John Connor

The significant transaction will fund the development of a six-turbine community wind farm at Quanterness.

The transaction marks a major step forward for Orkney’s renewable energy ambitions, with the 28.8MW wind farm set to generate clean electricity for export to the national grid.

The project will not only contribute to Scotland’s and the UK’s net zero targets but will also deliver substantial economic and community benefits for the region.

The WBD team, led by partners John Connor, Vicky McCombe and Richard Cockburn, advised NWF on the structure and terms of the loan facility and with legal due diligence of key project documents.

Their guidance ensured that the financing provided through NWF’s local authority advisory and lending team offered low-cost, long-term, and flexible support for OIC, enabling the council to deliver the project without additional draw on its strategic reserve fund.

The wind farm, unanimously approved by OIC’s elected members in February, is forecast to generate annual surpluses exceeding £3 million for the council and provide a dedicated £144,000 annual community benefit fund.

The project also supports wider infrastructure through the delivery of the Scottish and Southern Electricity Networks (SSEN) interconnector cable, securing Orkney’s place at the forefront of the UK’s green energy transition.

John Connor, head of banking at WBD, commented: “As a firm, we’re committed to supporting projects that deliver clean energy and have a positive social impact.

“We are therefore delighted to have supported the National Wealth Fund on this landmark financing, which will have a lasting positive impact for Orkney and serve as a model for community-driven renewable energy projects across the UK.”