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LONDON (Alliance News) - FTSE 250-listed Renewables Infrastructure Group Ltd said on Monday it has acquired the Solwaybank onshore wind farm in Dumfries & Galloway, Scotland from its operations manager Renewable Energy Systems for GBP82 million.
Solwaybank is currently in the early stages of construction and is expected to become operational in the first quarter of 2020. Once completed, the wind farm will comprise 15 wind turbines, each with a capacity of 2.0 megawatts, amounting to 30 megawatts.
Solwaybank with have a contract-for-difference tariff. This fixes the power price during the first 15 years of operations and has an allocated strike price of GBP82.50 per megawatt hour.
"Solwaybank is an important addition for the TRIG portfolio, being its first CfD wind farm in the UK. Together with the two French wind farms acquired last week, Solwaybank enhances the company's revenue visibility as part of a balanced portfolio. The wind farm is being constructed by RES who have an impressive track record in developing and building renewable energy assets," said Richard Crawford, Infrastructure Director at investment manager InfraRed Capital Partners.
Shares in the renewable energy-focused investment trust were down 0.6% at 109.40 pence on Monday.