Independent energy group acquires Scottish onshore windfarm for £3.29m

Parkmead, the independent energy group, has acquired the entire issued share capital of Kempstone Hill Wind Energy Limited, a company owning a 1.5MW onshore wind farm in Scotland.

The total consideration comprises £3.29m in cash. In addition, Parkmead will assume a project loan of approximately £990k.

The wind farm boasts an “attractive” inflation-linked Feed-in Tariff for the life of the project through 2036, and powers 1,000 homes.

The electricity is sold through a power purchase agreement which provides exposure to rising wholesale electricity prices.

Tom Cross, executive chairman, commented: “This important acquisition continues our clear and focused strategy to build a balanced energy group.

“Kempstone Hill provides another revenue-generating asset to Parkmead, which has a long-life and a very steady stream of cash flow. This operational wind farm is complementary to our earlier stage, high-upside renewable energy projects.

“The energy industry is experiencing rapid change and the Parkmead team is growing our Company through these challenges and adding exciting opportunities in renewable energy.

“We will continue to build a portfolio of high-quality energy projects through acquisitions, organic growth and the active management of our assets across all energy sectors.”

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