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ADVISING ON NEW PARTNERSHIP FOR £55M GLEN ULLINISH SKYE WINDFARM

PKF Francis Clark’s specialist Energy and Infrastructure corporate finance team have advised on the collaboration between Kilmac and Muirhall Energy to deliver the 42MW Glen Ullinish Wind Farm.

The Glen Ullinish Wind Farm is located to the south-east of Dunvegan on the Isle of Skye close to the operational wind farms at Ben Aketil and Edinbane. The development will be able to generate 42MW of power, enough electricity to supply 23,000 homes per year.

Kilmac Construction, one of Scotland’s leading civil engineering and renewable energy contractors is working with Muirhall Energy, a leading independent developer of renewable energy projects, to deliver the first subsidy-free onshore wind development project on Skye,

Muirhall have constructed over 80MW of onshore wind projects across the UK, with over 400MW either consented or in planning. While Kilmac has undertaken over 200 projects to date, spanning both the public and private sector, and diversifying into renewables due to their  civil engineering expertise.

Richard Harris, the Director of the PKF Francis Clark Energy & Infrastructure Advisory team who acted as lead financial and commercial advisor to shareholders of Kilmac, and brought the two developers together, said:

“The Kilmac team deserve enormous credit for the role they have played in the development of this project and particularly in preparing it for build in a post-subsidy market.

Work with stakeholders will continue to be key to the successful delivery of this project. In Muirhall Energy, as one of the most practical and innovative onshore wind developers in the UK, we are confident that the project is in the right hands for the next stage of its development.”

The Glen Ullinish Wind Farm took over four years to reach planning submission stage. The Highland Council’s recent granting of planning consent is a significant development for the island with many economic and social benefits. The area will benefit from a community investment fund of £250,000 per year, while a yearly payment will also be allocated to the entire Isle of Skye. This will be worth £6.25m over the course of the project.

Derek Ross, Director of Kilmac said:

“This partnership was a strategic decision by the Directors of Kilmac to guarantee the financial security needed to deliver a route to market for Glen Ullinish. It also provides us with the stability in uncertain times. Joining forces with Muirhall Energy allows us to play to our strengths as well as building on the excellent relationship Kilmac has formed with the local community, as we work to deliver this windfarm.

Glen Ullinish is a very unique project. Kilmac and Muirhall will utilise their complimentary skill sets to develop the necessary design improvements required to deliver the funding of this £50m project and to honour our commitments to the communities on Skye.”

Chris Walker, Managing Director of Muirhall Energy, said:

Glen Ullinish Wind Farm has the potential to be one of the most productive onshore windfarms in the country. Muirhall Energy is delighted to offer our experience and expertise in onshore wind development in order to realise that potential. The opportunities associated with the building of Glen Ullinish are many, not least the commitment to local jobs, improved electricity supply and significant inward investment to Skye. We will work with all stakeholders and the network operator to resolve the challenges to the grid connection, which currently offer some jeopardy to the project.

We look forward to building on the strong community relationships as we work to deliver the wind farm and all the benefits it will bring.”

FEATURING: Andy Thornhill
Andy has over 10 years of corporate finance experience and specialises in renewable energy M&A and advisory. Prior to joining PKF Francis Clark Andy was… read more
FEATURING: Bob Meier
Prior to joining PKF Francis Clark Bob spent more than a decade in the city of London specialising in the energy sector and providing corporate… read more
FEATURING: Richard Harris
Richard is a Corporate Finance Director based in the Exeter office specialising in Energy & Infrastructure. Since 2011 he has specialised in the energy sector… read more
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