20th Dec 2019 09:03
(Alliance News) - Greencoat UK Wind PLC said on Friday it will acquire the Windy Rig and Twentyshilling wind farms from Statkraft UK Ltd for a total amount of GBP104 million.
The Windy Rig 43.2 megawatt and the Twentyshilling 37.8 megawatt wind farms are subsidy-free projects located in Dumfries & Galloway and were originally developed by wind development business Element Power, which was acquired by Statkraft in September 2018.
Statkraft will manage the construction of both wind farms, and payment will be made by Greencoat upon their completion.
Construction is expected to commence shortly. The Windy Rig farm is scheduled for completion in Q2 2021 and Twentyshilling is expected to be completed in Q3 2021.
Greencoat UK Wind Chair Tim Ingram said: "We are delighted to partner with Statkraft on this transaction, demonstrating that UKW is the continuing partner of choice for utilities, who are well placed to retain and manage the risks associated with wind farm construction."
Shares in the company were down 0.1% at 149.20 pence per share on Friday morning in London.
By Ife Taiwo; [email protected]
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