Property adviser Savills plc has sold its share of a wind farm joint venture to the Dutch renewable energy company it co-established the business with.

Property adviser Savills plc has sold its share of a wind farm joint venture to the Dutch renewable energy company it co-established the business with.

Savills sold its 50 per cent interest in Infinergy to its co-founder Koop Duurzame Energie for £23 million.

Infinergy was established in 2003 to identify sites in the UK to develop wind farms. Savills claims it is selling the business, which made a £2 million pre-tax loss and is yet to receive planning permission for a site, as it is non-core to its operations.

The proceeds of the sale, which Savills will re-invest in its operations, will be paid in three instalments. On completion £4 million was paid, a further £9 million is due in October with the balance satisfied in December next year.

Savills chief executive Jeremy Helsby said after five years Koop will now be able to take Infinergy to the next level of its development.

Savills was established in 1855 and today has more than 200 offices and associates throughout the Americas, Europe, Asia Pacific, Africa and the Middle East. In the year to January 2008, it made a pre-tax profit of some £17 million.