Renewable Energy Ventures (REV) has secured funding to develop two wind farms in Scotland with a combined total capacity of 11.5MW – including one in Johnshaven.
The funding for REV, Lord Nicol Stephen’s firm, comes after the company faced several setbacks in obtaining planning permission for a site in Aberdeenshire.
The company – which is registered in Glasgow – has recently completed the construction of the Gevens project, which consists of three turbines in Kirkcaldy, Fife.
Lord Stephen welcomed the funding and added that the partnership with Thrive Renewables had helped to deliver the project on time.
He said: “We appreciate the knowledge, expertise, speed and certainty that Thrive Renewables has brought to these projects.
“They were able to act quickly and put an innovative loan in place which has allowed us to retain 100% ownership and helped us to realise the project in time to benefit from the ROCs available at this time.”
The company is currently working on the Brotherton site in Johnshaven, which will include two wind-turbines and is expected to start generating electricity in summer 2017.
Lord Stephen’s company first sought planning permission to build a wind farm in Aberdeenshire in 2011.
But strong community opposition and errors in the planning documents led to planning permission in Cushnie being denied on five separate occasions.
The company received permission to build at Brotherton in July last year.
The project has been funded by a loan from Santander, with Thrive Renewables providing a mezzanine loan on top of that funding.
The Brotherton project is located within the Brotherton Estate near Johnshaven.
The wind farm will feature two 2.3MW Enercon E82 turbines which are about 330-ft tall.
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