London-headquartered investor iCON Infrastructure Partners V1 has completed the acquisition of a 95% interest in European onshore wind developer Wind Estate.
One of the latter’s founders, Erik Abraham, will remain in place as chief executive under the deal and retain a 5% shareholding.
Wind Estate, which owns 282MW of operating onshore and offshore capacity in Denmark in Scotland, will continue to pursue its growth strategy through greenfield and repowering development projects as well as through selective M&A opportunities, including expansion in the UK market, said iCON.
Headquartered in Randers, Denmark, Wind Estate has 26 employees. In addition to the operating portfolio, it owns 105MW of advanced-stage development assets of which 44MW are in construction, 34MW are fully permitted and 27MW are expected to receive final permits in 2021.
The company also owns a pipeline of about 1.2GW of early-stage onshore development projects in Denmark, Scotland and Greece.
In addition, the early-stage development of “substantial offshore capacity” is also underway.
Enis Moran, a partner a t iCON Infrastructure, said: “We are delighted to add a European renewable energy IPP to the iCON portfolio. Wind Estate is a high-quality infrastructure business, operating in attractive growth markets.”