PiP’s Multi-Strategy Infrastructure Fund has acquired a portfolio of onshore wind farms from Scottish Equity Partners (SEP) for an enterprise value of £50 million.
The newly-acquired portfolio ranges from single-turbine sites across the Orkney and Shetland Islands to utility-scale turbines in Curraghderrig, Ireland and the Port of Tilbury in London.
Comprising 64 turbines in locations across the UK and Ireland the portfolio will supplement PiP’s existing wind assets including Aura, one of the largest stand-alone Feed in Tariff wind portfolios in the UK, and Blyth, a minority shareholding in a 550MW 24 site wind portfolio operated and majority owned by EDF.
Commenting on the transaction, Peter Bachmann, a Director in SEP’s technology infrastructure team said: “We are pleased to conclude this sale to PiP. Over the last four years, we have added significant value to the portfolio through active management and a hands-on approach. We believe this is the appropriate time for our fund to exit and we wish PiP success in the future.”
Joe Davis of PiP said: “PiP is delighted to have acquired this portfolio as it further provides our pension scheme investors with long term, inflation-linked cash flows to be used to help meet their pension obligations.”