German reinsurer invests in UK wind farms

A German reinsurance company with plenty of funds to invest has acquired three UK wind farms.

Munich Re has purchased TIR Mostyn in North Wales with a capacity of 21 MW; Scout Moor near Manchester with 65 MW; and Bagmoor in Lincolnshire with 16 MW.

Scout Moor, which is one of the largest onshore wind farms in the UK, has been sold by private equity firm HgCapital.

Commenting on the move, Munich Re spokesman, Holger Kerzel, said: “The UK represents an attractive location for investment in renewable energy on the basis of a stable regulatory environment and the favourable wind conditions.”