ENERGY firm Red Rock Power has secured £80 million in financing from NatWest for its Afton Wind Farm in East Ayrshire.
The 50MW onshore project was acquired by Edinburgh-based Red Rock Power debt-free in October.
The firm said the deal now increases its internal rate of return on investment and will “stabilise its balance sheet” as it prepares to expand its portfolio with a move into new sustainable energy sectors and at least one acquisition before the end of 2019.
READ MORE: Red Rock Power appoints renewables champion as new chief executive
Guy Madgwick, chief executive Red Rock Power, said: “The financial backing of our Chinese owner, SDIC Power, puts us in a competitive position as we look to consider new acquisition opportunities.
“However, it was important for us to acquire this debt and create value from our investment on Afton Wind Farm.
“This finance deal with NatWest is testament to our growing reputation and growth potential in the renewables industry as a standalone enterprise.”
Bruce Riley, of NatWest, said: “Sustainable energy is a key focus across the bank and we have committed to funding and arranging £10 billion to this sector by 2020.
“The Afton Wind Farm financing is part of meeting this target and we are proud to have delivered a successful financing working closely with the Red Rock team.”
He also said that the bank is “keen to continue to support the company’s growth in the UK and Europe”.
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