Peel Energy is pleased to announce it has reached financial close for the Port of Sheerness Wind Farm project with KfW IPEX-Bank as the funding partner. This milestone marks the completion of all key contracts necessary to deliver this £16 million project.
Construction of the 4 turbine wind farm on the Lappel Bank dock wall at the Port of Sheerness, adjacent to Medway estuary in Kent, commenced in July of this year. Good progress has been made on the sub-station and turbine foundations through the summer; all tower bases have been poured. Turbines are planned to be delivered to the site in the second quarter of 2016 and the wind farm is expected to be fully commissioned in the third quarter of 2016.
Muir Miller, Managing Director of Peel Energy said “Financial close for Port of Sheerness wind farm demonstrates the team’s determination, perseverance and patience in working through a number of challenges on the site. We are delighted to expand our relationship with KfW IPEX-Bank and look forward to completing the project over the coming year.”
Thomas Brehler, Global Head of Power, Renewables and Water at KfW IPEX-Bank said: "As one of the world's leading providers of wind energy finance we are once again underlining our structuring expertise in the wind sector with this commitment. We are pleased to contribute to the production of renewable energy in England and are very happy to complete this second funding agreement with Peel Energy.”
Last year Peel Ports announced its commitment to the region with the development of the Port of Sheerness Master Plan, created to inform the local community and key stakeholders of its proposals for sustainable expansion of the port estate.
The Master Plan also details Peel Ports’ ambition to create around 1,250 jobs over the next 20 years, enabling it to remain a key employer and investor in the region.