BayWa r.e. has sold its 16.4 MW Bishopthorpe windfarm to the renewable infrastructure fund Greencoat UK Wind PLC, managed by Greencoat Capital.
The windfarm, located South of Grimsby, was originally acquired by BayWa r.e. following a competitive tender. Delivered to a strict timeline, there was significant interest in the sale. BayWa r.e’s new dedicated UK service business, BayWa r.e. Operation Services Limited, is continuing to provide ongoing operations management.
Matthias Taft, Board Member of BayWa AG, responsible for the energy business, comments: “We have a highly successful track record of acquiring projects and delivering them on time and on budget. Through our engineering and technical expertise, we’re also able to ensure design optimisation to maximise efficiencies. This makes us attractive to developers looking to partner and investors looking to acquire. We’re very pleased to see our relationship with Greencoat continue with the sale of Bishopthorpe.”
While the ending of subsidies has resulted in a slowing down of the UK project development market, BayWa r.e. remains positive about immediate opportunities and the longer-term outlook for the UK market.
“Onshore wind is a well-established technology and attractive to investors looking for long-term and reliable returns.” Adds Mark Evans, Managing Director of BayWa r.e. UK Ltd with responsibility for the UK wind project business.
“We continue to see significant opportunities to partner with developers who have existing portfolios and pipelines. Our financial strength and project financing options, combined with our engineering, development and technical expertise, means we’re able to help bring projects forward and improve their performance. And drive down the levelized cost of energy as a result. We will continue with our focus on our current core markets, but we are also looking to Northern Ireland and the Rep. of Ireland, where the market looks set to grow significantly over the next few years.”