Edinburg-based renewable energy company Red Rock Power has expanded its footprint across Europe after acquiring Green Investment’s 50 percent equity share of Overturingen onshore wind farm. Green Investment is a Swedish firm.
Red Rock Power is a wholly-owned subsidiary of China’s SDIC Power. The firm will partner CapMan Infra as part of the deal for the 56-turbine 240.8 MW wind farm project. The project is Red Rock Power’s first project outside of the UK and is a big achievement for the company as it looks to capture the European market.
Red Rock Power chief executive Guy Madgwick, told the media, “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.
The deal for the 240.8 MW farm was delayed due to the pandemic and took a year from initial agreement to complete. Red Rock Power has expressed its interest towards a good number of wind projects in the UK and other European economies.
The pandemic has hampered the renewable energy segment like any other sector. However, the renewable segment has a brighter future because majority of the global economy are planning to use clean energy to cut carbon emissions.