Acquisition of 21MW Ashford Gas-Fired Peaking Project completes
Triple Point Investment Management LLP has added a UK gas-fired peaking power project to its portfolio through arranging funding for the acquisition of the construction ready 21MW Ashford project, located on the Kingsnorth Industrial Estate in Kent. The Shepherd and Wedderburn Corporate team (Danny Lee and John Morrison) acted as lead advisers to the sellers.
The project was developed by Eider Reserve Power (‘ERP’), a leading independent developer of smart, flexible power generation in the United Kingdom, as part of a larger portfolio of UK peaking power developments including a further four assets which will be brought to market in early 2017.
The project utilises natural gas reciprocating engines to capitalise on high power prices at times of peak demand. The project, utilising GE Jenbacher engines from Clarke Energy, will begin construction immediately with commercial operations expected to start before 1st October 2017.
Mike Davies, Director, ERP, commented, “In a market with growing volumes of intermittent generation, power projects such as Ashford are able to provide utility scale volumes of power, operating more efficiently than larger conventional generation for peaking generation. In supporting this transaction Triple Point recognised the value play here and we are pleased to have concluded this transaction with them. We were aided by an excellent team of advisers including JLL and Shepherd & Wedderburn”.
Shepherd and Wedderburn Partner, Danny Lee, added “We were delighted to advise the excellent team at Eider on the sale of this high quality asset and we look forward to supporting Eider as it brings additional peaking power assets to market”.