Zouk Capital will provide equity finance to fund turbine schemes nationwide, which have successfully gone through the planning process but currently lack the funding necessary to develop them.
Glasgow-based UrbanWind has around 100 sites currently in the development appraisal phase including consented sites, which are being evaluated for funding approval.
The deal will see Zouk buying consented sites from UrbanWind, which will then develop them through Urban Wind Assets Ltd.
Colin Campbell, Managing Partner at Zouk Capital, said:
“We are very happy to be supporting UrbanWind with this innovative funding allocation, which creates an opportunity for developers, farmers and landowners across the UK to unlock the potential of consented sites. Our partnership with UrbanWind offers us an exciting opportunity in on-shore wind and fits our fund’s capital gain strategy well."
Paul McCullagh, CEO of UrbanWind, commented:
“We are delighted to announce the signing of this ground-breaking deal with Zouk Capital. It will enable UrbanWind to move ahead with our ambitious development plans and is also a fantastic endorsement of the future that wind technology has in the UK. We look forward to working with Zouk to bring wind turbine technology plans off the drawing board and into reality on sites across the country.”
Mr McCullagh also revealed that UrbanWind is looking to acquire more consented sites for wind turbine projects, as it continues to develop its strategy in partnership with Zouk.