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Investment fund Greencoat UK Wind (UKW) has agreed to purchase the Windy Rig and Twentyshilling onshore wind projects in Scotland from the Norwegian state-owned generation company Statkraft for £104 million.
Statkraft will retain responsibility for building and operating the windfarms in Dumfries and Galloway. The acquisitions will be completed once they are up and running.
Construction work is due to begin shortly. The 43.2MW Windy Rig project is expected to be fully operational by the second quarter of 2021 and the 37.8MW Twentyshilling project by the following quarter.
UKW chairman Tim Ingram said: “This transaction follows, and is very similar to, our recently announced Glen Kyllachy acquisition from Innogy, with acquisition completion occurring upon the successful commissioning of the windfarms.
“We are delighted to partner with Statkraft on this transaction, demonstrating that UKW is the continuing partner of choice for utilities, who are well placed to retain and manage the risks associated with windfarm construction.”
The windfarms are being built without any government subsidies. They were originally developed by Element Energy before being sold to Statkraft in September 2018.
Fulcrum offloads gas connection assets
In other investment news, Fulcrum has agreed a conditional deal to sell its domestic gas connection assets to ES Pipelines for £33 million. The proceeds will be used to grow its order book for the installation of new multi-utility infrastructure and metering assets for both residential and industrial and commercial developments.
Fulcrum chairman Philip Holder said: “The sale of our domestic gas utility assets to ES Pipelines presents the opportunity to focus on our activities in key growth markets.
“This is part of our core growth strategy, which includes the design and build of utility connections, as well continuing to adopt assets in the traditional industrial commercial market where appropriate.”
Fulcrum holds licenses as an independent gas transporter and an independent distribution network operator.
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