santander in UK wind farm deal

The bank, together with Blue Energy, is financing a 20.7MW wind farm on the Essex coast.

Spanish bank Santander has closed on a UK wind farm deal together with Blue Energy, a Cheshire-based renewable energy developer.

The closing – done for an undisclosed amount – will allow construction for the Middlewick wind farm to begin. Once ready, the wind farm, located on the Essex coast, in the south east of England, will have an installed capacity of 20.7 megawatts (MW). Siemens will operate and maintain the asset after it is built, the two partners said in a statement.

This is not the first time Santander and Blue Energy have co-invested in the wind sector. The pairing has already invested in the Hall Farm and Wandylaw wind farms, with a respective capacity of 24.6MW and 20.5MW. The assets were in mid-construction earlier this year and were part of a a £250 million (€293 million; $384 million) wind portfolio called RidgeWind Blue Energy acquired from HgCapital.

“Middlewick wind farm is the first of the RidgeWind development portfolio Blue Energy has taken into construction and by working in partnership with Santander, we were able to set an ambitious programme that will enable the wind farm to become operational in early 2014,” Chris Dean, chief executive of Blue Energy, commented.

Santander has committed up to £100 million of equity to its joint venture with Blue Energy and the partners are targeting more deals in the wind sector. The Spanish bank invests directly in global renewable projects in the wind and solar sectors.