City Briefs: VP; Greencoat UK Wind

EQUIPMENT rental specialist VP said this morning that it remains well placed to deliver good progress this year.

In an interim management statement, the Harrogate-headquartered firm said it has continued to maintain business momentum into the new financial year and has seen good demand, in particular, from infrastructure and housebuilding, and a gradual improvement in general construction.

The group added that it continues to identify areas for further investment in its business streams.

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GREENCOAT UK Wind (UKW) has agreed to acquire a 51.6% stake in four wind farms, one of which is in Yorkshire, for £90.6m.

The deal includes Sixpenny Wood in Goole, which has been operational since July 2013, Yelvertoft in Rugby, North Rhins, west of Stranraer in Dumfries and Galloway, and Drone Hill in the Borders from subsidiaries of global power company The AES Corporation.

UKW chairman Tim Ingram said: “We are pleased to announce the acquisition of Sixpenny Wood, Yelvertoft, North Rhins and Drone Hill Wind Farms from AES and to increase our investment portfolio to 16 UK wind farms with net generating capacity of 271.5MW.

“AES is the fifth seller of wind farms to UKW, a testament to the company’s independence and to its ability to be selective in its acquisitions.”