25th Jun 2014 12:06
LONDON (Alliance News) - Greencoat UK Wind PLC Wednesday said it has acquired two wind farms for a total of GBP96.2 million in a deal it will fund using cash and debt.
In a statement, the renewable infrastructure fund said that it has agreed to acquire the Kildrummy Wind Farm from BayWa r.e. renewable energy GmbH for GBP43.3 million, and the Maerdy Wind Farm from Velocita Energy Developments Ltd for GBP52.9 million. The deals include the prepayment of the acquisitions' debt.
Greencoat UK Wind expects the deals to complete on June 30.
"We are pleased to announce the acquisition of Kildrummy and Maerdy Wind Farms, high quality additions to our operating portfolio," Chairman Tim Ingram said in a statement.
Following completion of the deals, Greencoat UK Wind expects its outstanding debt to represent about 27% of the value of its assets. Its limit is set at 40%.
Greencoat shares were Wednesday quoted at 106.50 pence, down 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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