Deal in Sweden
Red Rock Power unveils first overseas venture
Afton in Ayrshire is one of the firm’s projects
Red Rock Power, the Edinburgh-based subsidiary of SDIC Power Holdings in Beijing, has unveiled its first deal outside the UK.
It has acquired Green Investment Group’s 50% equity share of the Överturingen onshore wind farm in central Sweden.
Red Rock Power will partner CapMan Infra, a Nordic infrastructure manager.
The 56-turbine 240.8 MW wind farm reached commercial operation earlier this month. It marks a key milestone for Red Rock as it hopes to accelerate expansion into the wider European market.
CEO Guy Madgwick said: “Sweden’s commitment to renewable energy and wealth of natural resources meant it was an obvious key target for us as we set our sights on expansion into other European markets.
“We hope to gain a greater understanding of the local industry as we continue to identify acquisition and development opportunities in the region.
“While our expansion plans are increasing in pace, we very much remain committed to our home market and will continue to grow our Scottish and UK wind portfolio.
“Our Edinburgh-team has tripled in size over the last four years and we expect this new asset will add valuable experience in operating remote projects in extreme weather conditions which we can apply to our wider operation.”
As well as Överturingen, Red Rock’s wind portfolio includes 50MW Afton operational onshore windfarm in East Ayrshire, a 25% share of Beatrice Offshore Wind Farm in the Moray Firth, and a 50% share of Inch Cape Offshore Wind farm in the East of Scotland, currently in development.
SDIC Power Holdings is listed on Shanghai Stock Exchange and is a significant developer and operator of power generation plants in China and overseas. SDIC Power owns a total installed capacity of 34.27GW, more than half of which is generated from renewable energy installations.
Help for wind energy supply chain
A new initiative aims to help Scottish SMEs win business in the global offshore wind market.
The Scottish Offshore Wind Energy Council is working with BVG Associates on a study that will investigate best practice in the energy, aerospace and automotive industries.
The report, which is expected to be delivered by March.
Although focussed on Scotland, the study will also look at the wider UK and international markets for export opportunities.
Funding for the study was previously announced by Crown Estate Scotland in September.