BayWa r.e. has sold its 29.7 MW Fraisthorpe wind farm, situated near Bridlington. The site has been acquired by funds managed by the UK investment fund manager Octopus Investments, UK-based investors in renewable energy.
This is the fifth successful wind farm sale from the BayWa r.e. portfolio to take place in the UK to date. Upon acquiring the consented project in December 2014, BayWa r.e. assumed responsibility for procurement, project financing and implementation of the project. Going forward, BayWa r.e. will continue to provide full commercial and technical operations management services to the project.
The Fraisthorpe wind farm consists of nine Vestas V112 turbines with a total capacity of 29.7 MW. Katy Hogg, Managing Director of BayWa r.e. UK, commented that:
"The location of Fraisthorpe near the coast offers ideal conditions for a wind farm. It is expected to generate renewable electricity for the equivalent of 22,500 households each year and thereby reduces CO2 emissions by 48,000 tonnes."
Matthias Taft, Board Member of BayWa AG, responsible for the energy business, added:
"Following the successful sale of the Fraisthorpe wind farm, we are delighted at the prospect of working with Octopus Investments, as a long-term customer of our operations management services, and hopefully as an investor in further renewable energy projects. The UK has been one of the key markets for our wind and solar projects business and we expect this to continue, with some adjustments as the market moves into a new phase. Our UK Service business continues to go from strength to strength and we look forward to demonstrating our capabilities in this sector to financial investors over the long-term, as we are doing in the rest of Europe."