Major windfarm project to be pursued near Banchory


ABERDEEN’S Parkmead Group has revealed it is in talks with a major European energy firm about building a 100MW windfarm near Banchory.

In a market update, the firm – led by North-east energy tycoon Tom Cross – said talks were progressing and that they hope to lead a joint-venture on the project, which could power an estimated 110,000 homes.

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The land at the heart of the proposals is at Pitreadie on Royal Deeside, which was purchased by Parkmead a few years ago in a deal worth £4.9million.

The site could also host a solar development under options currently being weighed up.

Yesterday’s market update showed Parkmead made pre-tax profits of £911,000 for the six months to December 31 2023, compared with losses of nearly £5.2million a year earlier.

Mr Cross, executive chairman, said “excellent” production rates from onshore gasfields in the Netherlands put Parkmead back in the black, alongside steady income from its Kempstone Hill turbines.

Mr Cross said “I am pleased to report strong operating performance achieved by Parkmead in the six-month period to 31 December 2023, despite lower gas prices. The excellent production rates from our onshore Netherlands gas fields have allowed Parkmead to return to profitability, setting a base for future success.

“The stable electricity revenue generated by our Kempstone Hill wind farm, against a back drop of falling international gas prices, demonstrates the importance of our strategy to continue growing our renewable energy income sources. We are continually reviewing both development and operational asset acquisition opportunities to increase the breadth and scale of our portfolio, as we aim to deliver our goal of 50% of Group revenues from renewable assets.

“Parkmead is committed to playing its part in the energy transition, through its growing renewable projects. In parallel, we are continuing to maximise the value of our full cycle E&P business. We were delighted by the successful award of the Fynn area Licence in the 33rd round, and are making good progress towards our operated exploration well at Skerryvore. The Parkmead team is working hard to deliver this project over the coming year.”

Mr Cross previously led Aberdeen-based Dana Petroleum until shortly after its £1.67billion buyout by South Korea’s national oil company in 2010.

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