UK-based wind developer Velocita Energy has sold almost its entire France-based business to Chinese energy firm Envision Energy.
The deal includes 500MW of projects at various stages of development while Envision has also bought Velocita’s operational team in France, which will continue to operate under the Velocita brand. The companies declined to disclose the size of the deal.
Velocita, which is owned by funds affiliated with US private equity firm Riverstone Holdings, retains ownership of the 120MW Rougemont and Vaite wind farms, which reached a €200 million financial close last December. Its remaining French interests also include the 27MW Jura Nord project, the 19.8MW Sud Vannier site and the Val Saint Vitois wind farm, all under development.
The sale follows on from its recent deal with Irish firm NTR, which bought two wind farms from its UK unit, also known as 2020 Renewables, for €150 million in October.
“Given the maturity of the portfolio and the related significant future capital requirements, this has been the right time for us to transfer ownership of two mature assets in the UK and the French business,” said Robin Duggan, managing director of Riverstone Holdings.
He added that the developer, formed in 2011, will continue to develop the onshore wind business in Scotland as 2020 Renewables.