Greencoat agrees to buy 90 MW of offshore, onshore wind
North Hoyle offshore wind farm in UK. Author: Ingy The Wingy. License: Creative Commons.
Greencoat UK Wind plc (LON:UKW) has agreed to buy 60 MW of offshore and 30 MW of onshore wind capacity in the UK for some GBP 105 million (USD 136.5m/EUR 116m).
The assets will be sold by institutional investors advised by JP Morgan Asset Management. Completion of the transactions is expected this month, bringing Greencoat's net generating capacity to 547 MW.
One of the deals is for the 60-MW North Hoyle offshore wind farm in Liverpool Bay, developed by Innogy and commissioned in June 2004. It was part of the Zephyr portfolio from 2005.
The other acquisition target is the 30-MW Slieve Divena wind farm in County Tyrone, Northern Ireland. The project has been developed by SSE Plc and commissioned in March 2009. It has formed part of the Infinis portfolio from 2011.
Both wind power plants get one renewables obligation certificate (ROC) per MWh of generated power.
The buys will be financed by Greencoat’s revolving credit facility. Upon completion of these deals and an additional investment in the 523-MW Clyde wind complex in Scotland, the company’s total borrowings will amount to GBP 318 million, equivalent to 28% of Gross Asset Value.