UK-based renewable energy company Novera Energy has signed a power purchase agreement, an engineering, procurement and construction contract, and a debt facility for its wind farm at Lissett Airfield in Yorkshire.
The engineering, procurement and construction contract has been granted to Nordex UK for the supply, construction and commissioning of 12 2.5MW wind turbines. The power purchase agreement will see Scottish and Southern Energy take all of the electricity generated by the wind farm.
Novera negotiated the debt facility with Fortis Environmental Finance. As part of the agreement, Fortis has fully underwritten the GBP31.5 million of limited recourse debt facilities over a 16.5-year term for the project.
Construction is scheduled to begin at the end of 2007, with generation targeted to come online during the fourth quarter of 2008. The total cost of the project is estimated to be GBP37.7 million.
David Fitzsimmons, CEO of Novera, said: The financial close of the Lissett project and the signing of contracts with well known major suppliers mark a major milestone for Novera. It marks a significant step towards our goal of having 250MW from wind power by 2011. In addition, we remain on track to submit planning applications for three further wind farms, with a total capacity of approximately 70MW, by year-end.