20th Aug 2014 07:02
LONDON (Alliance News) - Greencoat UK Wind PLC said Wednesday that it has acquired a 51.6% stake in four wind farms from subsidiaries of The AES Corporation for a total of GBP90.6 million.
The renewable infrastructure fund said it has agreed to buy the stake in the Sixpenny Wood, Yelvertoft, North Rhins and Drone Hill wind farms, meaning it is now invested in 16 UK wind farms with net generating capacity of 271.5 megawatts.
The acquisitions are set to complete August 22 and will include prepayment of existing debts. The deal will be funded from the company's cash resources and its acquisition debt facility provided by RBC, RBS and Santander.
Sixpenny Wood Wind Farm is located near Goole in the East Riding of Yorkshire and has a total capacity of 20.5 megawatts, a forecast net load factor of 31.0% and has been operational since July 2013.
Yelvertoft Wind Farm is located east of Rugby in Northamptonshire and has a total capacity of 16.4 megawatts, a forecast net load factor of 28.6% and has been operational since July 2013.
North Rhins Wind Farm is located on the North Rhins peninsula, west of Stranraer in Dumfries and Galloway, and has a total capacity of 22.0 megawatts, a forecast net load factor of 37.8% and has been operational since December 2009.
Drone Hill Wind Farm is located west of Eyemouth in the Borders and has a total capacity of 28.6 megawatts, a forecast net load factor of 23.7% and has been operational since August 2012.
Greencoat UK Wind said all four wind farms were developed and constructed by AES.
In its first-half results in July, the company said pretax profit more than doubled to GBP18.8 million, from GBP7.6 million in the slightly longer period from December 4, 2012 until June 30, 2013.
The renewable infrastructure fund said the jump was down to strong returns on investments, which doubled to GBP23.6 million from GBP11.0 million.
By Alice Attwood; [email protected]; @AliceAtAlliance
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