CKD Galbraith Appointed To Market Renewable Energy Investment Opportunity
We have been appointed to market a renewable energy opportunity that will benefit from Government incentives to encourage the production of electricity from sustainable sources.
We are the sole agent for the 27-year lease of a 1.5-acre (0.61Ha) greenfield site at Auchtertool, Fife. The land comes ready with planning consent for a single wind turbine of up to 43.5m to ‘tip height’. This would permit the erection of an ACSA A27 225kW turbine.
The agricultural land, currently used for grazing, is at Pitkinnie Farm, south of the Puddledub-Auchtertool road, one mile west of Auchtertool and four miles south-east of Cowdenbeath.
A grid connection offer is expected shortly to feed electricity produced by the turbine into the National Grid. The average wind speed 25m above ground level according to data produced on the Government approved wind speed database, known as Noabl is 7.5 metres per second.
Proposed terms are available on request but the main provisions are:
• 27 years to include construction, operation and decommissioning;
• One-off premium payable at the date of entry (offers in excess of £200,000);
• £100 rent PA (no review clause);
• Break clause with nine months’ notice;
• Escrow account to cover costs of decommissioning.
Mike Reid, Head of our Utilities Department, explained that the property would likely be of interest to investors looking to benefit from the Renewables Obligation, requiring electricity suppliers to source an increasing proportion of electricity from renewable sources.
“The area is an ideal location for a wind turbine in Fife and the real value here is that this is a turn-key site which, with the early installation of a wind turbine, could be producing financial returns within a short time span,” said Mr Reid.
Each party will be responsible for their own legal costs, the tenant to pay any registration costs and Stamp Duty Land Tax arising together with any VAT.
Viewing is by prior appointment only. To make an appointment please contact our Cupar office