Infrastructure
News
2 minutes
03/10/2019
Foresight acquires two operational wind farms of 37.5MW
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- generating power equivalent to saving 45,000 tonnes of CO2 emissions per annum
- specialist infrastructure investment manager Foresight acquires assets from Glennmont
- acquisition boosts Foresight’s wind portfolio by 11% to 372.5MW
LONDON, 03 October 2019: Foresight Group (“Foresight”) is pleased to announce the acquisition of two wind farms with an aggregate generating capacity of 37.5MW from Glennmont Partners I UK Limited (“Glennmont”).
To view or print this announcement from a pdf, click here
The wind farms, Gruig and Todmorden have been operating since 2009 and 2014 respectively and benefit from long term PPAs with investment grade counterparties and tier one turbine technology and maintenance agreements.
Gruig is a 10 turbine, 25MW, NIROC-accredited wind farm located near Ballymena in Northern Ireland and Todmorden is a 5 turbine, 12.5MW, ROC-accredited wind farm located in Calderdale, West Yorkshire.
The assets have been acquired by funds managed by Foresight for an undisclosed amount.
This acquisition boosts Foresight’s total wind assets under management by 11% to 372.5MW and is further evidence of the specialist renewables investment manager’s diversification across different and complementary renewables platforms.
The two windfarms have been assessed favourably against Foresight’s ESG requirements and it is estimated that the assets generate power equivalent to saving 45,000 tonnes of CO2 emissions per annum compared to power produced from natural gas.
Helen Downie, Senior Investment Manager, Foresight Group said: “We are delighted to have completed the acquisition of these two windfarms from Glennmont. We continue to strengthen our diversified energy infrastructure portfolio throughout the UK, which is comprised of various renewable generation technologies and supporting infrastructure. The acquisition is a further demonstration of our market-leading renewables investment presence in the UK.”
Foresight is currently monitoring a large pipeline of both domestic and international wind opportunities for future deployment over the next 6 – 12 months.
Advisers:
Foresight was advised by Pinsent Masons (legal adviser), Wood Group (technical adviser) and Deloitte (tax and financial adviser).
The vendors were advised by KPMG (financial adviser), Everoze (technical adviser) and Norton Rose Fulbright / A&L Goodbody (legal advisers)