Riverstone: Sale of two UK onshore wind farms

Augusta & Co is pleased to announce the sale of two onshore wind farms in Scotland by Velocita Energy Developments (“Velocita”) to NTR Wind 1 Fund (“NTR”).

The two projects are the the 11.5MW operating wind farm Ardoch and Over Enoch and the 35MW Airies wind farm which is currently under construction and due to be commissioned by the end of this year. Velocita will manage the construction of the project on NTR’s behalf.

Velocita Energy Developments is a portfolio company of Riverstone Holdings LLP (“Riverstone”), an energy and power focused private investment firm with approximately US$34 billion of committed capital.

Augusta & Co acted as exclusive financial adviser to Riverstone in the transaction.

Robin Duggan, Managing Director of Riverstone, commented

“We mandated Augusta to help us identify buyers and to transact in the challenging environment of the post-ROC UK market. We are very pleased with this transaction which fully proves the value of the Velocita team and its ability to get assets into the ground ahead of the moving ROC deadline. Augusta’s experience in equity transactions allowed us to find the right investors and deliver a completed deal on a reliable timescale”.

Mortimer Menzel, the partner at Augusta who led the transaction said

“This is the first of several transactions which we are proud to be doing for Riverstone. It was facilitated greatly by the extremely experienced Velocita and Riverstone teams and the pricing and terms clearly reflect that. In NTR we were able to find a buyer able to move quickly through complex issues.”