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Greencoat UK Wind to buy 81 MW of Scottish subsidy-free projects

Andershaw wind farm. Photo by: Statkraft (www.statkraft.com).

December 20 (Renewables Now) - Greencoat UK Wind Plc (LON:UKW) is to pay GBP 104 million (USD 137m/EUR 124m) for two subsidy-free wind projects with a combined capacity of 81 MW in Scotland.

The renewable infrastructure fund, which is managed by Greencoat Capital LLP, announced the agreement to buy the 43.2-MW Windy Rig and 37.8-MW Twentyshilling wind projects from Statkraft UK Limited on Friday. Construction of the two wind farms, to be located in Dumfries & Galloway, is expected to begin soon.

The transaction is expected to close in the second quarter of 2021 for Windy Rig and in the third quarter of 2021 for Twentyshilling, when the two farms are expected to be fully operational. Greencoat will pay the agreed amount on completion.

Statkraft UK, part of Norwegian state-owned utility Statkraft AS, will act as construction manager of the wind farms and will provide route-to-market and operational management services when they become operational. The company acquired the projects in September 2018 from developer Element Power Ltd.

(GBP 1.0 = USD 1.313/EUR 1.194)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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