LONDON - Novera Energy will start construction of the Glenkerie wind farm in Scotland in the first half of next year after agreeing financing for the project.
Lloyds and BNP Paribas have agreed to provide a 15-year project debt facility for up to 36 million pounds ($59.5 million), the British renewable energy company said on Friday.
The credit crisis has made it difficult for developers, especially smaller ones, to arrange funding for new renewable energy projects.
Novera, which is fending off a hostile takeover approach from Terra Firma-backed peer Infinis, had originally hoped to start construction of Glenkerie, in southern Scotland, in 2009 after receiving planning consent in September last year.
Novera said on Friday it expected the wind farm to become operational in 2011 and that it had identified a major utility as the preferred party to buy the electricity generated by the farm.
The Glenkerie wind farm will have 11 wind turbines and capacity of up to 27 megawatts, enough to power around 15,000 homes.
(Reporting by Victoria Bryan; editing by Rhys Jones)