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Upper Pitforthie Windgen completes refinance

February 7th, 2017 | 1:46 pm

CO2Sense is pleased to confirm that our investment into Upper Pitforthie Windgen has now been repaid. The investment was the first CO2Sense made in conjunction with the innovative peer to peer lending platform Abundance Investments, and was used to successfully de-risk the construction of a 500kW wind turbine in Stonehaven, Aberdeenshire.

The project, which was developed by Upper Pitforthie Windgen, utilised an Enercon E-48 wind turbine and provides power to a local biomass woodchip drying facility run by North Eastern Fuels. The project therefore earns an income from a direct power off-take and some export to the grid. Construction was completed with partners including MES Power Engineering and Whitefield Contracting and the project was commissioned in summer 2016.

The instrument used to finance the project was a 1 year construction bond, structured and marketed by Abundance through their peer-to-peer investment platform. The bond was subscribed to by private individuals as well as other funds. It was successfully refinanced a year later through a long-term debenture marketed through the same platform, raising £2.3m in 13 days providing an exit for investors.

Commenting on working with CO2Sense, Louise Wilson of Abundance said:

'We are pleased to have secured funding from CO2Sense for this project and look forward to working on future opportunities together. We have found CO2Sense’s flexibility and knowledge of the renewable energy sector to be amongst the best in the industry and recommend them to anyone seeking a flexible funding partner'.

The investment is yet another demonstration of CO2Sense's flexible approach to financing schemes. If you would like to discuss funding for an environmental business activity or project, please contact us on 0113 247 3848 or e-mail talk2us@co2sense.co.uk.

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