The wind farms, located on industrial sites in Cumbria, Lancashire and South Wales were sold at the end of December 2013 for an undisclosed sum to funds advised by asset management company Resonance.
The sale completes the exit of HgCapital’s UK investments following the sale of the RidgeWind investment to Munich Re and Blue Energy.
Tom Murley, head of HgCapital’s renewable energy team said: “We originally started developing the UK wind portfolio in 2004, focusing on high quality sites and driving operational performance. Now mature and de-risked, these assets provide a sound operating base that will generate stable, inflation-linked cash flows for another 20 years, which is of increasing interest to investors like Resonance.”
The portfolio includes two 2MW wind turbines located at the Eastman Chemical Co. site in Workington, Cumbria, two 2.5MW wind turbines located at the Eastman Chemical Co. site in Newport, South Wales, and one 2.05MW turbine located at the Dewlay cheese production facility in Garstang, Lancashire.
Nick Wood, founder and CIO of Resonance, added: “This is our third investment in the UK onshore wind sector. These high quality assets match our investment objectives of consolidating the fragmented UK small and medium-sized wind farm industry to create a diversified, income generating, real asset portfolio for our institutional investors.”