Red Rock secures £80m financing for Ayrshire wind farm

Energy company Red Rock Power has secured £80 million in financing for a 50-megawatt wind farm in East Ayrshire.

The funding from RBS-owned NatWest is for the Afton Wind Farm, which was acquired by Red Rock Power debt-free last October.

The financing deal will stabilise the energy company’s 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 this year.

Guy Madgwick, chief executive of 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.”

He added: “This finance deal with NatWest is testament to our growing reputation and growth potential in the renewables industry as a standalone enterprise.”

Bruce Riley, managing director, head of infrastructure and project finance, NatWest, added: “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.”