UrbanWind gets £30m kick-start
Agreement with Zouk Capital to progress UK project portfolio
Glasgow-based small and medium wind player UrbanWind has sealed a £30m funding deal to kick-start projects across the UK.
Zouk Capital will provide equity finance to back turbine schemes that lack the funding necessary to develop them. UrbanWind has around 100 sites across the UK in the development appraisal phase, including consented sites.
Under the deal, Zouk will buy consented sites and they will be developed through a joint venture between both companies.
Urban Wind chief executive Paul McCullagh (pictured) said: “It will enable UrbanWind to move ahead with our development plans and is also a powerful endorsement of the future that wind technology has in the UK.”
Zouk Capital managing partner Colin Campbell added: “We are happy to be supporting UrbanWind with this innovative funding allocation, which creates an opportunity for developers, farmers and landowners across the UK to unlock the potential of consented sites.”
UrbanWind also revealed it is looking to acquire more consented sites as it “continues to develop its strategy in partnership with Zouk”.