Greencoat UK Wind has continued its acquisition programme, buying two windfarms for a total cost of £105m, taking its net generating capacity to 547MW.
The renewables investment fund has agreed to acquire the North Hoyle and Slieve Divena windfarms from institutional investors advised by JP Morgan Asset Management in a deal set to complete this month.
The 60MW North Hoyle windfarm is five miles offshore in Liverpool Bay. Slieve Divena has a generating capacity of 30MW and is located in County Tyromne, Northern Ireland.
The latest deal follows the acquisition of two wind farms in March – the Langhope Rig windfarm in the Scottish Borders, bought from GE Energy Financial Services for £39.8 million; and a stake in the Clyde windfarm in South Lanarkshire, bought from SSE for £355 million.
According to its half year results, released in July, the fund’s portfolio of windfarms generated £39.2 million in net cash during the first six months of 2017. Following the completion of the latest acquisitions, its total borrowings will be £318m, 28 per cent of its gross asset value.
Greencoat UK Wind is part of Greencoat Capital, whose co-founder and managing partner Richard Nourse was appointed to the cost of energy review led by Dieter Helm earlier this month.