British renewable-power developer Blue Energy on February 7 acquired RidgeWind and its 177 mw wind power portfolio from renewable energy focused private equity firm HgCapital for £250 million ($391 million).
Founded in 2003, RidgeWind is one of the UK's leading independent onshore wind farm developers with a portfolio of 45 mw of projects in late stage construction, 132 mw with planning permission, and a significant development pipeline.
Two RidgeWind projects are about to become operational - Hall Farm, a 24.6 mw wind farm near Beverley, in Yorkshire - is due to commence generation this week and the 20.5 mw Wandylaw farm, north of Alnwick, Northumberland, is due to complete and commence generation in March.
RidgeWind also has planning permission for four more wind farms: Beinneun, an 85 mw project near Invergarry, Inverness-shire; Middlewick, 20.7 mw near Southminster, Essex; Nutsgrove, 14.35 mw near Peterborough; and Grange, 12.3MW near Scunthorpe, Lincs.
Blue Energy, which funded the acquisition with funds from shareholders and Spanish lender Banco Santander SA, has 9.7 mw of wind farms in the UK under development, and plans to build a 155-megawatt solar photovoltaic power plant in Ghana.