London, UK, 29 May 2019
Forsa Energy, backed by Riverstone, has completed the sale of the remaining portion of its onshore wind business in the UK. This represents the final chapter of the sale of the European onshore wind business. It follows the earlier sale of Maerdy (24MW) to Greencoat UK Wind in 2014, the sale of two onshore wind projects, Ardoch Over Enoch (12MW) and Airies (35MW), to NTR Wind 1 Fund in 2016, as well as the sale of the French portion of the onshore wind development business together with the onshore wind pipeline (c. 500MW) in France to Envision Energy in 2016 and more recently the sale of the Rougemont and Vaite projects (120MW), the largest onshore windfarm in France, to Innergex and Desjardins Group Pension Plan in 2017.
The transaction sees Forsa Energy’s UK onshore wind business as well as its portfolio of around 350MW of onshore wind projects being acquired by the UK subsidiary of the leading global renewable energy developer, service supplier, wholesaler and energy solutions provider, BayWa r.e.. BayWa r.e. has operations throughout Europe, North America and Asia-Pacific and has the financial backing of BayWa AG, a EUR 16 billion business established over 90 years. BayWa r.e. has the experience of successfully bringing over 2.5 GW of renewable energy online and managing 6 GW of renewable assets around the globe and forms the ideal long-term strategic partner for Forsa Energy’s UK onshore windbusiness to deliver its full potential.
Alan Baker, CEO of Forsa Energy commented: “We – and our shareholder Riverstone – are very pleased that BayWa r.e. has acquired our UK onshore wind platform given the significant synergies between the two teams, alignment on strategy and their delivery track-record. BayWa r.e.’s global scale andexpertise in delivering wind projects makes it a perfect partner to take our portfolio forward and deliver them into operations in a subsidy free world. They are continuing to build on the foundations the Forsa Energy UK renewables team has laid with the landowners, communities and other key stakeholders without whom we wouldn’t have been able to contribute to Scotland’s renewable targets. We wishBayWa r.e. and our former colleagues well for the future and hope to see this business become the leading independent renewable energy business in Scotland and beyond. At Forsa Energy we look forward to continuing a close working relationship in this space.”
The assets acquired by BayWa r.e. include approximately 350MW of projects at various stages of development. The portfolio is located in Scotland and includes, among others, the in-construction Inverclyde windfarm. BayWa r.e. has also acquired Forsa Energy’s UK renewables team which will continue with to progress the development of the portfolio and is now complemented by the existing BayWa r.e. UK team as well as the wider BayWa r.e. organisation.
Gordon MacDougall, Managing Director of BayWa r.e. UK, commented: “The deal with Forsa Energy marks an exciting time in the UK renewables market, helping to significantly increase capacity. We are delighted to have secured these projects and look forward to developing them. We also want to welcome the new members of our team who have an excellent track record in renewables – having delivered more than 1GW over the years in the UK. We are committed to Scottish renewables and theScottish Government’s onshore wind targets. With this investment, we plan to continue to grow andinvest in subsidy free markets by identifying good wind resource opportunities. This acquisition will allow us to undertake more greenfield development, helping us to further expand our presence in the UK and Irish market.”
Joris Rademakers, CIO of Forsa Energy commented: “We are very pleased with the conclusion of the last chapter of our European onshore wind platform we have built over the last years. It is a validation of our strategy to back proven developers with a track-record of developing leading utility scale projects in geographies with a high acceptance of renewable energy generation. Over time we have built out these platforms to be fully integrated, but lean, organisations that deliver institutional quality projects. Over the years we have benefited from unparalleled advice and support from Riverstone, worked with great colleagues, and with leading organisations, institutions and partners – without whom we would not have been able to deliver this result and we are looking forward to work with in the years to come. We are very pleased that both the French and UK onshore wind platforms are now with a strategic partner with a long-term vision for renewable generation. In parallel, we at Forsa Energy will continue to focus on our UK gas generation business, a leading platform that provides a significant growth opportunity in the evolving UK energy market.”
Forsa Energy was advised on this transaction by Augusta & Co (financial adviser), Shepherd & Wedderburn (legal adviser) and BDO (tax adviser).
BayWa r.e. UK was advised by Pinsent Masons (legal adviser).
About Forsa Energy
Forsa Energy is an energy company which was founded to develop, build and operate energy assets across Europe. Backed by Riverstone, it had a mandate to grow a portfolio comprising renewable generation and gas generation in the European market and established leading development platforms in this space in both the UK and France.
Forsa’s management team includes the same key people that were instrumental in the establishment and the success of Velocita Energy Developments and 2020 Renewables. Now, with the inclusion of experts in the gas sector, it offers a wealth of experience across the energy sector, including the successful establishment and build-out of utility-scale renewable platforms, the build-out of a flexible generation platform, and extensive experience with larger-scale power generation.
Forsa’s current portfolio in the UK comprises a flexible gas power portfolio which includes 60 MWunder construction, 110 MW approaching financial close and a further 60MW in late stage development. Much of this capacity is supported by Capacity Market contracts. Forsa also has a substantial pipeline of further projects in various stages of development. The development, financingand construction management of these projects is undertaken by Forsa’s in-house gas team.
Riverstone Holdings is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $39 billion of capital raised. Riverstone conducts buyout and growth capital investments in the E&P, midstream, oilfield services, power, and renewable sectors of the energy industry. With offices in New York, London, Houston, and Mexico City, Riverstone has committed over $38 billion to more than 160 investments in North America, South America, Europe, Africa, Asia, and Australia.
About BayWa r.e.
Across solar and wind, at BayWa r.e. we r.e. think energy – how it is produced, stored and best used. We are a leading global developer, service supplier, wholesaler and energy solutions provider. We deliver renewable energy solutions worldwide, and have brought over 2.5 GW of energy online, while managing over 6 GW of assets. BayWa r.e is a leading supplier to the solar wholesale market. We also have a rapidly growing energy trading business. Part of the €16 billion BayWa Group, every day weare working hard to find new solutions, push technological boundaries and actively shape the future of energy
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