Blue Energy secures £10m Cooperative Bank loan for wind farm in Scotland
Blue Energy, a UK-based developer of renewable energy infrastructure, has secured an investment worth £10m from the Cooperative Bank for its Hill of Auquhirie wind farm site in Scotland.
Located near Stonehaven in Aberdeenshire the farm is expected to be completed by the end of 2012, and will employ three Enercon e70 2.3MW turbines. It will generate about 17GWh electricity annually, enough to power about 3,500 households.
Contractors of Blue Energy, Geddes, Enercon and Raymond Brown have already commenced the construction work.
Blue Energy spokesperson Guy Johnston remarked that the project will be the company's first in Scotland.
The farm will reduce carbon emissions by 8,000 tonnes a year.
This wind farm will be an addition to the company's renewable estate, which includes a solar farm, Westmill.
The £10m debt finance deal from the bank is part of its Ethical Plan to provide £1bn to fund energy efficiencies and renewables.