US owner sells Highland wind farm for £180m to UK investment trust

Corriegarth wind farm was formally opened earlier this year.
Corriegarth wind farm was formally opened earlier this year on a typically sunny summer day in the Highlands

A US developer has sold a Highlands wind farm to a London-based investment trust – just 16 weeks after it began operating.

Invenergy Renewables, based in Chicago, sold the Corriegarth wind-turbine farm to Greencoat Wind for £181 million.

Greencoat bought farm turbine farm on the secondary market from Invenergy Renewables, the UK arm of US firm Invenergy, which builds and operates renewable energy projects and energy storage around the world.

Corriegarth – 20 miles south of Inverness – was commissioned in April 2017 and has a net load factor of 35.2%. The 69.5MW farm comprises 23 German-built wind turbines.

The purchase means the £900 million Greencoat trust – which owns a number of other wind farms in Scotland and England – now provides enough electricity to power more than 550,000 homes.

Greencoat’s purchase comes as a number of renewable energy funds have complained of the difficulty in finding attractively priced assets.

25 Aug 2017

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