Equitix secures 17.5% stake in Beatrice offshore wind farm

March 16, 2021

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Equitix is delighted to announce that it has completed on the acquisition of a 17.5% equity stake in the Beatrice offshore wind farm from Copenhagen Infrastructure Partners (CIP).

Beatrice was developed by SSE using 84 Siemens 7MW turbines and has a generation capacity of 588MW. SSE retains a 40% stake in the project alongside Red Rock Power Limited with 25% and TRIG who also acquired a 17.5% stake from CIP.

The wind farm is situated 13km off the north east coast of Scotland and benefits from a contract-for-difference (CfD) subsidy which fixes the price received for all power generated until 2034, with indexation to inflation. The project has an established operational track record beginning in 2018 and a 15-year maintenance agreement with Siemens.

As has recently been highlighted by the UK Government, offshore wind projects have a significant role to play in the decarbonisation of the UK economy. As well as ongoing economic benefit through the provision of local jobs (with up to 90 roles at the operational base for the Project in Wick, Scotland), the project provides enough clean energy to power the equivalent of more than 450,000 homes. 

Achal Bhuwania, Equitix’s Deputy Chief Investment Officer, said:

“We are delighted to be able to add this stake in the Beatrice offshore wind farm to our substantial portfolio of renewable energy assets. Since our foundation in 2007, sustainable investing has been a core element of our investment strategy as we look to create value and generate attractive, sustainable, financial returns for our investors over the long term. Equitix is committed to offshore wind as a sustainable energy resource and this investment complements our diversified portfolio of renewable generation investments that include hydropower, onshore wind, biomass and solar energy.”

Richard Crawford, Director at InfraRed Capital Partners, said:

“We are pleased to invest in this high-quality project developed by SSE and also to extend our relationship with Equitix with whom we are also co-shareholders on Sheringham Shoal offshore wind farm. As Investment Manager for TRIG, InfraRed seeks attractive opportunities that increase the robustness of TRIG’s portfolio, helping to deliver sustainable returns to shareholders from a diversified portfolio of renewables infrastructure. This major acquisition represents a continuation of this investment strategy and is our 5th investment for TRIG in the offshore wind sector, a critical sector for decarbonisation.”

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Equitix Investment Management Ltd, a subsidiary of EHL, is a private limited company incorporated in England and Wales which is authorised and regulated by the Financial Conduct Authority with firm reference number 471196.

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