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Funding secured for specialist cheese company

25 March 2010

Wind Direct says it has achieved financial close on its 2MW on-site generation project at Dewlay Cheesemakers in Garstang, Lancashire

Agreements have been finalised between Wind Direct and client/landowners Dewlay Cheesemakers; turbine supplier Repower; and financial investors HgCapital. The civil engineering contract has been awarded to Hanson Contractors, with the electrical engineering contract assigned to Agrilek.

Works for the single MM92 turbine, commencing with construction of the compound and the foundation for the substation, will begin in April 2010. Delivery of the turbine components is expected in the autumn.

The project will supply energy direct to Dewlay’s dairy and cheese production facilities, with excess energy being exported to the United Utilities local distribution network.

Wind Direct’s chief operating officer, Frances Karki said: “Achieving financial close on the Dewlay Cheese project is the culmination of a great deal of hard work by our development, construction and commercial teams respectively. In obtaining agreements from all parties we have demonstrated financial viability and with all agreements in place, we are now able to enter the construction phase of the project.

“Dewlay’s wind turbine project emphasises their commitment to protecting the environment. It is a clear symbol of their green credentials and further strengthens the company’s competitive standing in the market place.”

HgCapital, one of Europe’s largest and most experienced renewable energy investors, has worked closely with Wind Direct in recent years and provided funding for the Dewlay project. Luis Quiroga, Associate in HgCapital’s Renewables team commented:

“The Dewlay project is another high quality project in the Wind Direct portfolio. HgCapital was delighted to work Wind Direct and Dewlay to deliver this project. Wind Direct offers industry a simple and cost-effective solution to ever-increasing energy prices. It has the best management, technical and execution team in the business.”

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