Contributors
Womble Bond Dickinson (WBD) has played a critical role in facilitating a significant transaction between the National Wealth Fund (NWF) and Orkney Islands Council (OIC), advising NWF on a £62.1 million loan agreement to fund the development of a six-turbine community wind farm at Quanterness.
The transaction marks a major step forward for Orkney’s renewable energy ambitions, with the 28.8MW wind farm set to generate clean electricity for export to the national grid. The project will not only contribute to Scotland’s and the UK’s net zero targets but will also deliver substantial economic and community benefits for the region.
The WBD team, led by partners John Connor, Vicky McCombe and Richard Cockburn, advised NWF on the structure and terms of the loan facility and with legal due diligence of key project documents. Their guidance ensured that the financing provided through NWF’s Local Authority Advisory and Lending team offered low-cost, long-term, and flexible support for OIC, enabling the Council to deliver the project without additional draw on its Strategic Reserve Fund.
The wind farm, unanimously approved by OIC’s elected members in February, is forecast to generate annual surpluses exceeding £3 million for the Council and provide a dedicated £144,000 annual community benefit fund. The project also supports wider infrastructure through the delivery of the Scottish and Southern Electricity Networks (SSEN) interconnector cable, securing Orkney’s place at the forefront of the UK’s green energy transition.
John Connor, head of banking at WBD, commented:
“As a firm, we're committed to supporting projects that deliver clean energy and have a positive social impact. We are therefore delighted to have supported the National Wealth Fund on this landmark financing, which will have a lasting positive impact for Orkney and serve as a model for community-driven renewable energy projects across the UK.”
With a track record of advising on complex clean energy financings across the UK, WBD is recognised for its deep sector expertise and ability to deliver innovative solutions for both public and private sector clients. This latest project underscores the firm’s commitment to driving positive environmental change through strategic legal and financial guidance. WBD has advised on financing, real estate and energy issues for significant projects, including term loan facilities for rewilding initiatives, restructuring of facilities for a biogas producer and sustainability-linked loans for national house builders. These groundbreaking facilities enhance the ESG credentials of our clients and demonstrate our commitment to supporting sustainable finance.
Read more on our Financing Decarbonisation campaign here.
