Augusta & Co Limited (“Augusta”) is pleased to announce the closing of the sale of five operating onshore wind farms in the UK with a total installed capacity of 69.5MW to entities managed by Gravis Capital Management Limited (“Gravis”) for approximately £52m plus the assumption of the existing debt. Augusta acted as the exclusive financial adviser to Platina Energy Partners (“Platina”).
The five wind farms are located in England, Scotland and Northern Ireland. The plants were developed and built by Platina and connected to the grid between 2006 and 2010 (8.2 years average life). The long-term non-recourse project finance with international banks and financial institutions will remain in place.
Adrien Pinsard, Partner at Platina said: “We are very pleased with the result of this transaction. This sale was important to us as it represents the second disposal we are closing this quarter, and enables the team to now focus on acquisitions for our new solar platform. Augusta ran a rigorous transaction process and we were impressed to see them quickly develop interest across different pools of capital and drive the deal to a successful closing. We are delighted to have found a strong partner in Gravis with whom Augusta has previously transacted.”
James Knight, Partner at Augusta, said: “We are very pleased to have supported Platina, one of our long-standing clients, on this successful exit. We continue to see strong interest in this vintage of asset class especially where portfolios are supported by quality management contracts and a solid operating track record”.