£30m funding deal puts wind in renewable energy firm’s sails

LANCASHIRE renewable energy company UrbanWind has landed a £30m funding deal to kick-start on-shore turbine projects across the UK.

The deal with private equity fund manager Zouk Capital is one of the largest investment deals in the on-shore sector.

Zouk Capital will provide equity finance to fund turbine schemes, which have successfully gone through the planning process but currently lack the funding necessary to develop them.

UrbanWind, based on Red Scar industrial estate in Preston with a further office in Glasgow, has around 100 sites across the country in the development appraisal phase, including consented sites. They are now being evaluated for funding approval.

The deal will see Zouk buy consented sites from UrbanWind. It will then develop them through a joint venture set up between both companies.
UrbanWind chief executive Paul McCullagh described the deal as “ground-breaking”.

He said: “It will enable UrbanWind to move ahead with our development plans and is also a powerful endorsement of the future that wind technology has in the UK.

“We look forward to working with Zouk to bring wind turbine technology plans off the drawing board and into reality on sites across the country.”

Zouk Capital managing director Colin Campbell said: “We are very happy to be supporting UrbanWind with this innovative funding allocation, which creates an opportunity for developers, farmers and landowners across the UK to unlock the potential of consented sites.

“Our partnership with UrbanWind offers us an exciting opportunity in on-shore wind and fits our fund’s capital gain strategy well”.

UrbanWind also revealed it is looking to acquire more consented sites for wind turbine projects, as it continues to develop its strategy in partnership with Zouk.

The company specialises in the delivery of small and medium sized wind projects across the UK.

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