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LONDON (Alliance News) - Renewables Infrastructure Group Ltd on Friday said it bought Tille et Venelle wind farm for EUR30 million, including construction costs and net of project level debt financing.
Tille et Venelle is a 40 megawatts onshore wind farm in Burgundy, central France, which is under construction.
The wind farm was acquired from Envision Energy, a China-based turbine manufacturer and developer. Tille et Venelle was developed by Velocita Energies, a Paris-based Envision unit, which is currently managing the construction of the windfarm.
The wind farm is due to become operational during the first quarter of 2020 and will comprise 16 Envision EN-131 turbines with a capacity of 2.5 megawatts each.
Renewables Infrastructure said Tille et Venelle benefits from a 15-year subsidy in the form of an inflation linked contract for difference with the utility company energy supplier EDF Energy which fixes the price to be paid for the power. As a result, the wind farm has no power price risk for the duration of the subsidy term.
Renewables Infrastructure shares were trading 0.8% higher on Friday at 117.71 pence each.
