Christofferson Robb hedge fund to sell Thanet windfarm
Christofferson Robb is said to be in discussions to offload the Thanet wind farm, one of UK's largest proposed offshore alternative energy projects.
The development has emerged less than a year after the hedge fund acquired the site for £47m (€60m). According to media reports, the same site is now expected to raise £80m in a sale. The development hasn't been commented upon by Christofferson Robb.
The 300MW site is expected to begin operation next year and will provide power for up to 240,000 homes, increasing the UK's total offshore wind power capacity by 30 percent.
"We need a lot of debt and equity to finance this and in the course of those discussions parties have said they would like to buy it all," reportedly said Mark Petterson of Warwick Energy, the site developer.
According to business.timesonline.co.uk, the developers have increased the value of the project in the past year, gaining planning consent, debt commitments and a connection slot to the national grid.
In the same report, Mortimer Menzel, a partner at Augusta & Co. said, "These assets get traded pre-construction because developers just don't have the means necessary to actually build them. Whoever buys it is basically buying the right to build it."