Ingenious Infrastructure, the infrastructure investment division of Ingenious, the alternative investment manager, has added a 7.6MW wind farm in Scotland to its Ingenious Estate Planning (IEP) Service portfolio. St John’s Hill wind farm in Stonehaven, Aberdeenshire, was bought from Renewable Energy Ventures Ltd., a Scottish wind asset developer.
Ingenious’ advisers on the deal were Dentons on the legal side and K2 on the technical side. The seller was supported by Pinsent Mason and Greencat respectively. Accountancy firm Greenbank advised the seller on financial matters. The asset will be managed by Stirling-based energy project management firm, Becon Consultancy. The total value of the acquisition is approximately £18 million.
This is the first wind asset to be added to the IEP portfolio. Following the successful acquisition of a portfolio of 15MW of solar farms in 2016 from Spanish EPC contractor, Solarig, the purchase of St John’s Hill wind farm follows the team’s strategy to grow and diversify its £100m portfolio across a broad range of renewable energy assets, in order to mitigate revenues fluctuations caused by the sea-sonality of solar assets. Another 13MW of wind assets are expected to be acquired by the end of June 2017, taking the total to 23MW. The team is also seeking further deals in the secondary wind and solar markets.
Commenting on the acquisition, Roberto Castiglioni, Investment Director, Ingenious Infrastructure said “As Ingenious continues to expand its presence in the global renewable energy sector; St John’s Hill is certainly a strategic addition to the IEP portfolio. Diversification is at the core of our strategy, in order to mitigate risks and enhance returns, and the team’s expertise and previous experience in managing wind assets will prove beneficial in maximising the benefits of the asset for our investors”.