A renewable energy specialist has bought a wind farm in Fife, providing further evidence of investor interest in Scottish assets following the referendum on independence.
The Renewables Infrastructure Group has acquired the Earlseat Wind Farm, near Kirkcaldy, for around £32million as part of its expansion plans.
The purchase of the eight turbine facility will leave the firm with five wind farms in Scotland.
In June, the company bought the Meikle Carewe wind farm, near Aberdeen, and one in Cumbria from Renewable Energy Systems in a £19m deal.
There have been indications that activity will increase in the wind farm sector in Scotland following the No vote in the independence referendum on September 18.
Earlier this month, Infinis Energy said it will proceed with plans to build the A’Chruach wind farm in Argyll after securing £52m development funding.
In August, Infinis had said it would only begin construction of the 21-turbine asset once the outcome of the referendum, and its potential effect on energy policy, was known.
Infinis operates seven onshore wind farms in Scotland.
In late September, London-based Greencoat UK Wind said the no vote would make it easier to raise money to buy assets in the sector.
Greencoat said it was looking at a number of wind farms in Scotland, which it thinks could be put up for sale by owners who want to recover the heavy costs of developing such assets. Five of Greencoat’s 16 windfarms are in Scotland.
Greencoat has noted that Scotland is blessed with the kind of weather conditions that are best for generating wind power. The wind farms Greencoat operates at North Rhins, near Stranraer, and Kildrummy, in Aberdeenshire, are the two windiest in its portfolio.
Businesses such as Greencoat and the Renewables Infrastructure Group expect to be able to generate steady long-term returns for shareholders through investing in wind farms.
Renewables Infrastructure Group said the 16 MegaWatt Earlseat wind farm has a 25-year operational life. It benefits from the UK’s Renewables Obligation Certificate support scheme.
The Guernsey-incorporated group has 17 windfarms in total, including assets in England, Northern Ireland and France.
The group also has 10 solar energy plants in England and one in France.
The company is managed by the London-based InfraRed Capital Partners investment business. It is buying the Earlseat wind farm from a private equity investment fund separately managed by InfraRed Capital Partners.
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