UK's Powergen takes full control of joint venture wind business

Electricity generator and retailer Powergen has taken full control of its joint venture wind farm business by acquiring Abbot Group's 50% stake in Powergen Renewables for £57.8 million. Powergen Renewables has some 135 MW of installed wind capacity. It owns 12 wind farms outright and has joint ownership of five other sites with different partners. "This deal allows us to manage our renewables business in the way best suited to our own commercial objectives," says Powergen's Paul Golby. "The renewables obligation provides a supportive framework for investment in renewables, making this acquisition a very sensible move."