Wojciech Moskwa

Norwegian company Fred. Olsen Renewables has secured 303 million pounds ($479 million) in debt financing for the construction of a new wind farm in Scotland, its adviser said on Wednesday

OSLO, Norway; November 6, 2008.- Highly-leveraged wind projects are expected to be hit hard by turmoil in the credit markets, but the completion of financing for the Scottish project shows there is still market support for green energy, said Allen & Overy banking partner Chris Andrews, who helped organise the deal.

“The completion of this deal in a time of uncertainty in the financial markets indicates that there is still appetite for investment in renewable energy and that the right deals can still get away,” Andrews said in a statement.

Fred. Olsen Renewables, a wholly owned subsidiary of holding companies Bonheur and Ganger Rolf, seeks to construct a 138 megawatt wind farm approximately 40 km (25 miles) east of Edinburgh and 10 km south of Dunbar.

(Reuters)

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