24th Feb 2021 08:50
(Alliance News) - Greencoat UK Wind PLC on Wednesday said it has acquired the remaining 50% interest in the Braes of Doune wind farm, located close to Stirling, Scotland, for GBP48.1 million.
The UK-based energy assets manager said the stake was purchased from funds managed by the infrastructure team of the international business of Federated Hermes.
The wind farm comprises 36 Vestas V80 2 megawatts turbines, with a total capacity of 72 megawatts. The wind farm was commissioned in June 2007. Greencoat UK Wind now owns 100% of the wind farm, having acquired its original 50% stake at its initial public offering in March 2013.
In addition, the FTSE 250-listed company said it has agreed with Banks Renewables Ltd to acquire a 49.9% interest in Kype Muir Extension wind farm - located in South Lanarkshire, Scotland - for GBP51.4 million. This will be paid once the wind farm is fully operational, which is targeted for the final quarter of 2022.
Greencoat UK Wind said it will also provide construction finance of up to GBP47 million, with first utilisation expected in July.
Kype Muir Extension is expected to comprise 4 Nordex 3.6 megawatts turbines plus 11 Nordex 4.8 megawatts turbines, with a total capacity of 67.2 megawatts. The wind farm is subsidy-free and will benefit from a 15 year fixed power price agreement with a utility.
"We are delighted to acquire the remaining 50% of Braes of Doune, a high quality, ROC-accredited asset, in which we have been invested since March 2013. We are also excited to be partnering with Banks Renewables on Kype Muir Extension and look forward to acquiring 49.9% of the project in the fourth quarter of 2022," said Stephen Lilley of Greencoat Capital LLP, an investment manager.
Greencoat UK Wind shares were trading 0.2% higher in London on Wednesday morning at 131.20 pence each.
By Evelina Grecenko; [email protected]
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