Renewables infrastructure specialist Platina Partners has completed the sale of its Long Mountain wind farm to independent Irish energy company Energia, a member of the Viridian Group.
The project was the last asset to exit Platina’s Mistral Energy I (ME I) fund, which has now completed its full investment cycle. Earlier this year Platina completed the full investment cycle for its Mistral Wind Farm I Fund.
Launched in 2002, ME I focused on the development of UK and French onshore wind assets and delivered a gross IRR above 60 per cent to its investors. Previous investments from the fund included UK-based Your Energy Limited and PM Renewables’ projects, sold to AES in 2010, and French Société Française d’Eoliennes, sold to Sorgenia in 2007. The Long Mountain project is a 27.6MW fully-permitted site located in County Antrim, Northern Ireland.
Thomas Rottner, managing partner of Platina Partners, says: “Platina was the first European GP to successfully complete the full investment cycle of a renewable energy fund with MWF I in June this year. This second completion confirms Platina’s track record in delivering outstanding returns to our investors.
“Whilst this exit concludes Platina’s first two funds, we continue exploring additional renewable investment opportunities for our current funds.”
Peter Baillie, managing director, Energia Renewables, says: “We are delighted Energia already supplies over 600MWs of renewable energy, and we are the greenest energy supplier on the island of Ireland. The acquisition of Long Mountain will add to our pipeline of over 300MWs of near term windfarms.
“With our expertise in constructing, financing and operating windfarms and energy offtake contracts, this ‘green’ energy will help to power businesses across Ireland. Energia remains one of the most significant contributors to the achievement of Ireland’s renewable targets and one of the largest investors in the renewable sector.”
Platina currently has over 400MW of onshore wind and solar assets under management.
Augusta & Co acted as exclusive financial advisor to ME I on this transaction.
