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UrbanWind seals £30 investment deal

Paul McCullagh, chief executive of UrbanWind
Paul McCullagh, chief executive of UrbanWind

UrbanWind has completed a £30m funding deal to kick-start onshore wind projects across the UK.

Equity fund manager Zouk Capital will provide the finance to fund turbine projects which have been granted planning permission, but lack the funding necessary to develop them.

The deal will see Zouk buy consented sites from UrbanWind, and then develop them as a joint venture set up between both companies.

Paul McCullagh, UrbanWind’s chief executive, said: “It will enable UrbanWind to move ahead with our development plans and is also a powerful endorsement of the future that wind technology has in the UK.

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

Colin Campbell, managing partner at Zouk Capital, said: “We are very happy to be supporting UrbanWind with this innovative funding allocation, which creates an opportunity for developers, farmers and landowners across the UK to unlock the potential of consented sites.”