UK investment banking firm ARC Associates has today successfully completed a placement of the First Tranche of 12.5% Secured Convertible Loan Notes (due March 2011) in Frodine Securities Limited (“FSL”), a privately owned BVI investment vehicle formed in 2004.
FSL’s primary focus is on the site selection and planning consent elements of wind farm development which it is advised on in the UK by Coronation Power Ltd (www.coronationpower.com).
In October 2009 FSL announced that Planning Consents had been granted by the Secretary of State for two sites in Lancashire. The two sites approved were for a total of 15 turbines creating a total capacity of up to 45MW. In addition to these two sites, FSL is awaiting consents on three other sites with a total additional capacity of about 35 MW.
The funds raised will be deployed to support the Planning Consent process of the three sites currently under development.
“This is a significant boost for FSL, who have a highly experienced management team and professional advisory panel in Coronation Power, 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.
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 contact:
John Allen
ARC Associates
0207 614 4000
johna@arcassociates.com