HgCapital exits RidgeWind to Blue Energy

Blue Energy is acquiring RidgeWind to build its development portfolio. The acquisition was funded by Blue Energy's shareholders, with support from the company's existing bank Santander.

HgCapital hired RBC Capital Markets, and a sale opportunity emerged in December 2011, when Blue Energy joined the process along with several other parties.

The negotiations started in May 2012. Discussions went into exclusivity in August, and the deal closed on 22 December.

Blue Energy, which is based in Alderley Edge, Cheshire, is planning further UK onshore wind acquisitions in 2013.

HgCapital Renewable Power Partners, HgCapital's first dedicated renewable energy investment fund, acquired 100% of RidgeWind in June 2007.

During HgCapital's ownership, RidgeWind grew from a development portfolio that included one permitted site of 16MW, to permitting a further six sites totalling 177MW.

Blue Energy built the 5MW Westmill solar farm, one of the UK's largest, and it recently announced plans to build a 155MW solar PV plant in Ghana. It has 9.7MW of UK wind farms in development.

Company
Founded in 2003 and based in Solihull, RidgeWind is an independent UK onshore wind farm developer with a portfolio of 45MW of projects in late-stage construction and 132MW with planning permission.

People
Chris Dean is CEO of Blue Energy. Tom Murley is head of HgCapital's renewable energy team.

Advisers
Acquirer - Pincent Masons (Legal); Watson, Farley & Williams (Legal); Cobalt Partners (Corporate finance); SKM (Technology).

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