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Greencoat UK Wind pays £98mln for 80% stake in five UK wind farms

Published: 08:13 01 Nov 2017 GMT

Wind turbines
The EDF group will operate and maintain the turbines

Greencoat UK Wind PLC (LON:UKW) has acquired an 80% stake in five wind farms in the Peterborough area for £98mln from EDF Energy Renewables.

The wind farms have, in total, 47 Senvion 2.05 megawatt MM82 turbines.

READ: Greencoat UK Wind plans to issue up to 500mln new shares over next 12 months via placings, offers for subscription

The portfolio will sell power and renewable obligation certificates to the EDF group.

The EDF group will operate and maintain the turbines.

READ: Greencoat Renewables tipped to ‘outperform’ by Dublin broker

“The acquisitions were funded by UKW's acquisition facility. Following completion of the acquisitions, UKW's total borrowings will amount to £265 million, equivalent to 19% of Gross Asset Value (gearing limit 40%),” said Tim Ingram, chairman of Greencoat.

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