Longhill to be one of the largest subsidy-free onshore wind projects in the UK
Capital Dynamics, an independent global private asset management firm, announced the acquisition of a 100 percent equity stake in the Longhill onshore wind project from Energiekontor AG. The Longhill wind farm project will consist of eight of the most modern Siemens Gamesa wind turbines with a capacity of 6.25 MW each, totalling 50 MW. The project located in West Lothian, Scotland is expected to be one of the largest subsidy-free onshore wind projects in the United Kingdom once operational. It is estimated to reduce greenhouse emissions by over 2.6 million metric tons during its lifetime – the equivalent of emissions produced by over 550,000 passenger vehicles driven for a year or the electricity to power over 440,000 homes for a year.
Construction of Longhill will commence in April 2021 and it is expected to achieve commercial operations in the second half of 2022. Once operational, the project will benefit from Energiekontor’s longstanding operations management experience and optimisation support and Capital Dynamics’ Clean Energy Infrastructure subsidiary platform, CD Arevon.
“The acquisition of Longhill wind farm demonstrates our commitment and contribution to the UK’s ‘net-zero’ climate targets, and in so doing we are delighted to have extended our subsidy-free renewable power investments footprint to a fourth European energy market,” said Barney Coles, Director, Clean Energy Infrastructure. “With this transaction, we are also excited to kick off a broader, multi-discipline collaboration with Energiekontor covering development, optimization and operations activities.”
“As is known, we have invested a lot of work in the expansion of our Scottish pipeline in recent years. With the sale of the Longhill wind farm project, we are reaping our first harvest here. We are delighted to have gained such a renowned partner in Capital Dynamics, with whom we will continue to enjoy working in the future,” explains Peter Szabo, CEO of Energiekontor.
The parties have agreed not to disclose the purchase price.
Source: Company Press Release