* HgCapital was one of biggest UK onshore wind investors
* Says no current plans to reinvest in UK wind sector
LONDON Feb 6 Renewable energy private equity
firm HgCapital has sold a 177 megawatt British wind power
portfolio to developer Blue Energy for 250 million pounds ($391
million), the firm said, to provide returns to its investors.
The deal includes the sale of wind developer RidgeWind,
which has 45 MW of projects in late-stage construction, and 132
MW that have planning permission.
"The exit was in line with the fund's strategy," Rob de
Laszlo, a member of HgCapital's renewable energy team, said in
an interview on Wednesday. "We look to invest over a period of
two to five years and (then) return capital to our investors."
HgCapital had been one of the largest financial investors in
UK onshore wind. It still has three British industrial sites
following the latest deal and a sale last year of three
operating wind farms with a combined capacity of 102 MW to
Munich Re, de Laszlo said.
It also has a 180 MW portfolio of wind projects in Sweden.
HgCapital raised its second renewable energy fund of 542
million euros in 2011.
A listed fund, HgCapital Trust, said on its website
that it had invested in the private equity firm's two renewable
De Laszlo said there were "no current plans" to re-invest in
British wind farms but that the firm was "still positive" about
"When (policy) is rolled out and effective, there will be
future opportunities," he added.
Research last year showed that renewables investment in
Britain has more than halved over the past three years due to
government indecision about clean energy policy.
Britain needs the private sector to invest tens of billions
of pounds in low-carbon energy over the next decade to meet
emissions reduction targets.
The government has also been criticised for having too many
policies to help spur clean energy investment, some of which
overlap or fall short.
This week Prime Minister David Cameron said Britain needed a
single coherent strategy to become the most energy efficient
country in Europe.