FINANCIERS have underlined their appetite for windfarms in Scotland amid the latest in a series of deals in the sector.

Blackfinch Energy has acquired two onshore developments in rural Aberdeenshire for an undisclosed sum.

Gloucester-based Blackfinch said the acquisition reflected its ambitious growth plans. The company is one of a number that see good opportunities in wind. It has five other windfarms in Scotland.

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Investors have been attracted by the potential to generate attractive returns on investments in windfarms. These can be under-pinned by subsidies that effectively guarantee a minimum price for the output sold.

However, the deal also appears to reflect confidence in the commercial prospects of windfarms that don’t benefit from subsidies.

Blackfinch, said one of the Scottish windfarm projects acquired will feature its first subsidy-free onshore wind development.

This will be completed next to the other windfarm, which is already operational, and benefits from support under the Renewables Obligation Certificate programme. The two projects feature five turbines in total.

Legal advisers to Blackfinch at TLT said the deal demonstrated that investors are still hungry for subsidised operational sites.

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Kay Hobbs, a corporate partner at TLT, noted: “With fierce competition for these assets though, investors are now looking further down the project lifecycle and are more willing to take construction risk as Blackfinch has done with the second project.”

A range of other firms have invested in Scottish windfarms in recent months. These include Vattenfall of Sweden and The Renewables Infrastructure Group, which is managed from London.

Energy giants such as SSE and ScottishPower have invested in large scale wind developments in Scotland. Drax has focused on hydroelectricity generation.

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Bristol-based TLT moved into Scotland in 2012 through the acquisition of Glasgow-based Anderson Fyfe. It bought commercial property specialist Leslie Wolfson in 2018.

Blackfinch worked with Green Cat Renewables on the Aberdeenshire deal. Green Cat developed the three-turbine Deuchries wind farm near Aberchirder in Aberdeenshire