Gresham House, a specialist alternative asset manager, and Amegni Renewables Ltd, an independent wind energy developer, have reached financial close on the 45 MW Carno 3 wind farm in North Wales.
The project is being delivered through Carno 3 LLP, a joint venture established by Gresham House and Amegni Renewables to develop, construct, and operate the wind farm near Carno. The joint venture has secured an £80 million project finance facility from Santander and Rabobank, which will support the construction of the scheme through to completion.
Enabling works have already commenced on site, with construction due to continue throughout 2026. The wind farm is expected to be completed in autumn 2027.
Once operational, Carno 3 is expected to be one of the largest onshore wind farms in Wales. The project will generate enough renewable electricity to power the equivalent of approximately 46 000 homes and is expected to save around 65 000 tpy of carbon dioxide.
The project builds on the long-standing relationship between Gresham House and Amegni Renewables, which have worked together on wind farm developments for many years. Gresham House currently provides asset management services for the adjacent operational Carno 1 and Carno 2 wind farms.
Wayne Cranstone, Investment Director at Gresham House, said: “Carno 3 is an important renewable energy project for Wales and for the wider UK energy transition. We look forward to seeing the wind farm commissioned next year and contributing to the UK’s net zero targets. Reaching financial close is a major milestone for the project, and we are pleased to move into the construction phase with the support of Santander and Rabobank.”
Sion Thomas, Owner of Amegni Renewables Ltd, added: “Carno 3 represents the next stage in the development of a high-quality wind energy cluster in this part of Wales. We are proud to be working again with Gresham House and our project partners to deliver a scheme that will make a meaningful contribution to domestic renewable energy generation.”
Mark Cumbo, Director, Structured & Specialist Finance at Santander Corporate and Commercial Banking, commented: “We are pleased to support Carno 3 and the financing of this significant onshore wind project. The project represents a significant investment in Wales’s renewable energy infrastructure and the UK’s clean power transition. As a bank committed to supporting sustainable growth, we look forward to working alongside the project partners and contributing to a more secure and resilient energy future.”
Carol Kort, Executive Director Project Finance at Rabobank, concluded: “We are delighted to support Gresham House and Amegni Renewables on this landmark offshore wind project. Carno 3 will contribute significantly to the UK’s energy transition and will deliver clean, renewable power to thousands of households across Wales. Rabobank is deeply committed to being a global leader in financing the energy transition and partnering with clients who share our dedication to accelerating the shift towards a more sustainable future.”
The project team worked with Pinsent Masons as legal adviser, Vestas as turbine supplier, and Jones Bros as balance of plant contractor.
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