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Aviva buys 60MW wind farms, in talks for more

The insurer’s asset management arm has acquired four wind power plants from developer RES in what it described as one of its largest infrastructure deals to date.

Aviva Investors has bought four UK wind farms with a combined capacity of 60MW from developer RES and is in discussions with the firm over the acquisition of a fifth project.

The subsidiary of the insurance giant now owns the 10MW Woolley Hill project, the 15MW Jacks Lane wind farm, the 18MW Den Brook site and the 17.5MW Turncole project. All but the latter of the wind farms have been operational since April 2015, with Turncole’s construction to finish early next year. The two parties are also in negotiations on a deal for a fifth unspecified project.

The acquisitions were made through the Aviva Investors Infrastructure Income Fund which invests in a range of infrastructure projects, with a particular focus on low carbon and social infrastructure. It only invests in projects without debt financing and delivers quarterly returns.

While Aviva declined to state the value of the transaction, it said the portfolio was “one of the largest single acquisitions made by its infrastructure platform to date”. It is also one of the largest onshore wind deals in the UK this year.

“We continue to expand our activities in the UK infrastructure market and believe that investments such as this provide secure and long-dated income streams for our clients,” said Jolanta Touzard, associate director at Aviva Investors.