28th Sep 2021 09:24
(Alliance News) - Greencoat UK Wind PLC on Tuesday said it had agreed to buy Andershaw wind farm from Statkraft UK Ltd for GBP121 million.
The London-based energy assets manager will fund the acquisition through its revolving credit facility. As a result, gearing will increase to GBP1.05 million of outstanding debt, equating to 30% of gross asset value.
Andershaw is a 35 megawatt wind farm based in South Lanarkshire, Scotland, and comprises 11 Vestas V117 3.3 megawatt turbines. The wind farm was commissioned in 2017 with a load factor of 35%.
Greencoat added that it had entered into a power purchase agreement with Statkraft until 2037, in which time they will also provide management services to Andershaw.
"This transaction grows our portfolio to 39 wind farms with a generating capacity of 1,244 megawatts," said Chair Shonaid Jemmett-Page.
"Our pipeline of potential acquisitions remains healthy and we look forward to adding further attractive growth opportunities in due course as we continue to play our role in helping to decarbonise the UK economy."
Back in February, Greencoat acquired the remaining 50% interest in the Braes of Doune wind farm, located close to Stirling, Scotland, for GBP48.1 million. It now owns 100% of Braes of Doune, having acquired its original 50% stake at the wind farm's initial public offering in 2013.
Shares were down 0.6% at 135.79 pence in London on Tuesday morning.
By Josie O'Brien; [email protected]
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