JUNE/JULY 2013 | £5.25 - Wind Energy Network

MONEY MATTERSMONEY MATTERSGreen InvestmentBank and Masdar toform new investmentallianceThe UK Green Investment Bank plc(GIB) and Masdar, Abu Dhabi’s statebackedrenewable energy company,have confirmed that they will signa Memorandum of Understanding(MoU) to explore project investmentopportunities in the UK’s clean energysector.State visitThe MoU signed on the occasion of astate visit to the UK by His HighnessSheikh Khalifa bin Zayed Al Nahyan,President of the United Arab Emirates, atan event hosted by HRH Prince Andrew,the Duke of York, at Buckingham Palace.Under the MoU, the two parties willconsider opportunities to jointly invest ingreen infrastructure projects in the UKover the next seven years. Together,they will introduce potential investmentopportunities to one another and otherpotential investors. There is no changeto the governance of both parties as jointinvestments will be made and managedindependently.InvestmentMasdar has already independentlyinvested over £500 million through itsequity stake in the UK’s London Array, theworld’s largest offshore wind farm. Thisnew alliance will unlock the potential forfurther investment.The MoU was the initiative of UK Energyand Climate Change Minister, Greg Barkerwho witnessed the signing said: “Thecreation of the Green Investment Bankis one of the Coalition Government’s keygreen achievements. Initially capitalisedwith a huge injection of £3 billion, wealways intended this brand-new financialinstitution to act as a catalyst to attractother finance into the UK Low Carboneconomy.”“This alliance is a big step in thatdirection, and a huge vote of confidencein the UK clean energy sector. Butthis agreement is about more than justmoney. Given the pioneering LowCarbon achievements of Masdar, itmakes strong strategic sense too.”The MoU was signed by Masdar CEODr. Sultan Ahmed Al Jaber and GIB CEOShaun Kingsbury.Shaun Kingsbury said: “This new MoU isa bold and exciting statement of intent.GIB and Masdar are new organisations– the first of their type in the world. We’llbe working together closely to bringinvestment to UK clean energy projectsand to share our expertise and experience.“At GIB we are building an enduringinstitution; one that’s here for the longterm. This relationship shows how wecan act as a catalyst to bring in additionalfunds for UK clean energy projects tocomplement the support we’ve alreadyreceived from the UK Government.”CollaborationDr. Sultan Ahmed Al Jaber said: “TheUnited Arab Emirates and the UnitedKingdom have already forged a strongbond in the advancement of cleanenergy. This collaborative investmenteffort will not only strengthen thoseties, it has the potential to pay healthydividends for both countries.“Masdar is pleased to be contributingto the UK’s renewable energy portfoliothrough the London Array and we areactively engaged in exploring newinvestment opportunities in the UKoffshore wind and clean technologysectors.”UK Green Investmentwww.greeninvestmentbank.comMasdarwww.masdar.aenew £35mwind energyincome fundResonance Asset ManagementLLP have completed theacquisition of Strath of Brydockwind farm with internationalrenewable energy consultancyNatural Power acting as leadtechnical due diligence engineer.Resonance Asset Management, analternative asset management firmfocused on originating, distributingand managing real asset investmentfunds for institutional investors,recently confirmed they have raised£35m for its inaugural wind energyincome fund.Strath of Brydock windfarmThe fund appointed Natural Power tocarry out technical due diligence ontheir first acquisition of the Strath ofBrydock wind farm. The site, locatedwest of Banff, Aberdeenshire,Scotland is a 6.9MW wind farmwith 3 Enercon E70 turbines andhas been operational with MuirdenEnergy for the past three years.Natural Power provided Resonance withthe following services in order for themto assess the acquisition of Strath ofBrydock…• Energy production review and analysis• Site visits to visually assess thecondition of project infrastructure• Contracts review – turbine supply,warranty and asset management• Review of historical planning and otherpermit conditions• Review of land lease agreements• Balance of plant – electrical review andgrid connectionMarco Pipparelli, Head of Due DiligenceUK commented on the project “It is withgreat pleasure that we have openedthe doors on Resonance’s new windfund, with this initial purchase of Strathof Brydock. We are keen to continueworking with them on new acquisitionsmoving forward, providing competitivedue diligence advice based on almosttwo decades of renewable consultingexperience.”Francesca Collins, Resonance AssetManagement said “Resonance AssetManagement launched their inauguralwind energy income fund focused onwind capacities of between 2MW and10MW. Natural Power has advised ussuccessfully on this first acquisitionof 6.9MW Strath of Brydock windfarm. We look forward to working withNatural Power again during the ongoingacquisitions within this fund and havebeen impressed by their ability to offersuch holistic due diligence services inthe sector.”Natural Power’s Due Diligence servicesare based on a wealth of full lifecycleconsulting experience of over 15 years,having…• Successfully delivered buildingconsents and environmental permitsover 2000MW of wind energy projects,both onshore and offshore, for a broadrange of developers• Managed the pre financing and postfinancing construction process on over1100MW of wind farm projects• Provided comprehensive assetmanagement services for over2000MW of operating wind farmcapacity, constituting 32% of the totalwind onshore installed capacity in the UKNatural Powerwww.naturalpower.com56 www.windenergynetwork.co.ukwww.windenergynetwork.co.uk 57