Onshore renewables
Announcements prior to September 2017, including this announcement, occurred under previous ownership.
18 December 2015
UK Green Investment Bank (GIB) and KKR have committed £82.7m of senior debt to the consented 52.9 MW Blackcraig wind farm via Temporis Capital LLP – GIB is contributing £49.5m of the total finance package.
The 23-turbine project, located in Dumfries and Galloway, is owned by project sponsor Blue Energy. Once operational, it is expected to produce more than 150 GWh of renewable electricity annually, enough to meet the electricity requirements of over 37,500 homes.
The project is also forecast to reduce greenhouse gas emissions by around 25 kt CO2e per annum; the equivalent of removing 11,200 cars from the road.
Construction of the wind farm will commence in January 2016 with completion scheduled by the end of March 2017.
A community fund, established by Blue Energy and managed with local representatives, will support local initiatives throughout the 25-year operational life of the wind farm.
Ed Northam
Head of Investment Banking, UK Green Investment Bank
"We are delighted to be contributing further to the UK’s renewable energy production and commitments, particularly in light of the landmark agreement reached in Paris, and look forward to working with Blue Energy to bring the project to fruition."
David Watson
CEO, Temporis
"In what has been an eventful year for UK renewables we are delighted to secure this funding from Temporis, GIB and KKR. Whilst the funding environment remains challenging this financing completes a very successful year for Blue Energy who now have just over 250 MW of onshore wind projects in construction throughout the UK."
Christopher Dean
CEO, Blue Energy
Media enquiries
Temporis Capital LLP is a London-based investment firm which specialises in the renewable energy and clean technology sectors across multiple asset classes. Current assets under management are in excess of $1bn. Renewable energy is the fastest growing area within the energy sector, itself the largest industry in the world; Temporis is well positioned to take advantage of the numerous resulting investment opportunities. Since 2010, Temporis has helped create over 200 megawatts of renewable energy capacity; as such, the team is well placed to provide detailed understanding of the financial, technical and contractual requirements to deliver projects. Temporis is authorised and regulated by the Financial Conduct Authority.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds.
For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
Blue Energy is one of the United Kingdom’s fastest growing investors and developers of renewable energy projects, focused on developing, owning and operating onshore wind farms and solar PV generating assets. Founded in 2010 Blue Energy is managed by a highly experienced project delivery team with market leading expertise in the financing and delivery of wind and solar PV projects in the UK and a wide range of international jurisdictions. The Blackcraig Wind Farm project was acquired from SSE in June 2015 along with the Whiteside and Cour projects.
