A further cash consideration of up to a maximum of GBP1.2m will be payable subject to receipt of planning permission to repower the site.
Currently comprising 11 turbines, the wind farm has been generating electricity since 1994. With an average annual output of approximately 11GWh, the site generates enough renewable energy to supply over 2500 homes.
REG has conducted due diligence on the wind farm with the aim of repowering it to increase capacity. Further development work is underway in advance of a planning submission, the company said.
Andrew Whalley, CEO of REG, said: “The acquisition of the St Breock wind farm is an excellent opportunity to repeat the strategy employed at Goonhilly of acquiring an operating wind farm with the intention of repowering it with new, more efficient, turbines.
“The purchase further underlines REG’s intention of investing GBP100m in renewable energy projects over the next three years through organic growth from its 350MW development portfolio and opportunistic acquisition.”
The acquisition is in line with the company’s strategy to acquire as well as self develop, own and operate wind farms in the UK and at current capacity, St Breock will increase the company’s operating wind capacity to 26MW.
