Greencoat UK Wind has announced it has secured agreements to acquire a 35.5 per cent stake in the Stronelairg and Dunmaglass windfarms from SSE.
A UK pension fund which is managed by Greencoat Capital, will also acquire a 14.4 per cent stake.
Greencoat UK Wind will acquire a net 35.5 per cent stake in the windfarms for a consideration of £452 million (including cash and working capital), while the managed account will acquire a net 14.4 per cent for £183 million.
SSE will continue to hold the remaining 50.1 per cent.
The 66-turbine Stronelairg windfarm, located near Fort Augustus in Scotland, has an installed generating capacity of 228MW.
The windfarm was commissioned in December last year and has a load factor of 43 per cent.
Dunmaglass meanwhile is located 15 miles south of Inverness and has an installed generating capacity of 94MW.
The 33-turbine windfarm was commissioned in December 2017 and has a load factor of 44 per cent.
SSE will continue to operate both windfarms with Vestas and General Electric providing turbine operation and maintenance for Stronelairg and Dunmaglass respectively.
Tim Ingram, chairman of Greencoat UK Wind, said: “I am delighted to announce the acquisition of these two high load factor, ROC accredited windfarms, which will deliver attractive investment returns.
“This transaction builds on our longstanding relationship with SSE and we are delighted to be co-investing with a major UK pension fund partner.”
Laurence Fumagalli of Greencoat Capital, added: “We are pleased to add two more large windfarm investments to our portfolio, located close to our existing capacity in the Highlands.
“We continue to see a strong pipeline of acquisition opportunities, and our independence and our proven track record in execution and operations makes us an attractive partner for utility vendors looking to recycle capital.”
Jim Smith, managing director designate, SSE Renewables, said: “We are delighted to partner again with Greencoat UK Wind with the sale of stakes in Stronelairg and Dunmaglass.
“The sale is in line with SSE’s strategy to create value from development and operation, as well as ownership, of assets.
“SSE Renewables is committed to driving the transition to a low carbon future, and through our efficient operation of onshore windfarms like these we will continue to help decarbonise the UK’s electricity generation mix.”
Greencoat UK Wind has also announced that it is seeking to raise up to £131 million through a placing of new ordinary shares in the capital of the company by way of a non-pre-emptive issuance to institutional investors at 127p per share.
Proceeds from the placing will be used to repay or reduce future draw downs under the company’s revolving credit facility (increased to £525 million).
Greencoat Solar recently completed the purchase of three solar farms in the UK from German asset manager CEE Group at the end of last year.