28th Jun 2016 09:21
LONDON (Alliance News) - Greencoat UK Wind PLC on Tuesday said it has purchased Screggagh Wind Farm in Northern Ireland for GBP27.0 million, increasing its net generating capacity to 420 megawatts, as it said it expects no material change to its business resulting from the UK vote to leave the European Union.
The renewable infrastructure fund said the acquisition of the wind farm is expected to complete on Thursday, and will be funded using GBP7.0 million in cash resources and the remaining GBP20.0 million from its revolving credit facility.
Greencoat said the wind farm has a capacity of 20 megawatts and a forecast net load factor of 28.2%.
Greencoat said it does not expect any material change to its business resulting from the UK exiting the EU. "Being solely UK focused and deliberately low-risk, all of the company's assets and liabilities are inside the UK and sterling denominated. In addition, the regulatory regime under which the assets operate is robust, long-standing and rooted in UK legislation," the company said in a statement.
Shares in Greencoat were up 1.0% at 102.24 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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