Greencoat UK Wind is to acquire Andershaw wind farm from Statkraft UK for of £121M (including cash and working capital).
Andershaw is a 35MW wind farm sited 2 miles south of Douglas in South Lanarkshire that 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. Stakraft will also provide management services to the wind farm.
The acquisition will be funded using the Greencoat’s revolving credit facility and gearing will increase to £1,050m of outstanding debt, equating to 30% of Gross Asset Value.
Shonaid Jemmett-Page, Chair 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.”