Second Windflow Turbine Destined for the UK

Second UK-based Windflow 500 turbine is destined for New Holland farm, Orkney, north of Scotland.

7 Dec 2012

New Zealand based wind turbine manufacturer Windflow Technology Ltd (WTL) has secured an agreement for a second UK-based Windflow 500 turbine which is destined for New Holland farm on the main island of Orkney, north of Scotland.

The New Holland site has planning consent for the 500 kW turbine and an electrical connection agreement, both of which have been funded by the landowners. Windflow Hammer Ltd (a wholly-owned subsidiary of Windflow UK Ltd which is a wholly-owned subsidiary of WTL) now has a lease agreement with the landowners and financing approval for this project. Windflow Hammer Ltd will now take over development of the project and will initially own the turbine. The agreement also provides that the landowners will have a five-year option to buy some or all of the project as it progresses.

It is the second of up to three Windflow turbines for the UK which the turbine manufacturer will fund through its July 2012 construction finance agreement with one of its major shareholders. Once operating, the turbine will earn revenue of approximately 22 p/kWh through the UK government’s Feed-In Tariff scheme, providing pre-tax returns on investment of approximately 20% to 30% p.a.

The nacelle will be assembled at Windflow’s Christchurch facility before being dispatched to the UK in late 2013.

The nacelle of the first Windflow turbine destined for the UK left Christchurch in October and will be installed at the Hammer farm on Westray, Orkney Islands in early 2013.

The New Zealand made 500 kW turbine is proven in strong wind conditions such as those experienced in the Orkney Islands, and has recently achieved over 300 turbine-years of operation.

ENDS

For further information:

Geoff Henderson, CEO/Director,
Windflow Technology Ltd,
Ph 03 365 8960 (NZ)

Andy Strowbridge, Sales Manager,
Windflow UK,
Ph +44 (0) 7711 147 321 (UK)