London – 8 February 2010 – UK investment banking firm ARC Associates has been engaged to raise £5 million in equity in a new company which will develop sites for wind farms throughout the UK. The new company will be established by Frodine Securities Limited (“FSL”), a privately owned BVI investment vehicle formed in 2004 and advised in the UK by Coronation Power Ltd (www.coronationpower.com).
FSL’s primary focus is on the site selection and Planning Consent elements of wind farm development. FSL has received planning consent for two of its current five projects (total capacity- 45 MW), and is awaiting consents on the other three sites (total additional capacity about 36 MW).
The equity funding will develop new projects totaling about 104MW at application. The current investors in FSL are contributing capital to the equity raising, having provided the entire capital required since 2004 to bring the six projects to their current status.
“This is an opportunity to join the existing FSL investors who have a highly experienced management team in Coronation Power and professional advisory panel to bring their wind farm developments to completion” said John Allen, Director of ARC Associates.
Coronation is led by managing director Vickram Mirchandani and finance director Shuves Mukherji, both of whom have extensive experience in wind power development.
The £5mm will be deployed to complete feasibility studies for future wind farm projects, obtain new land lease options, undertake the Environmental Impact Assessments, pay planning fees and submit applications to the planning authorities and for the further expansion of the business.
About Coronation Power:
Coronation Power Limited is a London-based company developing wind projects in the UK. Its goal is to help the development, construction and operation of wind farms that strike a fair balance between sustainability, the environment and economic investment, and at all times work in partnership with local communities. Coronation is led by managing director Vickram Mirchandani who has become a specialist in the use of wind energy assessment software applications. These specialist applications assist in the assessment of potential sites and the selection of classes of turbines which are critical to determining capacity factors for sites and therefore the financial viability of sites and projects. Vickram holds a degree in philosophy from the University of Boston.
About ARC Associates:
ARC offer Investment Banking and Advisory Services to quoted and unquoted companies in the Renewables, Telecommunications, Technology, Media, Financial Services, Property and other selected sectors. Since its inception, ARC has completed transactions worth in excess of £6 billion.
Press contacts:
John Allen
ARC Associates
0207 614 4000
johna@arcassociates.com