OnPath Energy, formerly called Banks Renewables, said it completed the sale of its shares in the recently constructed Kype Muir Wind Farm Extension near Strathaven in South Lanarkshire to funds managed by Schroders Greencoat LLP.

Greencoat UK Wind plc has been an investor in Kype Muir Wind Farm Extension since 2021, with an initial loan which converted to a 49.9% shareholding in December 2023.

Greencoat UK Wind plc said: “The company is pleased to announce that, together with another fund managed by Schroders Greencoat LLP, it has acquired the remaining 50.1% in Kype Muir Extension wind farm from OnPath Energy.

“The company made a further investment of £14.25 million from available cash in Kype Muir Extension with its additional interest acquired by the exercise of certain existing shareholder rights.

“The company’s overall interest in the windfarm has increased to 66% and the acquisition was accretive to NAV. The company’s net generating capacity now stands at 2,017MW.”

The combined 41 turbines of the Kype Muir and Kype Muir Wind Farm Extension generate over 153MW of electricity between them, which is enough to supply renewable electricity to more than 123,700 homes or a city larger than Aberdeen.

OnPath Energy said: “This enabled OnPath Energy to construct the project at a time when UK onshore renewables deployment was extremely challenging.

“Following the completion of construction, funds managed by Schroders Greencoat have now acquired the remaining 50.1 per cent of the project shares.

“The significant community benefits package linked to Kype Muir Wind Farm Extension, which will see around £10 million made available from its revenues for local community and environmental projects, will be fully maintained under its new ownership over the lifetime of the project.”

Gordon Thomson, projects director at OnPath Energy, said: “Kype Muir Wind Farm Extension is a groundbreaking UK project being the first to construct 200m turbines and a product of OnPath Energy’s progressive development philosophy.

“The project will provide tens of thousands of homes with renewable energy and we’re proud to have taken this important project from first principles through to its completion.

“We have worked in close partnership with Schroders Greencoat on the development of this wind farm for several years. The long term social, economic and environmental commitments made to local communities will be honoured in full by its new owners.

“OnPath has ambitious plans to make further additional capital investment in high quality renewable energy infrastructure, amplifying the difference we can make to a net zero future for the UK that will help to lower consumer bills, improve the UK’s energy security and deliver a just transition that is fair and inclusive for everyone.”