OnPath Energy has sold its shares in the Kype Muir Wind Farm Extension to funds owned by Schroders Greencoat.
The Kype Muir Wind Farm Extension, which was completed earlier this year, added 67.2MW of generation capacity to the Kype Muir onshore wind farm by adding 15 extra turbines. The original Kype Muir wind farm, which began operating in 2019, has a 88.4MW capacity from its 26 turbines; combined, the developments generate 155.6MW of electricity.
The Kype Muir Extension marked a milestone in the UK wind sector, as it was the first development to use turbines with a 200 metre tip height.
Greencoat UK Wind, a fund managed by noted green investment firm Schroders Greencoat, has been an investor in the Kype Muir Extension since 2021, providing capital for the development of the project. In December 2023, this initial loan was converted to a 49.9% shareholding in the project; following the completion of construction, Greencoat UK Wind has acquired the remaining 50.1% of shares in the project.
Gordon Thomson, projects director at OnPath Energy said: “We have worked in close partnership with Schroders Greencoat on the development of this wind farm for several years. The long term social, economic and environmental commitments made to local communities will be honoured in full by its new owners. OnPath has ambitious plans to make further additional capital investment in high quality renewable energy infrastructure, amplifying the difference we can make to a net zero future for the UK.”
Schroders Greencoat in the energy market
Schroders Greencoat is arguably one of the best-known investment firms in the green energy market today. In May of this year, the firm received a £170 million commitment from the Environment Agency Pension Fund (EAPF) to boost its investment in wind, solar, bioenergy, heat pumps, and hydrogen.
The company has also made significant investments into solar energy, as reported by our sister publication Solar Power Portal. Last week, ISG Renewables, a joint venture between Schroders Greencoat and Innova Renewables, signed a major 15-year power purchase agreement (PPA) with Anglian Water concerning the 27.8MW Elms Farm solar project.
In late August, Schroders Greencoat acquired the 49.9MW Tiln Farm solar project from Lightsource bp immediately following its completion. A long term PPA had already been agreed for this project in 2022, with building product manufacturer Forterra now receiving energy from the site. Earlier that month, the fund acquired the 80.5MWp South Meath Solar Farm from Statkraft, located in County Meath, Ireland.
