Greencoat UK Wind PLC (LON:UKW), the FTSE 250-listed specialist wind farm investor, said it has agreed to acquire SSE's 25.1% interest in the Walney I and II offshore projects for £350mln.
Walney is located nine miles off the Cumbrian coast and has a capacity of 367Mw.
Greencoat said it will fund the purchase from its £400mln acquisition facility, which will push total borrowing up to £980mln or 35% of gross asset value.
In a statement, Shonaid Jemmett-Page, Greencoat UK Wind’s chairman said: "We are delighted to acquire SSE's 25.1% interest in Walney, which is a high quality, ROC accredited asset.
"The acquisition is our third offshore wind farm investment since listing in 2013, following our investments in Rhyl Flats and North Hoyle.
“Walney is a natural addition to our portfolio of operating UK wind farms and increases our net generating capacity to over 1GW for the first time."
The wind farm was constructed in two phases in 2011 and 2012 by Danish firm Orsted, which remains the operator with a 50.1% stake.