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United Kingdom

Innogy creates wind fund to raise money for wind business expansion

Energy giant Innogy -- parent company of National Wind Power (NWP) -- is to create a wind fund to help finance expansion of its wind business. According to NWP's Alan Moore, by selling its existing wind assets to the wind fund, Innogy will be able to free up capital allowing it to finance the development of more wind farms on balance sheet. It could build up to £500 million of wind projects over coming years, he says. Moore stresses, however, that the company still intends to retain an equity share in its 159 MW of existing wind projects. Innogy's chief executive, Brian Count, says: "There are a number of people who would like to have their investments linked to green issues, with big investment houses seeking to go into green funds." Count told newsletter Power Finance and Risk: "Are we selling our wind business? No, but we are trying to get the right structure to facilitate financing ... We would still be a very active player but, in the end, who owns the assets may be less relevant than who controls the output."

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