Blue Energy to acquire onshore wind farm developer RidgeWind
UK-based Blue Energy is to acquire independent onshore wind farm developer RidgeWind and it's 177MW portfolio.
RidgeWind is currently owned by Europe-focused renewable energy and private equity investor HgCapital Renewable Power Partners.
Blue Energy has earmarked £250m towards acquisition of the firm and development of its portfolio comprising two projects with a combined capacity of 45MW under development and four farms aggregating 132MW in planning.
The two farms in the final stages of construction include a 24.6MW capacity near Beverley, Yorkshire with commercial generation scheduled for February 2014 and the 20.5MW Wandylaw farm, north of Alnwick, Northumberland, in March.
The four proposed farms that have obtained planning permissions include 85MW Beinneun project near Invergarry, Inverness-shire; 20.7MW Middlewick farm near Southminster, Essex; 14.35MW Nutsgrove project, near Peterborough and 12.3MW Grange farm near Scunthorpe, Lincs.
Blue Energy CEO Chris Dean described the transaction as an important milestone for the company's growth and outlined its plans.
"Blue Energy has ambitious growth plans and we aim to progress further transactions of a similar nature in the UK wind sector this year," said Dean.
"RidgeWind gives us a strong portfolio, and an experienced development team who have pioneered innovative community benefit schemes, which are so important in winning local support for wind farms."
Hg Capital head of renewable energy team Tom Murley said: "In RidgeWind we saw the core elements of value creation: a strong team with a focus on larger sites with the best wind resources and the ability to create and manage an industrial scale UK wind business."
"RidgeWind has delivered on that promise and we are confident that under Blue Energy's ownership the company will continue to deliver," added Murley.
Following the acquisition, all existing and upcoming projects will be developed under the brand Blue Energy.
RidgeWind's team with more than 60 man-years experience each in rural land management and energy development, will be integrated with the acquirer.
Besides a 9.7MW wind farm under development, Blue Energy has a presence in solar power with an existing 5MW Westmill farm in UK and plans to develop a 155MW PV plant in Ghana.