MUFG has provided Nanclach Limited with a £77m loan, to construct the 39.1MW Tom Nan Clach CFD qualified onshore wind farm in Scotland. The project is managed and operated by Belltown Power Limited.

The project has progressed through its early works phase and is now in full construction. Commercial operation is scheduled to begin in 2019.

A long-term power purchase agreement (PPA) with Statkraft sits alongside the CFD. Advisors for the borrower were Elgar Middleton and Pinsent Masons, with DLA Piper and Wood Group acting for MUFG.

On completion, the 13-turbine Tom Nan Clach site in Nairnshire will provide enough clean energy to the Scottish network to power the equivalent of approximately 42,000 homes and is expected to contribute approximately £4.9m of community funding over its life to the local economy.

MUFG has underwritten 100% of the debt for the project.

Stephen Jennings, Managing Director and Head of Energy & Natural Resources at MUFG, said:

"MUFG was mandated following a competitive process and is delights to have supported Nanclach and Belltown in reaching this significant milestone. The project joints 8.2GW of existing renewable energy capacity in our EMEA portfolio, of which approximately 4.2GW is located in the UK and 0.4GW is under the UK CFD regime."

Tom Hill-Norton, of Belltown Power, said:

"We are delighted to have secured project finance from MUFG. We look forward to seeing this exciting project progress through construction and into operations with the strong support of MUFG."