The Renewables Infrastructure Group has acquired the Freasdail Wind Farm from Renewable Energy Systems, its operations manager, for £18.5 million ($23 million; €21 million).
The facility, a 22.5MW onshore wind project in Scotland, is in an advanced stage of construction. It is expected to be commissioned in the first quarter of next year.
TRIG will finance the purchase using the proceeds of its recent £62.62 million fundraise, through which it collected significantly more than the £25 million it expected in September. It had already announced then that it was set to buy a 22.5MW Scottish wind farm, without disclosing its name.
The wind facility was made available to TRIG through a “first-offer agreement” with RES, the firm said in September.
The plant, which has an expected 25-year lifespan, will be accredited under the 0.9 ROC regime. It is underpinned by a 15-year power purchase agreement that inlcudes a floor price with Sweden’s Vattenfall.
The transaction brings TRIG’s portfolio net generating capacity, pro rata to its equity interests in the projects, to 708MW. Its 18 UK onshore wind assets account for nearly 5 percent of the UK’s overall onshore wind capacity, according to broker Numis Securities.