Pennant Walters successfully reached financial close this week on both the refinancing and extension of Pant-y-Wal wind farm, north west Wales, UK.
Pant-y-Wal, which currently boasts a capacity of 46MW, has been refinanced with a £64 million bank debt. The £25 million extension will see the construction of eight new turbines which will increase the capacity of the wind farm by 20MW. The extension will commence operation in February 2017.
KfW is the sole funder for both projects. On behalf of KfW and Pennant Walters, Operis was pleased to undertake a full model audit of the financial models representing the transaction which included a review of the models’ tax and accounting.