10 April 2013
Watson, Farley & Williams (WFW) is pleased to announce that it has advised Blue Energy on its acquisition of HgCapital’s 177 MW wind portfolio, which includes the developer RidgeWind.
Blue Energy is a UK-based renewable energy infrastructure investor and developer. This deal marks its first acquisition, and will allow it to develop its portfolio and plan further significant UK onshore wind acquisitions in 2013.
RidgeWind was founded in 2003 and is one of the UK’s leading independent onshore wind farm developers with a portfolio of wind farms in Yorkshire, Northumberland, Inverness-shire, Essex and Lincolnshire, 45MW of which are in late stage construction and 132MW with planning permission.
The acquisition was funded by Blue Energy’s shareholders, with support from the company’s relationship bank Santander.
The WFW team was led by London partners Charles Walford (Corporate) and Richard Goodman (Projects, Commodities and Export Finance), with tax advice provided by partner Richard Stephens. They were supported by associates Rebecca Cressy and Gareth Burge, both in the Corporate team in London.
Lead partner Charles Walford commented: “This deal reflects our ongoing commitment to the renewables sector – being the seventh wind farm deal that WFW has announced in the first few months of 2013 alone. This particular deal was made even more interesting by the addition of further complexities surrounding the project financing and the requirements of the new financiers involved in the acquisition.“