Comprised of six EWT, four NPS and two WES turbines*, the total generation capacity acquired is 3.56MW. Harmony Energy’s agent, Rick Gambetta of Hexagon Finance and Advisory, assisted with the sale process and negotiations. Legal advice to Blackfinch was provided by TLT LLP and Blacks Solicitors LLP to Harmony, with financial and tax advice provided by Johnston Carmichael LLP.
The operational wind projects are expected to generate about 8GWh of electricity per year and include agreements to supply local farmers with sustainable energy to power their facilities. The majority of the electricity generated is exported to the grid for sale through Power Purchase Agreements (PPAs). 8GWh of generation is roughly enough to supply 2,100 homes for a year, and avoids approximately 3,300 tonnes of CO2 production, relative to fossil fuel generation.
Blackfinch’s energy portfolio now exceeds 40MW, with 14MW of capacity added in 2019. This growth is expected to continue, with Blackfinch’s energy team in discussions with a number of leading renewable energy developers.
As an investor in the renewable energy sector, Blackfinch expects to further expand its portfolio in line with the growth in its underlying investment funds. The strategy remains on the investment in operational and subsidised sites across the UK to underpin its core focus of capital preservation for investors.
Guy Lavarack, Investment Director at Blackfinch, said: “This acquisition was an attractive opportunity for our investors, and I’m thrilled that the collaboration between stakeholders allowed us to acquire these assets in a timely and efficient manner.”
Peter Kavanagh, CEO of Harmony Energy, said: “The timing of the sale worked well for Harmony and will enable us to focus on developing other renewable projects, particularly large-scale solar and battery energy storage. Blackfinch have been a pleasure to work with and will make a great partner for all stakeholders.”
* Emergya Wind Technologies, Northern Power Systems and Wind Energy Solutions.