03/10/2011

Bank Signs 'Powerful' Kilroot Funding Deal

A major banking institution is to sign a 'powerful' deal in NI with news that Barclays Corporate has completed an innovative £38m funding arrangement that will allow Co Antrim's AES Kilroot Power Station to further enhance its efficiency and secure its long term financing needs.

Commenting on the fundraising, Niall Quinn, Head of Structured Finance Ireland, Barclays Corporate said: "The refinance deal with AES Kilroot Power Limited is a good example of the type of strategic and sophisticated transactions we are supporting despite difficult market conditions. It serves as a clear indication that Barclays is open for business for quality transactions within the energy sector," he said.

"Our team has substantial knowledge of the energy sectors in Northern Ireland and the Republic of Ireland through our recent funding of renewable power projects and regulated utility transmission lines. As a result, we were able to use this expertise and experience to tailor the Kilroot deal to the particular idiosyncrasies of the local power market."

Niall added: "Kilroot power station plays an important role in the local energy infrastructure and is an essential tool available to the market operator in managing system demand and security.

"It is important for us to be able to support our client with this significant funding line, as well as providing all future operational banking requirements."

Commenting, Mark Miller, Managing Director of AES Kilroot Power Limited, added: "We are extremely pleased to have secured this finance arrangement with Barclays as it gives us the flexibility to run our business effectively, whilst securing our long term financing needs. Barclays' in depth knowledge of the local power market enabled us execute this transaction swiftly and successfully."

Mark continued: "They have demonstrated that they are a skilful strategic banking partner and we look forward to developing our relationship with them further."

Kilroot Power Station in Carrickfergus, is a dual coal and oil fired facility and comprises two generators, each capable of producing 300 Megawatts when firing oil.

It is an integral part of Northern Ireland life, producing one third of the region's electricity. Kilroot is also a Top 100 employer in NI.

(BMcC/CD)

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