Renewable Energy Systems (RES), the company responsible for building the first commercial wind farm in Berwickshire, has sold 14 of their wind farms to a new investment company.
Black Hill Wind Farm, between Duns and Longformacus, was granted planning consent in July 2001. Construction work on the 22 turbines, each 78m high, began in November 2005 and the wind farm became fully operational in February 2007.
Renewable Energy Systems Limited (RES) and InfraRed Capital Partners Limited (InfraRed) recently sold 14 onshore wind farms and four solar PV parks in the UK, Republic of Ireland and France to The Renewables Infrastructure Group Limited (TRIG). And the transaction includes a right of first offer for TRIG to acquire future projects developed by RES, as well as agreements relating to the management and operation of the assets.
The sale was funded by a £300 million initial public offering (IPO) raised by TRIG on the London Stock Exchange, the largest ever flotation of a dedicated UK-based renewable energy fund.
Sebastian Briggs, of commercial lawfirm Bond Dickinson who advised RES on the sale, said: “The appetite of infrastructure funds for renewables assets has been increasing in recent years.
“The fact that TRIG successfully raised its maximum fundraising target and the IPO was oversubscribed reinforces the fact that quality assets can attract funding.”
TRIG will be managed on a day-to-day basis by InfraRed as discretionary investment manager and RES will continue as operations manager.