A stake in a controversial Highland windfarm development is to change hands for a whopping £126 million.
A 75% stake in the Tom nan Clach onshore windafrm in Nairnshire is to be acquired by Greencoat UK Wind from from Belltown Power.
The Tom nan Clach site is currently in the final stages of construction and will see 13 wind turbines generate nearly 40 megawatts (MW) of power.
The windfarm site, which began construction in 2016, is near the B9007 Ferness to Carrbridge road as it crosses the popular Dava Moor.
The project caused controversy locally through the widening of sections of road and a series of passing places that were put in place to provide access for large vehicles and components accessing the windfarm site itself.
Greencoat confirmed the transaction with Belltown Power should reach completion in July, 30 days after the commencement of commercial operations.
Tim Ingram, chairman of UKW, said: “We are pleased to have reached agreement to acquire Tom nan Clach, a large, brand new and high load factor wind farm.
“This will be our first CFD investment and will sit alongside our 30 ROC investments as part of a balanced portfolio.”
Tom nan Clach windfarm was firstly developed by Infinergy and is being constructed by Belltown Power.
But with the windfarm due to begin generating power, Belltown has opted to divest its substantial stake in the project.
Greencoat UK Wind is the leading listed renewable infrastructure fund, with money invested in 30 operating UK wind farms.
Stephen Lilley of Greencoat Capital added: “Since our launch in 2013, we have built up a high-quality portfolio with net generating capacity of 785MW, through a disciplined and steady approach to acquisitions.
“We are starting to see attractive CFD and subsidy-free investment opportunities, of which Tom nan Clach is our first. These opportunities will complement our core ROC investments and simple, low risk fund structure.
“Reflecting the overall shape of the market, we expect the majority of future investments will continue to be made from the £50 billion pool of UK wind farms accredited under the ROC regime.”
Recommended for you
