US global investment giant snaps up West Lothian wind farm

The Tormywheel wind farm during construction earlier this year.
The Tormywheel wind farm during construction earlier this year.

A second US-based company has acquired a Scottish energy asset in less than a week – this time from a Lanarkshire-based wind power developer.

A fund managed by Black Rock has acquired a 100% interest in an operating onshore wind in West Lothian as part of the global investor’s renewable income strategy in the UK which focuses on investing in wind and solar assets.

The 31-megawatt Tormywheel wind farm – which began operating in March 2017 – comes with 20-year green certificates, providing fixed and inflation-linked revenues. The project aims to benefit from a long-term power purchase agreement with an investment-grade French energy supplier.

Black Rock – which pays former British finance minister Nigel Osborne £600,000 a year as a part-time non-executive director – now has $4.9 billion of equity assets under management and has invested in over 150 wind and solar projects globally.

Rory O’Connor, Managing Director and Head of Renewable Power for Europe at BlackRock, said: “We continue to see the UK as an attractive market for wind assets, where we’ve already invested in 67 projects.”

11 Oct 2017

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