UK-based Blue Energy is set to acquire independent onshore wind farm developer RidgeWind from private equity and Europe-focused renewable energy investment firm HgCapital.
Blue Energy expects to invest £250m to acquire the company and develop its 177MW portfolio.
RidgeWind currently owns a 24.6MW wind farm near Beverley in Yorkshire, scheduled to start operations this month, and the 20.5MW Wandylaw farm in Northumberland, which will start generating electricity in March.
Planning permission has been obtained for the 85MW Beinneun project in Inverness-shire, the 20.7MW Middlewick farm in Essex, the 14.35MW Nutsgrove project near Peterborough, and the 12.3MW Grange farm near Scunthorpe, Lincolnshire.
Blue Energy CEO Chris Dean described the transaction as an important milestone for growth of the company.
"Blue Energy has ambitious growth plans and we aim to progress further transactions of a similar nature in the UK wind sector this year," Dean said.
"RidgeWind gives us a strong portfolio, and an experienced development team who have pioneered innovative community benefit schemes, which are so important in winning local support for wind farms."
Hg Capital head of renewable energy team Tom Murley said: "In RidgeWind, we saw the core elements of value creation: a strong team with a focus on larger sites with the best wind resources and the ability to create and manage an industrial scale UK wind business."
Following the acquisition, all existing and upcoming projects will be developed under the Blue Energy brand and RidgeWind's team will be integrated with the buyer.
Image: Blue Energy CEO Chris Dean (left) and HgCapital associate director Robert de Laszlo (right) during signing of the acquisition agreement in Central London. Photo: courtesy of HgCapital.