AES finances wind farm

Barclays Plc loaned AES Corp $36.4 million to finance the planned 28.6 MW Drone Hill wind farm in Scotland.

Drone Hill is expected to cost $61.7 million and AES provided $25.3 million of equity. Construction is scheduled to begin in April 2011 while commercial operation is expected to begin in August 2012. The plant will use Nordex wind turbines.

AES acquired Drone Hill in April when its AES Wind Generation unit purchased Your Energy Ltd. Statkraft AS signed a 15-year power purchase agreement for output from Drone Hill.

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