UK-based The Renewables Infrastructure Group has acquired six operating wind-power projects in Scotland for £246 million (US$388 million).
The projects, which have a combined capacity of 433 megawatts, were acquired from Fred. Olsen Renewables Ltd., which will continue to operate and manage them. The projects are located over four different locations in Scotland.
The acquisition comprises the purchase of a 49% equity interest in the portfolio’s holding company, Fred. Olsen Wind Ltd. The acquisition is being initially funded from cash balances and from an acquisition facility with Royal Bank of Scotland plc and National Australia Bank Ltd. TRIG will also do a placement of shares.
All of the projects receive UK government premium payments for the power generated under the Renewable Obligation program.