The fund managed by BNP Paribas Clean Energy Partners GP Ltd has acquired 100% of Gruig Wind vFarm Ltd, which owns and operates a 25 megawatt wind farm in County Antrim, Northern Ireland from RES UK & Ireland Ltd.
The Gruig wind farm began commercial operation in April 2009 and is forecast to generate electricity equivalent to the needs of 14,000 households every year.
Joost Bergsma, CEO of the fund, says: "This acquisition complements our previous acquisition in Ireland, and maintains our momentum towards a larger portfolio that we are building in Northern Ireland and the Irish Republic. Both Northern Ireland and the Republic are very attractive renewable energy markets for financial investors, featuring strong wind resources, robust support policies, and commitments by both the Irish and the UK governments to realise their respective 2020 renewable energy targets."
As part of its geographically diversified portfolio, the fund continues to acquire further wind assets across Europe, with a particular focus on the French, Spanish and German markets. James Morris, a Director of the fund, said: "Our pipeline in France for example is focused on multi-asset portfolios delivering economies of scale and which fit well with our pan-European investment targets."
The Gruig acquisition is the first transaction between BNP Paribas Clean Energy Partners and RES, a foremost renewable energy developer with more than 25 years of experience. RES will maintain an operational management role in Gruig, insuring its ongoing success. RES wind developments continue apace in countries such as France, Sweden, the US and Canada.
