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Australia : Airvolution Continue Shopping For Acquisitions

August 30, 2014

Airvolution Energy Ltd has announced the acquisition of a second consented wind project from the Wind Prospect Group with a view to financing and building out the project within the next year.

The consented project, 5MW Kinegar Quarry in the Scottish Borders, is the second project purchased since the Company announced its active search for acquisitions in May this year.

Kinegar Quarry is a consented site comprising of 2 turbines, 110 metres to tip, located on the eastern edge of Scottish Borders near Dunbar. Kinegar Quarry are expected to take up to 10% of the projects electricity, with a community fund of 50,000 per annum, double the Scottish Government recommended rate of 5,000 per MW.

The project will most likely be financed via a framework funding agreement with Capital Dynamics, announced earlier this year. The framework agreement aims to deliver a consistent pipeline of consented, ready to build projects amounting to 40 MW over the next couple of years, providing they meet Capital Dynamics funding criteria. Four of Airvolution s home grown projects have already been funded in this manner.

Richard Mardon, CEO of Airvolution Energy said: Our efficient process for delivering procurement, funding and construction is steaming ahead and we are committed to continue filling our shopping basket with more consented projects outside of our existing portfolio. Over the next 12-24 months, we aspire to reach financial close for around 90MW from our current portfolio as well as acquire and close 45MW from other operators seeking deployment in this difficult funding market.

Wind Prospect s CEO, Euan Cameron, added: This is a very positive deal for the Wind Prospect Group. A strong working relationship with Airvolution has allowed us to access their existing funding and procurement process. This means the project can get up and running as soon as possible. It also reflects the continued refocusing of the Group on its key service businesses in the UK and worldwide, offering cradle to grave support for developers and owners of wind and solar assets.

Airvolution Energy, specialising in smaller onshore wind projects across the UK, currently has three projects in construction, a 4MW project at Garlenick Estate in Cornwall, a 4MW project at Junction 18 of the M1, in Daventry and a 4.6MW project at East Youlstone, near Bude in Devon.

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Source: TendersInfo (India)

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