Riverstone buys into Scottish renewables developer

UK: Velocita Energy, a subsidiary of US private-equity firm Riverstone Holdings, is to merge its UK arm with Scottish developer 2020 Renewables.

According to Velocita, 2020 has a pipeline of 20 onshore projects of around 450MW although only one of these, the Maerdy wind farm in Wales, has reached construction. As part of the deal, 2020 managing director Alan Baker will join the Velocita board.

2020 launched in 2010 and is headquartered in Greenock, Scotland. While Velocita was set up by Riverstone last year.

At the time of 2020's launch, Baker said: "The Scottish, UK and EU administrations have set incredibly ambitious targets for the generation of renewable energy by 2020 and we plan to play a significant role in delivering those goals."

Last year, E.on Climate & Renewables has sold a development portfolio of 20 wind farms in France to Velocita as part of a wider drive to raise €15 billion through divesting energy assets.

The projects in the portfolio comprised onshore sites across France with options to develop wind farms ranging from 20-90MW in generating capacity.

The deal was Velocita's first acquisition and the new firm expects over half of the 750MW in the portfolio to gain permits within the next two years.

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