InfraRed Capital Partners completes sale of 50 MW wind farm in Scotland
InfraRed Capital Partners has announced that its InfraRed Infrastructure Fund III has completed the sale of its investment in Afton Wind Farm to Red Rock Power Limited, following confirmation from OFGEM that the wind farm has been accredited under the UK’s Renewables Obligation scheme.
InfraRed acquired the development rights to the wind farm, located in Ayrshire, south-west Scotland, from E.ON in September 2016. The fund committed around GBP80 million (US$102.6 million) to the development of the project, which has achieved a strong investment return over its 25-month holding period.
The wind farm has 50 MW capacity and comprises 25 x 2MW Gamesa turbines. The power is sold under a 15-year agreement with the Danish trading house NEAS (a 100% subsidiary of the Centrica Group).
Red Rock Power Limited is an Edinburgh-based energy investment and holding company and 100% subsidiary of SDIC Power, a Chinese power company.
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