ENERGY company Red Rock Power has secured £80 million to fund a 50-megawatt local wind farm.

The Chinese-backed Edinburgh company has now bagged the financing from NatWest for Afton Wind Farm's mega wind farm in East Ayrshire.

The onshore operational project was acquired by Red Rock Power debt-free in October 2018.

The deal increases the company’s internal rate of return on its investment and will stabilise its balance sheet as it prepares to expand its portfolio with a move into new sustainable energy sectors and at least one acquisition before the end of 2019.

Guy Madgwick, CEO of Red Rock Power, said: “The financial backing of our Chinese owner, SDIC Power, puts us in a competitive position as we look to consider new acquisition opportunities. However, it was important for us to acquire this debt and create value from our investment on Afton Wind Farm. This finance deal with NatWest is testament to our growing reputation and growth potential in the renewables industry as a standalone enterprise.”

Bruce Riley, Managing Director, Head of Infrastructure and Project Finance, NatWest, said: “We are delighted to be supporting Red Rock Power on one of their first investments in the UK and are keen to continue to support their growth in the UK and Europe. Sustainable energy is a key focus across the bank and we have committed to funding and arranging £10bn to this sector by 2020. The Afton Windfarm financing is part of meeting this target and we are proud to have delivered a successful financing working closely with the Red Rock team.”