Platina Partners snaps up 54-MW wind farm in Ireland - report

Sep 23, 2014 - UK renewable energy investor Platina Partners LLP has purchased a 54-MW wind farm in Northern Ireland from the administrators of domestic insurer Quinn Insurance, the Irish Times said today, citing Platina’s managing director.

The purchase price amounts to GBP 100 million (USD 164m/EUR 127m), Thomas Rottner told the newspaper. According to the report, the buyer participated in a tender managed by Investec (LON:INVR) on behalf of Quinn Insurance’s administer. Seven bidders were selected in the second round, while Platina Partners and two other competitors took part in the final bidding.

The 54-MW Slieve Rushen wind park in Fermanagh County was developed by billionaire Sean Quinn, founder of debt-laden Quinn Insurance, in 1994. The facility fetches annual revenues of GBP 17 million, according to a document seen by potential bidders.

Before the acquisition, Platina Partners had EUR 380 million (USD 488m) worth of renewable energy assets under management. The company operates 540 MW of wind farms and also owns solar parks in Europe.

(GBP 1.0 = USD 1.639/EUR 1.275)

(EUR 1.0 = USD 1.285)

Choose your newsletter by Renewables Now. Join for free!