ASSEL Valley Windfarm in Girvan have secured £42.3 million in funding after discussing the possibility of selling shares to the local community.

At the end of 2016 Falck Renewables stated they had secured a loan agreement which is expected to last for 18 years.

MUFG’s core banking unit and Banco de Sabadell, are expected to come up with the goods until 2034, allowing the company to reduce their debt.

A shareholders meeting took place on Monday, January 16 with a follow up on Tuesday, January 17 for the for authorization of the purchase and disposal of treasury shares if necessary.

Falck Renewables were discuss the future of their other projects as well as Assel Valley.

There are ten  N90/2500 turbines on the site, which sits just five kilometers south of Girvan, with an installed capacity of 25 MW, generating approximately 84,000 MWh annually.  

It produces energy to 20,500 homes in a bid to save almost 36,000 tonnes of CO2.

So far the project claims it has allocated support to a local Community Benefit Fund and provide grants to support activities that enhance the quality of life for local residents. 

But in November last year, it was announced that had had to reduce its energy output as a result of 'low demand' for wind power after just two weeks of generation, on instruction form National Grid.

The project was built after South Ayrshire Council moved to decline planning permission. 

It has also caused tension and anxiety within the local community and many feel that the construction is an eye sore, causing water pollution and excessive noise.

But now Assel Valley is expected to increase performance  financial solidity.  

Paolo Rundeddu, Chief Financial Officer of Falck Renewables, said: "With Assel Valley closing we completed with no delays all the activities we announced to the market for 2016 which included about 200 million euros of financing and refinancing in five separate deals and the renegotiations of the margin over Euribor for the solar project financings in Italy."

It is hoped the new funding will help save the windfarm and benefit many living in Girvan and the surrounding areas as well as those further afield.