http://www.newenergyworldnetwork.com/investor-news/renewable-energy-news/by-technology/wind/aes-wind-secures-16m-from-ing.html

 

The wind division of the AES has secured finance worth £16m from ING for the construction of a 16.4MW wind farm in Northamptonshire, UK.

 

AES will provide a further £8m to fully-fund the build of the Yelvertoft facility, with work at the site expected to commence in June.

It is supported by a 15-year power purchase agreement with Scandinavian utility Statkraft.

Anne Aukes, director of ING, said, 'It was great to work with AES, being a very experienced wind operator with whom ING has a long standing relationship.

'Financing the Yelvertoft wind farm further diversifies ING's renewables portfolio into the UK and is typical of the high quality credits we are seeking to build on in our portfolio. At year-end 2011, 33 per cent of ING's project finance energy portfolio was in renewable energy projects and we expect to increase that share to 50 per cent in the next 12 to 18 months.'

Steve Hunter, project director at AES, added, 'We are delighted to have completed the financing of Yelvertoft Wind Farm, particularly as this is our first UK wind project loan from ING.

'The fact that we have been able to close this so quickly after our Sixpenny Wood wind farm is due in large part to the good relationships developed with REpower, Jones Bros, Natural Power and Statkraft, who will all be working with us on both projects.'