UK company Thrive Renewables has sold two onshore wind farms totalling 13MW to infrastructure fund manager Equitix in a multi-million pound deal.
The projects were built in 2009 and 2011 in North Wales and Suffolk, respectively, and have generated over 280 gigawatt-hours of electricity.
Thrive said the sale will give it £11m to build new renewable energy capacity in the UK.
The company said it is taking advantage of current high market valuations for operational onshore wind projects to pay out a proposed £0.40 interim dividend to shareholders and release new capital.
Equitix was chosen following a competitive tender due to its “attractive offer, long-term commitment to keep the sites generating clean wind power and guarantee to maintain Thrive’s local community engagement work”, Thrive said.
Thrive managing director Matthew Clayton said: “Our mission is to power the transition to a sustainable energy future by providing people with a rewarding connection with clean energy projects and this deal is an important part of that.
“We are actively enabling shareholders to realise some of the gains that their assets have achieved, while also freeing up money to invest in new renewable energy capacity and increase the positive impact of our business.
“We have been a key player in this market for the last 24 years and are now entering a new era of subsidy free renewables.
“We plan to use our extensive experience and values led approach to continue delivering cost-effective clean energy projects in the UK that reduce carbon emissions, improve our air quality and deliver returns to our shareholders.”
Equitix chief investment officer Hugh Crossley said: “We are delighted to add these two wind farms to our growing portfolio of renewable energy assets.
“As well as making a significant contribution to the UK’s clean energy supply, renewable energy infrastructure can provide attractive risk-adjusted returns for our investors seeking predictable cash flows derived from real assets over the long term.”
Thrive Renewables was advised by PKF Francis Clark on corporate finance, Pinsent Masons on legal corporate issued and TLT on legal property aspects.