CIP to shed 35% stake in Scotland's 588-MW Beatrice wind park

The Beatrice offshore wind park in Scotland. Source: Beatrice Offshore Windfarm Ltd (BOWL)

January 15 (Renewables Now) - Denmark's Copenhagen Infrastructure Partners (CIP) will offload its 35% stake in the 588-MW Beatrice offshore wind farm in the Outer Moray Firth, Scotland, in two separate deals.

The Renewables Infrastructure Group Ltd (LON:TRIG) on Friday announced a contract to acquire a 17.5% interest in the wind park for an undisclosed sum. In addition, funds managed by Equitix Investment Management Ltd are buying a 17.5% stake from CIP, alongside TRIG. Thus, the Danish fund manager will exit the project.

Apart from the two new investors, the Beatrice project will have as its shareholders UK utility SSE plc (LON:SSE), with a 40% stake, and SDIC Power Holdings Co Ltd’s (SHA:600886) Red Rock Power with 25%.

Located 13 km (8.1 miles) off Caithness, the huge wind farm generated first power in 2018 and had its last Siemens turbine up in May 2019. It operates with a Contract-for-Difference (CfD) subsidy running through 2034.

"As investment manager, InfraRed seeks attractive opportunities for TRIG that increase the robustness of the portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure," said Richard Crawford of InfraRed Capital Partners.

TRIG will finance this investment from a drawdown of the group's recently renewed revolving credit facility.  

The deal is pending regulatory clearance and lender consents, which are expected to be granted in the coming weeks.

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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