UK-based renewable energy developer UrbanWind is joining private equity fund manager Zouk Capital to develop several small and medium-size wind farms across the UK.
Zouk will be investing $45 million to develop projects in the UK Feed-In Tariff (FiT) wind sector that have received permissions for their plans but lack funding to develop them.
UrbanWind has about 100 sites in the development appraisal phase. Of these some have received approval for their plans. These are being evaluated for approval of business finance funding.
Zouk will buy such sites with approved plans from UrbanWind and develop them through a joint venture of the two companies.
UrbanWind has stated that it was looking to acquire more sites with planning consent for wind turbine projects in addition to developing the sites it already holds.
According to the companies, the focus is currently on consented sites that require funding and are not expected to be affected by Conservative proposals to ‘halt’ onshore wind farm development if the party forms the next government.
Zouk has invested in the clean economy since 2000 and is one of the largest fund managers of its strategy in Europe. Zouk has €600m under management and offices in London and Singapore.
Ajith Kumar S