Ingenious Capital Management Ltd and Clydesdale Bank have entered into a financing partnership which will support both the Bank’s growth ambitions and Ingenious’ dual strategy of acquiring additional operational renewable energy assets and optimising its existing portfolio.
The partnership began in September 2019 with the refinancing of St John’s Hill wind farm. St John’s Hill, located in north east Scotland, comprises nine Gamesa turbines and has been operational since 2013. St John’s Hill has been refinanced with a term loan of £10.1m, with shareholder returns and borrowing capacity both optimised through an extended loan profile.
The infrastructure team at Ingenious have recently acquired another operational wind farm, located in Kent, which they expect to refinance with Clydesdale in the coming months. The Ingenious agreement with the Bank facilitates additional lending in support of this and future acquisitions.
Ingenious currently has interests in c.90MW of renewable energy assets throughout the UK and has deployed over £700m in capital into infrastructure projects.
Clydesdale Bank has been active in the renewable energy sector for c.20 years, primarily providing finance to wind, solar and hydro projects. Having designated the sector a strategic growth priority, the Bank’s lending appetite has been expanded to include Anaerobic Digestion, flexible generation, heat and merchant renewables.
Liv Miller, Senior Investment Manager at Ingenious said: “We’re excited to kick off our relationship with Clydesdale through the financing of St John’s Hill wind farm. Active portfolio management is a key component to delivering value to investors and working closely with Clydesdale on this and future transactions helps us maximise returns. ”
Keith Wilson, Head of Renewable Energy at Clydesdale, said: “We are delighted to have this opportunity to partner with Ingenious and look forward to a productive future relationship with them. St John’s provides the Bank with a solid base from which it can support Ingenious acquisition strategy”
We are delighted to have this opportunity to partner with Ingenious and look forward to a productive future relationship with them.Keith Wilson, Head of Renewable Energy at Clydesdale Bank