MARK WILLIAMSON
A London-based renewable energy investor has teamed up with pension funds
to buy a 49.9 per cent stake in the giant Clyde Wind Farm development in
South Lanarkshire from SSE for £355 million.
Greencoat UK Wind and a joint venture formed by the Greater Manchester
Pension Fund and London Pensions Fund Authority said they expect to be able
to generate attractive returns from their investment in the development.
Tim Ingram, chairman of Greencoat UK Wind noted Clyde is one of the biggest
onshore wind farms in the UK. The development includes three wind farms
featuring 152 turbines in total, which generate enough power for more than
300,000 homes.
The acquisition will give the investors a stake in a development that is
likely to be in operation for many years. Clyde was commissioned in 2012.
The output can be sold to the National Grid at fixed rates.
The wind farm will not be impacted by changes to the support regime for
wind generation that were announced in 2013, which critics have said will
result in some projects being scrapped.
In November Greencoat UK Wind bought the Stroupster wind farm in Caithness
in an £85m deal and underlined its appetite for more deals.
The company has a portfolio of 18 wind farms in the UK, including seven in
Scotland.
SSE said it sold the stake in Clyde Wind Farm under a plant to raise £1bn
to cut debt by selling interests in onshore wind farms and non-core assets.
The farm cost £500m to develop.
However the Perth-based utility is completing a 54 turbine extension to the
Clyde Windfarm. It will have a 70 per cent interest in the enlarged plant
initially.
Martin Pibworth, managing director of SSE’s wholesale power generation arm
said: “The sale represents another significant step in a programme of
disposals to recycle capital and optimise our wind farm pipeline.”
Greencoat UK Wind will acquire 28.2 per cent of Clyde while the pension
funds’ GLIL venture will acquire 21.7 per cent.
2 Comments