(Reuters) – Terra Firma, the private equity firm run by Guy Hands, has raised its investment in renewable energy by buying the Ardrossan Windfarm in Ayrshire, Scotland from Scottish & Southern Energy (SSE.L).
Terra Firma’s Infinis, which also has landfill gas operations, will pay 28.1 million pounds ($40.38 million) in cash and assume debt of 25.7 million for the wind farm.
The 30 MegaWatt Ardrossan wind farm in Scotland comprises 15 turbines and can power around 29,500 homes.
The acquisition takes Infinis’ operating wind capacity to 75 MW.
“This is a further step in Infinis’ growth as we continue with our aim of becoming Europe’s leading renewable energy generator,” Chief Executive Eric Machiels said in a statement.
SSE said the disposal formed part of plans to optimise its wind portfolio.
“We own generation assets in order to provide electricity for our customers, and with electricity generated at the site going elsewhere, Ardrossan did not fit in to our portfolio,” SSE Finance Director Gregor Alexander said. Shares in SSE were down 1.9 percent at 1,020 pence at 1217 GMT.
(Reporting by Victoria Bryan; Editing by Erica Billingham)
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: subscriptions@peimedia.com.