British firm Thrive Renewables has supported 11.5 MW of wind power projects in Scotland with mezzanine loans, it said Thursday.
Financing from Thrive Renewables has helped Renewable Energy Ventures (REV) complete in time the construction of the 6.9-MW Gevens wind farm in Kirkcaldy, on the east coast of Scotland. The facility features three Enercon E82 turbines, each with a capacity of 2.3 MW. The second project in which the two partnered is the 4.6-MW Brotherton plant in Aberdeenshire. Its two Enercon E82 turbines are expected to commence power generation this summer.
Banks typically lend up to 80% of project capital costs and developers have to find the remaining 20% to 25%. Thrive Renewables’ mezzanine loans came to compliment the senior loan from Banco Santander (BME:SAN) for two REV projects, the financing firm explained.
Thrive Renewables, formerly known as Triodos Renewables, is willing to find and finance more renewable energy projects, including community projects “in a similar situation” in the UK. “With changes in legislation we see a growing number of projects seeking a trusted financial partner who can help them realise their project with the income from Renewable Obligation Certificates (ROCs),” said managing director Matthew Clayton.