27 Feb 2018
17 November 2017
Platina Energy Partners LLP sells a 70 MW UK wind portfolio
LONDON, 16th November 2017: Platina Energy Partners LLP (“Platina”) has sold a 70 MWp portfolio of five operating wind farms to entities managed by Gravis Capital Management Ltd (“Gravis”) for approximately £52m 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.
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."
DLA Piper (Legal) and Augusta & Co (Financial) advised Platina in this transaction.