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Harper Macleod advises on £78 million wind farm investment in Scotland

Harper Macleod has advised on the financial close of a £78m investment in a Scottish windfarm.

InfraRed Infrastructure Fund III has committed to invest $100m for a 100% interest in Afton Wind Farm - a fully consented, construction-ready, 25 turbine, 50 MW onshore wind farm located in the south west of Scotland.

Wind Farm Generic Turbine Harper Macleod Renewables

The opportunity has been acquired from E.ON Climate & Renewables who developed the project through planning consent. Construction on the project is expected to commence in the fourth quarter of 2016, with full generation anticipated at the end of 2017.

Led by Partner and Head of Energy & Natural Resources David Bone, the Harper Macleod team advised on all property and planning aspects of the deal, including on the main leases, all the access and grid agreements, the planning agreements, road agreements and bonding and the various third party consents required and worked closely with the other advisers to provide Scottish input into the corporate and construction documents.

The firm will also advise the buyers beyond the completion of the transaction to ensure a smooth transition of ownership and the start of construction.

An InfraRed spokesperson added: "Harper Macleod provided excellent advice on Project Afton, helping the deal team work through complex land and planning issues under tight timetable pressures."

The primary contactors involved in the project are Gamesa (turbine supplier, and 15-year operations and maintenance contractor), Farrans Construction (civil and electrical contractor) and Neas Energy (power purchase agreement). Other advisers included Osborne Clarke, Everoze and Natural Power Consultants.

InfraRed has a long-standing and successful track record of investing in infrastructure, having developed over 70 infrastructure projects with an aggregate capital expenditure of US$25bn. In particular, it has over ten years experience of developing windfarms, with its first investment in the wind sector in 2006.

Bryn Jones, at InfraRed, commented: “InfraRed is pleased to add this investment opportunity to its portfolio and utilise its extensive experience in developing wind farms.  This investment opportunity arose at short notice and our experience in converting late stage development onshore wind farms and managing construction has allowed us to successfully complete the transaction within a matter of weeks with support from E.ON.”