Greencoat UK to buy 26.7 MW of wind farms in England
Sep 27, 2013 - Renewable energy fund Greencoat UK Wind Plc (LON:UKW) said today it had agreed a GBP-70-million (USD 113m/EUR 83m) deal to buy 26.65 MW of wind farm capacity in England from Baywa r.e. renewable energy GmbH.
The transaction value includes prepayment of existing debt plus GBP 6.4 million in cash. The buyer will fund the amount from existing cash resources and through an acquisition debt facility. Greencoat expects to wrap up the purchase on October 2, bringing its total power capacity to 153.1 MW.
The assets to be acquired include the 16.4-MW Cotton Farm wind power plant in Cambridgeshire with an expected load factor of 35.6% and the 10.25-MW Earl's Hall Farm wind scheme in Essex with a forecast load factor of 35.4%. The acquisition price might be adjusted after the completion of two years of energy production evaluations. The two parks have been operational since March 2013.
The seller is a unit of German agriculture cooperative Baywa (ETR:BYW6), while the wind farms were developed by the local unit of German power group RWE AG (ETR:RWE).