Vincents secures wind turbine contract
The law firm, which has seven offices in Lancashire and Cumbria, has already closed the purchase of 25 turbines and has secured options on another 17.
Commercial director Ross Wellman is also supporting the client’s corporate work with regards to share sale and asset purchases for many of the existing established turbine businesses.He said: “Arena Capital is building its portfolio of renewable energy investments with a number of individual wind turbine acquisitions and option agreements.
"As a sustainable, clean power source, it’s clear wind is an excellent long-term investment and is set for huge growth in the future. We are pleased to be supporting Arena Capital in the acquisition of these investments.”The UK has increased its use of wind power to around 12 per cent of the total electricity generated, through both large-scale wind farms and one-off installations which service individual businesses or communities.
One medium sized 250kW turbine can generate enough electricity to power up to 100 homes for a year. It is these independent operations which are being targeted.Ian Greer, director for Arena Capital, said: “Wind power offers an attractive opportunity due to its competitive costs, proven technology and an ever increasing demand for the output. "Together with biomass, we believe sustainable energy production is the most important growth area for UK infrastructure and we are pleased to have had the legal support from Vincents in securing these latest assets for the portfolio.”