SSE has signed a deal with Renewable Energy Systems Group (RES) to acquire the Dunmaglass wind farm project in Scotland.
Off-site pre-construction works are underway for the 33 turbine Dunmaglass project, which received planning consent in December 2010.
SSE expects to begin full construction of the wind farm, located near Inverness, in late 2013. The project is anticipated to be complete in early 2016.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Once constructed, the project will have an installed capacity of 99MW.
Total investment in the wind farm is estimated to reach £200m.
"We have said that we will pursue both acquisitions and disposals in order to optimise our wind farm portfolio in the UK, and this acquisition of Dunmaglass wind farm is completely in line with that objective," said Jim Smith, Managing Director Renewables at SSE.
"Dunmaglass is a well designed project which benefits from an excellent wind resource compared to typical onshore sites. The construction timetable for the project fits well with our existing development portfolio and will enable us to optimise the use of existing resources and contracts."
RD
-
Bitcoin hits new heights - is now a good time to invest?The value of Bitcoin has surged to a 20-month high. Why is Bitcoin rising and is now a good time to invest?
-
Gold hits record high - could it soar higher next year?
The yellow metal has hit a new all-time high. We look at market expectations for 2024, whether investors should sell and take profits, and how to invest in gold.
