London: Foresight Group LLP (“Foresight”) and Belltown Power Limited (“Belltown”) are pleased to announce the formation of a joint venture (“JV”) to develop Belltown’s pipeline of greenfield onshore wind energy projects across the UK under the existing Belltown brand.
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The JV aims to deliver more than 300MW of incremental clean electricity capacity to support the UK’s move to a net-zero power system. The pipeline is focused on sites with excellent potential for wind development, predominantly in Scotland and Wales, and will be developed on a merchant-only, PPA or CfD supported basis.
This JV strengthens the relationship between the two companies which started when Foresight acquired a 111MW portfolio of ROC and FiT wind and solar assets in April 2018 that Belltown had brought to commercial operations, and where it continues to act as asset manager.
Paul Hewett, CEO of Belltown Power UK, said: “Belltown is committed to developing projects that enhance local environments, benefit local communities, support local supply chains and provide educational opportunities for local schools, and this JV will allow Belltown’s experience and track-record across these aspects to be applied to a whole new generation of renewable energy projects here in the UK. We are thrilled to be working with a funding partner as experienced in renewables as Foresight and look forward to expanding the already great relationship that we have.”
Matt Hammond, Partner at Foresight, added: “Investing for a smarter future means building out renewable energy projects that will help the UK meet its ambitious zero carbon targets. This JV with such an experienced developer as Belltown will accelerate that process, and we are looking forward to working with their dynamic and capable team.”
Belltown was advised by Burness Paull.
Foresight was advised by Ashurst.