- Category: Finance
05 Feb 2013
- Published on Tuesday, 05 February 2013 09:11
- Hits (1531)
Blue Energy, a British developer of renewable energy infrastructure, is acquiring RidgeWind and its 177- megawatt wind power portfolio. RidgeWind is one of Britain’s leading independent onshore wind farm developers with a portfolio of 45 megawatts of projects in late stage construction and 132 megawatts with planning permission.
Blue Energy expected to invest £250 million ($393 million) to acquire RidgeWind and build its development portfolio. The acquisition was funded by Blue Energy’s shareholders, with support from the company’s relationship bank Santander.
“This transaction is an important milestone for the growth of Blue Energy and demonstrates our strong commitment to the U.K. onshore wind sector,” said Chris Dean, Blue Energy’s chief executive officer.
The Ridgewind team will be integrated into Blue Energy and development of Ridgewind’s existing projects will remain uninterrupted and new projects will be developed under the Blue Energy banner.
“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,” said Mr. Dean.
Two RidgeWind projects are set to become operational during the timeframe of this acquisition. The 24.6 MW Hall Farm in Beverley, Yorkshire is due to commence generation this week while the 20.5 megawatt Wandylaw farm in Alnwick, Northumberland is due to commence generation in March.
RidgeWind also has planning permission for four more farms: the 85 MW Beinneun project in Invergarry, Inverness-shire; the 20.7 MW Middlewick project near Southminister, Essex; the 14.35 Mw Nutsgrove project near Peterborough; and the 12.3 MW Grange project near Scunthorpe, Lincs. – EcoSeed Staff