A major new UK windfarm operator is on the hunt for projects in the north and north-east after raising £260million from investors.
Greencoat UK Wind made its market debut in March as the first infrastructure fund which buys – rather than builds – windfarms. It aimed to raise £205-£260million for investment in up to six developments which were already up and running.
It has already taken a 50% stake in Centrica’s 36 turbines at Braes of Doune in Stirlingshire, and it looks set to buy more.
Half-yearly results released yesterday confirmed the London-based outfit reached its upper investment target and that shareholders had already divvied a £3.9million dividend.
A spokesman for the firm confirmed to the Press and Journal that it was now looking to snap up more windfarms nationwide, and that it would be mad not to consider north and north-east Scotland.
The company made a £7.6million pre-tax profit during the first six months of the year, despite having only been set-up a month earlier, in December.
Commenting on yesterday’s results, Greencoat chairman Tim Ingram said the UK wind energy market was going from strength to strength.
He added: “Immediately after our successful fundraising and listing on the Stock Exchange, we completed the acquisition of the assets we targeted to seed our investment portfolio.
“We are pleased to report a good performance of that portfolio during the first months of trading, with all key performance measures in line with our expectations.
“We have now put in place a solid platform to deliver further growth whilst ensuring sustainable returns to our investors.”
A spokesman for the firm added: “We can’t go into any more detail other than to say we are looking at assets. But it would be mad if some of those weren’t in the north and north-east of Scotland.”
In addition to Braes of Doune, Greencoat has three turbines at Carcant, in the Borders. It also owns two windfarms in Northern Ireland, one in England, and one in Wales.
Mr Ingram said: “We remain confident that the outlook for investment in UK windfarms is very encouraging.
“There is continuing strong investment in the construction of new wind farms and there should be a plentiful supply of operating wind farms to purchase at an attractive yield.
“We are currently actively evaluating and performing due diligence on a number of good opportunities.”
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