Bank Funds Tyrone Wind Farm

Substantial funding for a major wind-power project has just been confirmed.

Barclays has announced that it has completed £35m in long term funding for a 20 Megawatt (MW) wind farm in Screggagh, Co Tyrone.

Speaking about the fundraising, Niall Quinn, Barclays Corporate Head of Structured Finance, based in Barclays offices in Belfast, said: "Barclays is very committed to supporting the growth strategy of local companies. Our strong balance sheet and ability to access capital were crucial to delivering on this fundraising for Screggagh Wind Farm.

"This £35m transaction demonstrates our commitment to this growing sector and the huge potential it offers despite the difficult economic environment.

"We believe this creates great opportunities for Co. Tyrone and the surrounding areas. This deal is the first large scale wind farm deal on the island of Ireland in 2010 to date, and we are currently working with a significant number of developers in the sector across the island proving our commitment to the sector," he said, noting that Barclays has a long established record in the financing of wind farm projects both in Northern Ireland, Republic of Ireland and internationally.

In addition the wider Barclays Group has played a significant role in the development of energy generally in Ireland and to-date has provided financing for over £2bn of projects in the energy sector.

"Screggagh Wind Farm is delighted to have raised this funding and would like to thank Barclays for its assistance and guidance in achieving this," said Doreen Walker, of Screggagh Wind Farm.

"The amount raised demonstrates the company strength and will further enhance our ability to continue to grow our business.

"The funds raised will be used to construct eight 2.5MW wind turbines capable of generating energy equivalent to the average electricity consumption of approximately 10,000 homes annually. Construction on the project will complete in 2011," she added.

(NS/BMcC)