Scots Wind Turbine

Any update on the above?

Richard, over on TC you have just posted in relation to an earlier wind farm deal that commissioning is delayed: "All the preparatory works – foundations, access road and grid enabling – have been completed satisfactorily. There has been a delay in the turbine delivery caused by high demand. Currently the quoted date is August..."

I'm not sure when that one was originally scheduled to be delivered, but are delays of this kind a general issue? The risk is two-fold: (1) that the start of electricity/cash generation is delayed, reducing the headroom on the project, and (2) that, in the event of a long delay, the deadline for the pre-approved FIT is not met, with a dramatic reduction in income. What can you tell us that would assist us in evaluating the risk on the present proposal, and on other wind farm proposals that you may be bringing forward?

Thanks for the quick and full answers. It really helps to build confidence in our part of financing the industry.

So am I right in thinking that delay on turbine delivery tends to be about a month or so?

What makes the 'best' ones the best ones? Is it simply size or perhaps the maker?

Thanks very much for your answers Richard Martin

No dream j. It was at 19 hours earlier and over 21 hours as I type this.

This one seems to have a source of energy that renews (pardon the pun) itself every day! Two extensions in 2 days so far. Will it be third time lucky tomorrow too?

The first payment was due on this loan was due 13/Jul, and wasn't posted today -- presuming it's unlikely to be posted after 2300 -- making these units ineligible for sale on the Aftermarket.

The Credit Report doesn't make it clear whether the money was supposed to come from the borrower or whether it was 'retained' from the beginning.  Since this effectively is a development loan, I'd expect the latter, especially as the loan is supposed to be advanced to the borrower as the work progresses rather than all at the beginning, and it seems unlikely that it all would have been advanced in the first month.  But if it's supposed to come from the borrower and wasn't received, does AC have the power to take it from the undistributed principal?

Perhaps andrewholgate, or someone else from AC, could let us know whether there's a potential problem developing here or whether it's simply the result of AC being a bit behind in crediting the payment to the loan.

Yes, and lots of units have appeared in the Aftermarket.  So many, actually, that I wonder what's going one, inasmuch as the loan's horseshoe chart indicates that underwriters hold only £154k of this loan.  So who is offering the other £627k of loan units that are up for sale at the moment?

Is this just the result of this loan being -- AIUI -- the last loan that qualified for the April cashback deal, so that lenders threw all their available cash at it in order to earn the cashback and now want to move that cash elsewhere?  Or are there investors who have been acting like underwriters -- taking large positions in new loans with the intention of getting out as soon as possible -- but are not officially designated as such?   If the latter, and it's being done without an interaction with AC, then that's fair enough. 

But if AC are involved and these people are effectively underwriters without the title, then I feel like I'm being misled by the horseshoe charts.  I use those to try to assess the likelihood of being able to sell loan units on the Aftermarket -- if there are no shares held by underwriters, then it ought to be easier to sell units in those loans if I should feel the need to do so.

PS.  This isn't the only loan showing this behaviour.  Staf********* P******* has over half of its units for sale in the Aftermarket yet shows to be only 27% held by underwriters.