Greencoat UK Wind closes buy of 2 subsidy-free projects after commissioning

Wind park in Scotland. Author: Ian Dick. License: Creative Commons, Attribution 2.0 Generic.

January 10 (Renewables Now) - Greencoat UK Wind Plc (LON:UKW) today said it has completed the acquisitions of two subsidy-free wind farms in Scotland with a combined capacity of 91.7 MW following their commissioning.

The listed fund managed by Greencoat Capital LLP has added the 43.2-MW Windy Rig project near Castle Douglas in Dumfries & Galloway and the 48.5-MW Glen Kyllachy facility near Inverness to its portfolio. Windy Rig consists of 12 Vestas V112 3.6MW turbines, while Glen Kyllachy has 20 Nordex N90 2.5MW machines.

The acquisitions of these projects, which were first announced in October 2019 and December 2019, bring Greencoat UK Wind’s net generating capacity to 1,422 MW across 43 operating UK wind farms. The count now includes three subsidy-free assets.

Windy Rig and Glen Kyllachy were funded through reinvestment of excess cashflow and Greencoat UK Wind’s recent equity raise.

The company also said it has secured an eight-year GBP 200 million (USD 271m/EUR 240m) debt facility from AXA. It will use the loan to repay its revolving credit facility, which will allow it to continue to capitalise on a pipeline of UK wind opportunities, both onshore and offshore, the fund added.

(GBP 1 = USD 1.354/EUR 1.199)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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