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Deal with Schroders Greencoat includes UK’s first 200-metre turbine array near Strathaven, Scotland
OnPath Energy has completed the sale of its shares in the recently constructed 67MW Kype Muir wind farm extension near Strathaven in South Lanarkshire, Scotland, to funds managed by Schroders Greencoat LLP.
The 15-turbine array was the first project in the UK to build machines with a 200-metre tip heights, marking a significant milestone in technology and renewable energy development, said the developer.
Greencoat UK Wind plc has been an investor in Kype Muir wind farm extension (pictured) since 2021, with an initial loan which converted to a 49.9% shareholding in December 2023.
This enabled OnPath Energy to construct the scheme at a time when UK onshore renewables deployment was extremely challenging.
Following the completion of building works, funds managed by Schroders Greencoat have now acquired the remaining 50.1% of the project shares.
The community benefits package linked to the array, which will see around £10m made available from its revenues for local community and environmental schemes, will be fully maintained under its new ownership over the lifetime of the site.
The project began exporting clean, green electricity to the national grid in December 2022 and can generate up to 67.2MW of renewable electricity, with annual output expected to be enough to meet the average annual electricity needs of approximately 53,700 households.
It was built as an extension of OnPath Energy’s neighbouring 26-turbine Kype Muir wind farm and features four 156-metre, three 176-metre and eight 200-metre-tall wind turbines.
Combined with the Kype Muir Wind Farm, it will offset carbon emissions equivalent to removing 30,700 petrol cars from the road each year.
OnPath Energy (formerly Banks Renewables) projects director Gordon Thomson said: “Kype Muir wind farm extension is a groundbreaking UK project being the first to construct 200m turbines and a product of OnPath Energy’s progressive development philosophy.
“The project will provide tens of thousands of homes with renewable energy and we are proud to have taken this important project from first principles through to its completion.
“We have worked in close partnership with Schroders Greencoat on the development of this wind farm for several years. The long term social, economic and environmental commitments made to local communities will be honoured in full by its new owners.
“OnPath has ambitious plans to make further additional capital investment in high quality renewable energy infrastructure, amplifying the difference we can make to a net zero future for the UK that will help to lower consumer bills, improve the UK’s energy security and deliver a just transition that is fair and inclusive for everyone.”
The combined 41 turbines of the Kype Muir and Kype Muir Wind Farm Extension generate over 153MW of electricity between them, which is enough to supply renewable electricity to more than 123,700 homes or a city larger than Aberdeen. |
