A stock market-listed renewable energy specialist has acquired a windfarm in Dumfries and Galloway in an £82 million move that reflects its confidence in the commercial prospects for such assets.
The Renewable Infrastructure Investment Group (TRIG) has bought the Solwaybank onshore windfarm near Langholm from Renewable Energy Systems for £39 million. It is set to invest £43m completing the development of the facility.
The 15 turbine Solwaybank facility is in the early stages of construction and is due to become operational in the first quarter of 2020. The facility is expected to power the equivalent of around 24,500 homes annually.
TRIG noted Solwaybank will be one of the few onshore wind farms in the UK to benefit from what it described as the attractive Contract for Difference (CfD) tariff. This fixes the power price during the first 15 years of operations.
Solwaybank will be the group’s first CfD wind farm in the UK.
Richard Crawford of Infrared Capital Partners, which manages TRIG, said Solwaybank was an important addition to the group’s portfolio. This now includes 14 wind farms in Scotland.
Renewable Energy Systems said the sale would allow the firm to continue searching for new development opportunities in the UK and bring forward sites to boost its growing portfolio of consented projects.
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