Company to raise $25m
Turbine firm defies subsidy cut with farm plan
Wind turbine manufacturer Orenda Energy Solutions is hoping to raise $25million from US investment banks as it defies a slowdown in onshore wind farm developments following the withdrawal of subsidies.
The company is to build its own distributed wind farm across the UK.
Orenda, which has operations in Livingston and Canada, will install 100 of its own manufactured SKYE 49kW small wind turbines installed across the UK from Cornwall to the Scottish Highlands to create a 4.9 MW (megawatt) distributed wind farm.
Gerry Lalonde, chief executive, said that despite the changes made to the FiT (Feed-In-Tariff) programme earlier this year the company can still earn adequate returns in this market.
He said: “Positioning is the key for us. The announcement from the DECC consultation to change the FiT system was not warmly received by the small wind industry overall, but we view it as an opportunity for Orenda as a result of a willingness to adapt our own technology.
“We were able to modify the patent-pending control technology on our SKYE turbine to reduce the power output from a 51kW turbine to 49kW. This minor modification allows us to position our wind turbine at the top end of the most attractive band available in the UK for the current FiT system.”
Orenda claims it has already identified over 100 pre-qualified UK sites stretching across the UK from Cornwall, Wales, Lancashire and throughout Scotland, stretching up to the Western Isles.
Mr Lalonde added: “There has been a general consensus that the UK market has become harder for small-medium wind turbine suppliers, but by adapting and evolving our proposition, we see far-reaching advantages and believe that this type of investment is crucial for the sector to secure its long term future.”