PKF Francis Clark’s Corporate Finance Team is delighted to announce that it has successfully advised Foresight Group LLP on the acquisition of the 14.4MW wind farm in North Pickenham, from German renewables company, ENERTRAG AG (“Enertrag”).
Located in Norfolk, the North Pickenham wind farm has been operating since 2006 and consists of eight Vestas V90 wind turbines, with a totalled installed capacity of 14.4MW.
Enertrag led the original development, financing and construction of the wind farm and has provided operational management from the outset.
The project benefits from a long term full service Operating an
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d Maintenance Agreement with Vestas.
Enertrag is an independent energy company, covering the complete value chain of renewable energy projects from planning to commissioning. As of today, Enertrag has successfully erected and commissioned 667 WTGs in Germany and France and has 1,400 WTGs under management.
Foresight is a leading renewables infrastructure investor with c.£2.2 billion invested in 145 renewable generation assets globally, with a generating capacity of 1.6GW. Foresight manages 160MW of Reserve Power assets and two utility scale Battery Storage projects providing 45MW of Enhanced Frequency Response (“EFR”) services to National Grid, as well as 158MW of Bioenergy and Waste projects processing over 2.2 million tonnes of waste per annum.
Andy Thornhill Corporate Finance Director commented: “It was a pleasure to work with Foresight on their acquisition of North Pickenham wind farm from Enertrag. We worked with Foresight at the end of last year to identify and secure onshore wind project acquisitions as they increased their interest in this area of the market and are pleased to see this transaction complete in conjunction with their other recent successes.”
Charlie Wright, Senior Investment Manager, Foresight Group went on to say: “PKF provided valuable support throughout the transaction. Their experience and ability to deliver a full scope of commercial, financial and tax advice was a real asset.”