25th May 2010
SSE Sells Ardrossan Wind Farm To Infinis
One of Star Net's major clients: Scottish and Southern Energy (SSE) has sold its entire stake in Ardrossan Windfarm (Scotland), which owns and operates a 30MW wind farm in Ayrshire, to Terra Firma company Infinis. The transaction comprises a cash consideration of GBP28.1m paid to SSE and outstanding project debt of GBP25.7m transferred to Infinis, giving a total of GBP53.8m.
Ardrossan Windfarm was originally owned by Airtricity (acquired by SSE in 2008) and Viridis (Denmark) on a 51%/49% basis. SSE acquired Viridis' interest in April 2010. The wind farm at Ardrossan was first commissioned in 2004 and was extended in 2009. All of the electricity generated at the site is sold to a third party.
Gregor Alexander, finance director of SSE, said: "We own generation assets in order to provide electricity for our customers, and with electricity generated at the site going elsewhere, Ardrossan did not fit into our portfolio. We would use acquisitions and disposals to optimize our wind farm portfolio, and this sale is in line with that." Courtesy of Energy Business Review (Wind).