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Majority share in Fallago Rig wind farm sold

Fallago Rig Wind Farm opening, Weststruther EDF

Fallago Rig Wind Farm opening, Weststruther EDF

Fallago Rig wind farm operators EDF Renewables have sold a majority stake in the farm to Hermes GPE - an investment group.

EDF Energy Renewables only bought the wind farm in February 2012 from developers North British Wind power and they will continue to manage the site’s 48 turbines, having retained shares in the wind farm.

EDF Energy Renewables chief executive Christian Egal said: “We’re pleased to have entered this agreement with Hermes GPE which will help us to free up capital which we will use to invest in other UK renewables projects. We will retain our involvement in the site and continue our relationship with the local community.

Fallago Rig wind farm took nine years from its original planning to becoming operational - going through two public inquiries during that time - and since April this year its owners have netted £3 million from the UK Government to switch off the turbines during spells of strong winds when too much electricity was being produced for the grid to cope with.

Peter Hofbauer, head of infrastructure at Hermes GPE, said: “The renewable energy sector is a key area of interest for us, and Fallago Rig has very attractive investment characteristics.

 

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