SEP sells wind farm portfolio to PiP
Published: 16 April 2019 - Carly Wills
Scottish Equity Partners (SEP) has sold its portfolio of onshore wind farms to Pensions Infrastructure Platform (PiP) for an enterprise value of £50m.
Comprising 64 turbines in locations across the UK and Ireland the SEP portfolio contains all five of the wind farm investments made by the Environmental Capital Fund (ECF), a specialist infrastructure fund managed by SEP. The 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.
The acquisition 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.”
The wind farm disposal by SEP follows the recent high-profile sale of another of the firm’s energy infrastructure investments, Indigo Pipelines. Indigo, the third largest independent gas transportation network in the UK with approximately 180,000 gas connections, was purchased by independent infrastructure asset manager Arjun Infrastructure Partners in February.