Scotland business

Wind power firm UrbanWind in £30m funding deal

Wind turbines Image copyright PA

Glasgow-based renewable energy firm UrbanWind has announced plans to develop wind turbine schemes across the UK after signing a £30m funding deal with a private equity firm.

Zouk Capital will provide finance for smaller schemes which have won planning permission but lack funding to proceed.

Under the agreement, Zouk and UrbanWind will create a joint venture to develop suitable projects.

UrbanWind says it has about 100 sites in the development appraisal phase.

They are currently being evaluated for funding approval.

UrbanWind chief executive Paul McCullagh said: "We are delighted to announce the signing of this ground-breaking deal with Zouk Capital.

"It will enable UrbanWind to move ahead with our ambitious development plans, as well as opening up the advantages of wind energy to UK businesses, and is also a fantastic endorsement of the future that wind technology has in the UK.

"We look forward to working with Zouk Capital to bring wind turbine technology plans off the drawing board and into reality on sites across the country."

Mr McCullagh added that UrbanWind was looking to acquire more consented sites for wind turbine projects, as it continued to develop its strategy in partnership with Zouk.

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