Project: Sale of a majority stake to Statkraft
Role: Advised the majority shareholders of Baillie Wind Farm Limited
2011Quayle Munro advises on sale of a majority stake in Baillie Wind Farm, Caithness, to Statkraft UK
16 June 2011
Quayle Munro is pleased to announce that it has advised the majority shareholders of Baillie Wind Farm Limited (“Baillie”) on the sale of a majority stake to Statkraft, Europe’s leading renewable energy company.
Baillie is a consented 52MW wind farm located 7km west of Thurso and 3km south east of Dounreay. Section 36 consent was granted in January 2010 for 21 turbines with tip heights up to 110 metres. The site, benefits from extremely high wind speeds, placing Baillie at the very highest end of energy output for an onshore wind farm.
Construction will commence later this year with Baillie becoming commercially operational well before 1st April 2013, the date on which any new ROC banding will come into force in Scotland.
Quayle Munro provided a full scope of corporate finance services to the majority shareholders, some of whom were able to reinvest in the project, providing a long term local investment.
Rob Cormie, Executive Director of Quayle Munro, commented:
“We are delighted to have been involved in this very important transaction which has enabled Statkraft to enhance its position in the UK renewable sector, while delivering value to the majority shareholders. I am particularly pleased that the structure has allowed the key drivers of the project, namely the Pottinger family, to stay actively involved as an equity participant going forward.
Quayle Munro remains actively involved across the renewable sector in Scotland and this is the latest in a long line of successful transactions delivered by a very experienced local and independent team.”
