By Ian McConnell
A 17.5 per cent stake in the Beatrice offshore wind farm, developed by Perth-based energy giant SSE, is being bought by The Renewables Infrastructure Group, which highlighted the part such projects could play in the UK’s decarbonisation drive.
The equity interest in Beatrice, around 13 kilometres off Scotland’s north-east coast, is being acquired from Copenhagen Infrastructure Partners (CIP).
The Renewables Infrastructure Group (TRIG) said the 588-megawatt project had “an established track record since operations commenced in 2018 and benefits from a contract-for-difference subsidy”.
It noted that, after the transaction was completed, Beatrice would represent about 12% of its investment portfolio.
Beatrice, which comprises 84 Siemens, seven-megawatt turbines, has a 15-year maintenance agreement with the German engineering giant.
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TRIG, which is listed on the London stock market, said: “As has recently been highlighted by the UK Government, offshore wind projects have a significant role to play in the decarbonisation of the UK economy. As well as ongoing economic benefit through the provision of local jobs – with up to 90 roles at the operational base for the project in Wick – the project provides enough clean energy to power the equivalent of more than 450,000 homes.”
The company said its co-shareholders in Beatrice would include SSE, which has a 40% stake. TRIG noted funds managed by Equitix Investment Management, with which it is partnered on the Sheringham Shoal offshore wind farm, were also acquiring a 17.5% stake from CIP. Red Rock Power has a 25% stake.
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Richard Crawford, of TRIG adviser InfraRed Capital Partners, said: “We are pleased to have the opportunity to invest in this high-quality project developed by SSE. This…will be the company’s third investment in a UK offshore wind farm and its fifth in the offshore wind sector.”