Greencoat to buy majority of 39-MW Scottish wind park
Wind farm in Scotland. Author: Neil Williamson. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Greencoat UK Wind plc (LON:UKW) said today it has agreed to buy a 75% stake in the 39.1-MW Tom nan Clach wind farm for a headline consideration of GBP 126 million (USD 164m/EUR 143m).
Greencoat UK Wind will acquire the interest from Belltown Power, which is currently executing the final stages of construction of the particular wind farm in Nairnshire, Scotland. The plant will consist of 13 units of Vestas’ V112 turbines with a forecast net load factor of 48%. It has a 15-year contract for difference (CfD) at GBP 91.14 per MWh.
The transaction itself includes a share of project finance debt and is expected to close in July 2019, about 30 days after the wind park begins commercial operations, the buyer noted.
"This will be our first CfD investment and will sit alongside our 30 ROC investments as part of a balanced portfolio," said Tim Ingram, chairman of Greencoat UK Wind. Stephen Lilley of Greencoat Capital added that the company is starting to see attractive CfD and subsidy-free investment opportunities, which can complement its simple, low risk fund structure.