UrbanWind secures further £3m funding
Renewable energy expert UrbanWind has secured a further £3m of investment, taking total funding for 2015 so far to £6m.The new funds are being used to support clients who have successfully achieved planning consent, but lack the funding necessary to develop their sites.
The company is erecting its latest turbine technology for agricultural clients on sites in Suffolk, Carmarthenshire and East Yorkshire, as the sector’s appetite grows for the benefits renewable energy can bring.Work will start shortly to erect 100 – 500 kWP turbines on sites in these areas.
These three projects follow on from a similar £3m of secured investment in January, with projects beginning on 100kW turbines on sites in Cambridgeshire and Pembrokeshire, and a 500kW turbine currently being erected on a farm in Fife, Scotland.UrbanWind offer a range of fully-funded turbine solutions, ranging up to 500kW projects that are capable of producing 1.8 million kWh of electricity per annum, enough to provide for 90 households.
They will also save around 860 tonnes of CO2 per year. Over the 20-year predicted lifespan of a project, a turbine can save in excess of 17,200 tonnes of CO2, the equivalent of taking 200 cars off the road for the same period.Based on Red Scar industrial estate, Preston, with an office in Glasgow, UrbanWind revealed it is looking to acquire more consented sites for wind turbine projects, as it continues to roll out its expansion strategy.
It currently has a significant number of sites in the development appraisal phase, including consented sites, which are being evaluated for funding approval. Paul McCullagh, CEO of UrbanWind, said: “We are delighted to announce this further injection of funding. We have got off to an incredible start in 2015, and securing this funding reinforces the position of medium wind technology as an attractive investment opportunity."