Renewable energy firm UrbanWind has secured an additional £3 million investment.
The new follows its earlier success this year in confirming funding for three major wind turbine projects in January, taking its secured investment total to £6m for 2015.
The funds are being used to support the Preston-based firm’s 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 turbines on sites in these areas.
These three projects follow on from a similar £3 million of secured investment in January, with projects beginning on turbines on sites in Cambridgeshire and Pembrokeshire, and a 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.
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.
“Turbines offer the benefits of significantly reducing energy bills and securing the client against the vagaries of global energy prices. They also offer the potential to significantly reduce carbon footprint.”