Planning an approval for the repowering was granted in December 2008, with final permission coming through in December 2009. With the finance now in place, construction can begin and the entire project is expected to be complete by the fourth quarter of 2010, the company said.
The GBP11.8m package includes GBP9.6m in debt finance from the co-operative bank and GBP2.2m equity from Good Energy own resources.
The repowering of Delabole will put the ten existing turbines replaced with four Enercon turbines.. With a total combined capacity of 9.2MW, these turbines will increase the wind farm’s output by roughly two and a half times, enough to supply over 7,800 homes.
The repowering of Delabole is Good Energy’s first wind farm development project. The Good Energy generation team is progressing with a pipeline of other opportunities for further investment.
Juliet Davenport, chief executive of Good Energy Group, said: “The Co-operative and Good Energy have both been at the forefront of renewable energy development for many years and I am delighted to have them as co-funder in this project. Increasing the capacity of Delabole will help contribute to Cornwall’s renewable energy targets, increase price stability for our customers and take another step in helping the UK reduce its carbon footprint.”
James Sutcliffe, business development manager at The Co-operative bank, said: “Delabole is a very exciting opportunity for our ‘renewables team’ at The Co-operative Bank and we are continually looking to fund more of these types of project.
“We are very pleased to be working with Good Energy Group on this project and our aim is to utilise the experience gained from working with them going forward on other similar projects where there is an established demand for funding for such schemes, which is a sector that fits perfectly with the Bank’s ethical and environmental ethos.”
