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Blue Energy Starts Building Santander-Funded U.K. Wind Farm

June 6 (Bloomberg) -- Blue Energy Co., a closely held renewable-power developer, started building a wind farm in southeast England funded by equity from the company and Spain’s Banco Santander SA.

Santander and Blue Energy made the investment in the 20.7-megawatt project on the Essex Coast through a joint venture that will eventually see the bank investing as much as 100 million pounds ($155 million) in Blue Energy projects, Madrid-based Santander said today in an e-mailed statement. It declined to provide any additional financial details.

Blue Energy in February bought RidgeWind Ltd. and its portfolio of U.K. wind farms for 250 million pounds from HgCapital LLP. It’s continuing to look for other companies to acquire, according to the statement, and is targeting more consented wind farm sites to add to its pipeline.

The project will comprise nine turbines supplied by Siemens AG that will also operate the facility when it starts working in early 2014.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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