March 13 (Renewables Now) - UK pension fund RPMI Railpen has purchased a 90% interest in the 46-MW Carraig Gheal Wind Farm in western Scotland from renewables developer GreenPower International Ltd.
The wind park, located in the Argyll and Bute council area, uses 20 turbines of 2.3 MW each that have been generating power since 2013, the buyer said on Thursday. The power plant, the output of which is enough to meet the demand of around 32,000 homes, is being supported through the UK government’s Renewables Obligation (RO) scheme.
The terms and value of the deal were not disclosed at the discretion of both parties. GreenPower will keep a 10% stake and will continue providing ongoing operations and commercial management services to the project.
The acquisition adds to RPMI Railpen's November 2019 purchase of the 18.8-MW Tralorg wind project in South Ayrshire, Scotland, and is in line with its investment strategy, said Lewis Vanstone, deputy portfolio manager of Railpen’s Long-term Income Fund.
Pinsent Masons LLP, Ernst & Young LLP, Everoze and Willis Towers Watson were Railpen’s advisors in the acquisition. The seller was advised by Gneiss Energy, Wood, CMS and RSM.