Platina Energy sells 70-MW wind portfolio in UK

Platina Energy Partners has sold a 70 MW portfolio of five operating wind farms to entities managed by Gravis Capital Management for approximately £52 million (US$ 69,30 million) plus the assumption of the existing debt.

The five wind farms are well spread geographically and located in England, Scotland and Northern Ireland. The plants were developed and built by Platina Partners and connected to the grid between 2006 and 2010 (8.2 years average life). They have an excellent operational track record and will benefit from Renewable Obligation Certificates (ROC) for another 12 years on average. The long-term non-recourse project finance with international banks and financial institutions will remain in place.

DLA Piper acted a legal advisor while Augusta & Co supported as financial advisor in the transaction.

Adrien Pinsard, Partner at Platina, commented:

"We are delighted to be selling these assets to Gravis. This is a portfolio that we have developed, constructed and operated over a number of years. We also refinanced some of the assets last year. This is typical of our hands-on investment model and a good illustration of how we create value for investors.

This sale comes shortly after the disposal of a portfolio of Italian solar assets.  In total, we are returning over €100m to investors, some of this money will be redeployed in Platina’s recently announced European solar yield platform."