Greencoat UK Wind buys 80% stake in 96.4-MW UK wind portfolio of EDF

Greencoat UK Wind Plc (LON:UKW) has bought an 80% stake in five UK wind farms totalling 96.4 MW from EDF Energy Renewables (EDF ER), the parties said today.

The fund paid GBP 98 million (USD 130.4m/EUR 111.9m) for the acquisition, including GBP 7 million cash and working capital.

The five wind farms -- the 16.4-MW Deeping St Nicholas, 12.3-MW Red House, 16.4-MW Glass Moor, 24.6-MW Red Tile and 26.7-MW Bicker Fen -- are all located not far from Peterborough, England and use Senvion turbines of the 2.05MW MM82 type. They were commissioned between June 2006 and September 2008.

EDF ER, a UK business of French utility EDF (EPA:EDF), will keep a 20% stake in the portfolio. The French group will continue to run the wind farms and to purchase all of the electricity and Renewables Obligation Certificates (ROCs) they generate.

"This deal is part of EDF Group’s strategy to allow us to invest in other UK renewables projects," said EDF ER chief executive Matthieu Hue.

For Greencoat UK Wind, the deal comes after the fund recently raised GBP 340 million in a share issue to pay down its acquisition facility and "take advantage of an attractive pipeline of opportunities." It brings Greencoat UK Wind's net generating capacity to 694 MW.

(GBP 1 = USD 1.331/EUR 1.142)

Choose your newsletter by Renewables Now. Join for free!