Partnerships for Renewables, a renewable energy company developing a portfolio of onshore wind sites in Scotland, has acquired Craig Wind Farm Limited
Ventus VCT plc and Ventus 2 VCT plc ("the Ventus funds") and Partnerships for Renewables Ltd are pleased to announce PfR's acquisition of Craig Wind Farm Limited ("CWFL") from the Ventus funds.
PfR is a renewable energy company developing a portfolio of onshore wind sites in Scotland and other parts of the UK, primarily in partnership with public bodies such as Forestry Commission Scotland and the Ministry of Justice.
CWFL owns and operates a 10MW wind farm in Dumfries and Galloway, Scotland with consent to expand to 12.5MW. Craig Wind Farm secured planning permission in 2004 and became operational in 2007.
Commenting on the sale, Stephen Ainger, Chief Executive of PfR, said, "We are delighted with PfR's acquisition of Craig Wind Farm located near Eskdalemuir, both as an addition to our operating portfolio and as a project in an area of Southern Scotland where we are already involved in the development of several large Forestry Commission Scotland sites, with 60MW currently in planning."
David Pinckney, Chairman of Ventus VCT plc, said, "We are delighted that Ventus VCT plc has realised this sale. The sale demonstrates the quality of the CWFL investment, justifies the original investment hypothesis and provides useful liquidity to Ventus VCT plc." Paul Thomas, a director of Ventus 2 VCT plc and chairman of the investment committee of the Ventus funds, stated: "The Ventus funds invested in CWFL in 2006, prior to the construction of the wind farm, and have received solid returns from CWFL over the past five years. Due to the strong operational performance of the wind farm, as well as the development value of potential further turbines on the site, we have been able to achieve an attractive price for the Ventus funds' interests in CWFL."
For further information please contact John Mills of PfR on 020 7170 7093 or Doreen Nic of The City Partnership (UK) Limited on 0131 243 7210.
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Notes to Editors:
Ventus VCT plc and Ventus 2 VCT plc are venture capital trusts which invest in companies that develop, construct and operate UK renewable energy projects with a typical capacity of between two and 20MW. The Ventus funds have total capital in excess of £60 million.
Partnerships for Renewables Limited is a renewable energy developer set up in 2007 with a target to develop a 500MW portfolio of operational on-shore wind farms, primarily delivered in partnership with public sector landowners. The company's first project to be developed and consented is currently under construction at HMP Standford Hill on the Isle of Sheppey in Kent, which is due to be commissioned in January 2013. Two other consented projects, one with Caerphilly Council on a reclaimed coal tip and the other with the Canal & River Trust (formerly British Waterways) in the Midlands, are awaiting construction. The company currently has six further wind energy schemes totalling more than 100MW in planning.
Partnerships for Renewables is owned by Carbon Trust Enterprises, the InfraRed Environmental Infrastructure Fund (formerly the HSBC Environmental Infrastructure Fund) and OPTrust Private Markets Group.