Climate Change postpones cash call

Climate Change Capital postponed raising money to buy a stake in a Scottish wind farm and a spokesman said yesterday it would consider withdrawing from other projects associated with this fundraising effort due to “difficult market conditions”.
By The Newsroom
Published 21st Jul 2011, 09:48 BST

When asked whether the company was going to reconsider other project investments related to the Scottish wind farm fundraising, the spokesman said: “It’s something that we will consider.”

The fund postponed yesterday a £61.3m investment to take a 50 per cent stake in a wind farm owned by utility Scottish and Southern Energy.

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It had agreed three weeks ago to buy the stake, equalling 36 megawatts (MW) of capacity, in the Braes of Doune wind farm near Stirling.

“It’s a difficult market but our decision has nothing to do with the wind industry.

“It is an area we will continue to explore and look to support and develop as we see it as a vital area for the UK future economy and future energy supply,” the Climate Change Capital spokesman said.

He declined to provide further details on other investments in projects related to the wind farm because the fundraising has been postponed.

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The 50 per cent stake in the 72-MW Scottish onshore wind farm now remains in SSE’s hands, while utility Centrica owns the other half.

“The asset will continue to deliver revenue for SSE and the proposed proceeds were not required to help fund SSE’s investment programme,” SSE’s finance director, Gregor Alexander said.