HgCapital has sold its 177MW wind portfolio, including the developer RidgeWind, to Blue Energy, a UK-based renewable energy investor and developer.
Blue Energy expects to invest £250m to acquire RidgeWind and build its development portfolio.
Based in Alderley Edge, Cheshire, Blue Energy built the 5MW Westmill solar farm and recently announced plans to build a 155MW solar PV plant in Ghana. It already has 9.7MW of UK wind farms in development and plans further UK onshore wind acquisitions in 2013.
Founded in 2003, RidgeWind is an independent onshore wind farm developer with a portfolio of 45MW of projects in late-stage construction, 132MW with planning permission, and a significant development pipeline.
HgCapital Renewable Power Partners, HgCapital’s renewable energy investment fund, acquired RidgeWind in 2007.
During HgCapital’s ownership RidgeWind grew from a development portfolio that included one permitted site of 16MW, to permitting a further six sites totalling 177MW.
Two RidgeWind projects are about to become operational: Hall Farm, a 24.6MW wind farm near Beverley, in Yorkshire, is expected to commence generation next week, and the 20.5MW Wandylaw farm, north of Alnwick, Northumberland, is due to complete and commence generation in March.
RidgeWind also has planning permission for four more wind farms: Beinneun, an 85MW project near Invergarry, Inverness-shire; Middlewick, 20.7MW near Southminster, Essex; Nutsgrove, 14.35MW near Peterborough; and Grange, 12.3MW near Scunthorpe, Lincolnshire.
The RidgeWind team will be integrated into Blue Energy. Development of RidgeWind’s existing projects will continue and new projects will be developed under the Blue Energy banner.