Capital Dynamics has added an onshore wind farm to its UK portfolio with the acquisition of a 23.1MW asset in Northern Ireland.

The global asset manager’s European Clean Energy Infrastructure business has bought the subsidy-free Castlegore Wind Farm project from ABO Wind NI for an undisclosed sum.

The wind farm will commence construction later this year and will be supported by a long-term power purchase agreement once operational.

Simon Eaves, managing director and head of European Clean Energy Infrastructure, said: “The UK remains a robust market for our specialised investment platform focused on renewable energy assets.

“With long-term contracted off-take and an acceleration of asset owners moving away from fossil fuels, we believe onshore wind and solar power remain an attractive investment proposition.”

Barney Coles, director, Clean Energy Infrastructure, said, “This transaction highlights our ability to source and close on high-quality, pre-construction wind assets and supports our commitment to Northern Ireland’s decarbonization program. We are pleased to have collaborated with ABO Wind and bring this unsubsidized project online by early 2022. This acquisition further strengthens our position as one of the largest investors in renewable energy projects in Europe.”

Pinsent Masons acted as legal counsel to Capital Dynamics on the acquisition, and Wood Group served as lead technical advisor.

The latest deal adds to Capital Dynamics’ growing portfolio which includes the 133 MW Puerto Real 1 Project in Spain acquired earlier this month. In addition, in October 2019, Capital Dynamics completed the acquisition of four operating wind projects totalling 68 MW of generation capacity from Brookfield Renewable Partners.

The manager’s $6.5bn (€5.9bn) CEI strategy currently manages 7.3GW of gross power generation across more than 100 projects in the US and Europe.

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