The acquisition follows its purchase of the Kildrummy and Maerdy windfarms earlier this year and brings its total wind portfolio to 271.5MW.
As a result of its latest transaction Greencoat’s gross debt has reached £225 million, or 38 per cent of its gross asset value, meaning the fund will need to raise capital to avoid breaching its 40 per cent debt limit.
“The next step looks likely to be an equity raise to recapitalise the balance sheet and pay down some of the acquisition facility; however, long-term debt is also an option,” said analysts at RBC Capital.
The AES purchase covers windfarms in four locations and includes the 20.5MW Sixpenny Wood, 16.4MW Yelvertoft, 22MW North Rhins and 28.6MW Drone Hill windfarms.
In its H1 financial results the company reported net cash generation of £20.1 million and said the outlook for investment in UK wind farms to be “very encouraging”.
The company identified its key risks and uncertainties as being changes to government policy on renewable energy; a decline in the market price of electricity; a lower than expected turbine life-span or reduced wind resources.