PE firm looking to sell Element Power - report

Wind turbines in Spain. Author: petter palander. License: Creative Commons, Attribution 2.0 Generic

July 30 (Renewables Now) - US private equity firm Hudson Clean Energy has put renewable energy developer Element Power up for sale, news service Sparkspread reported last week.

The process, managed by Evercore, has drawn the attention of potential bidders such as SSE Plc (LON:SSE) and Iberdrola's (BME:IBE) ScottishPower Ltd. The company is also looking to sell separately its 500-MW Greenlink Interconnector project between Wales and Ireland, according to the publication.

UK-headquartered Element Power has 3,308 MW of solar and wind projects completed, with 1,258 MW in development, all wind, and 168 MW under construction, according to information on its website. The company also manages the operations of 146 MW of solar and wind parks in Spain and Ireland.

Element Power entered the offshore wind sector earlier this year. In April it acquired the North Irish Sea Array (NISA) offshore wind project in the Irish Sea with a potential capacity of up to 750 MW.

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