Blue Energy acquires windfarm developer RidgeWind

UK-based renewable energy investor Blue Energy has acquired windfarm developer RidgeWind from private-equity firm HgCapital for £250m.

RidgeWind has a portfolio of 45MW of projects in final construction phase and 132MW with planning permission.

The transaction was funded by Blue Energy’s shareholders with support from company’s relationship bank Santander.

Blue Energy CEO Chris Dean said that acquisition supports the company’s growth and underlines its commitment to the UK onshore wind sector.

"Blue Energy has ambitious growth plans and we aim to progress further transactions of a similar nature in the UK wind sector this year.

"RidgeWind gives us a strong portfolio, and an experienced development team who have pioneered innovative community benefit schemes, which are so important in winning local support for wind farms," Dean added.

Blue Energy developed a 5MW solar farm at Westmill, has 9.7MW of wind farms under development in UK and recently announced its plans to build a 155MW solar PV farm in Ghana.

Two RidgeWind projects including the 24.6MW Hall Farm in Yorkshire and the 20.5MW Wandylaw farm in Northumberland are due to commence operations in the first quarter of 2013.

HgCapital Renewable Power Partners, HgCapital’s dedicated renewable energy investment fund, acquired complete stake in RidgeWind in 2007.

In 2004, HgCapital became the first major private equity firm in the UK to establish a renewable energy investment team, raising its first fund in 2006 at €303m.

In 2011, HgCapital raised its second renewable energy fund at €542m.

In August 2012, the firm announced the sale of its three operating wind farms in the UK with a combined capacity of 102MW to Munich Re.