Greencoat Announces Acquisition of Andershaw Wind Farm

Source: www.gulfoilandgas.com 9/28/2021, Location: Europe

Greencoat UK Wind PLC ("UKW") is pleased to announce that it has agreed to acquire Andershaw wind farm from Statkraft UK Limited ("Statkraft") for a total consideration of 121m (including cash and working capital).

Andershaw is a 35MW wind farm located 2 miles south of Douglas in South Lanarkshire and comprises 11 Vestas V117 3.3MW turbines. The wind farm was commissioned in February 2017, has a load factor of 34.8% and benefits from 0.9 ROCs per MWh. The wind farm has entered into a power purchase agreement with Statkraft until 2037 who will also provide management services to the wind farm.

The acquisition will be funded using the Company's revolving credit facility and gearing will increase to £1,050m of outstanding debt, equating to 30% of Gross Asset Value.

Shonaid Jemmett-Page, Chairman of UKW, commented: "We are delighted to announce the acquisition of Andershaw wind farm. This transaction grows our portfolio to 39 wind farms with a generating capacity of 1,244MW. Our pipeline of potential acquisitions remains healthy and we look forward to adding further attractive growth opportunities in due course as we continue to play our role in helping to decarbonise the UK economy."


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