Consortium takes £23m stake in offshore wind farm

CONSORTIUM 3i Infrastructure has invested £23m for a 50% stake a wind farm off Walney Island on the Cumbrian coast.

It has bought the holding in the West of Duddon Sands Offshore Transmission Owner from Dong Energy and Scottish Power Renewables.

The remaining equity in the project will be acquired by Macquarie Capital.

3i was selected as preferred bidder following a competitive tender run by Ofgem in July 2014.

The project involves the acquisition, financing and operation of power transmission cables and associated electrical equipment connecting the West of Duddon Sands offshore wind farm, located nine miles off Walney to the UK electricity grid in Heysham, Lancashire.

Chairman of 3i Peter Sedgwick said: “Our investment in this project represents another step in growing our portfolio of primary PPP and low-risk energy projects, delivering attractive risk-adjusted returns alongside our mid-market economic infrastructure investments.”