British renewable-power developer Blue Energy acquires RidgeWind for $391 mn
07 Feb 2013
British renewable-power developer Blue Energy yesterday acquired RidgeWind Ltd and its 177 MW wind power portfolio from renewable energy focussed private equity firm HgCapital, for £250 million ($391 million).
Founded in 2003, RidgeWind is one of the UK's leading independent onshore wind farm developers with a portfolio of 45 MW of projects in late stage construction, 132 MW with planning permission, and a significant development pipeline.
Two RidgeWind projects are about to become operational - Hall Farm, a 24.6 MW wind farm near Beverley, in Yorkshire - is due to commence generation this week and the 20.5 MW Wandylaw farm, north of Alnwick, Northumberland, is due to complete and commence generation in March.
RidgeWind also has planning permission for four more wind farms: Beinneun, an 85 MW project near Invergarry, Inverness-shire; Middlewick, 20.7 MW near Southminster, Essex; Nutsgrove, 14.35 MW near Peterborough; and Grange, 12.3MW near Scunthorpe, Lincs.
Blue Energy, which funded the acquisition with funds from shareholders and Spanish lender Banco Santander SA, has 9.7 MW of wind farms in the UK under development, and plans to build a 155-megawatt solar photovoltaic power plant in Ghana.
''This transaction is an important milestone for the growth of Blue Energy and demonstrates our strong commitment to the UK onshore wind sector. 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, Blue Energy CEO, Chris Dean.
The UK is the world's eighth-largest producer of wind power with 362 operational wind farms and 4,158 wind turbines having an installed capacity of 7.7 GW and a further 8.5GW in the planning system or expected to be built in the next seven years.
