Greencoat buys Bishopthorpe wind farm

Greencoat buys Bishopthorpe wind farm – The Board of Greencoat UK Wind PLC has announced that it has acquired Bishopthorpe Wind Farm from BayWa r.e. for a total consideration of GBP47 million.

The acquisition, which completed on 30 June 2017, was funded by Greencoat UK Wind’s revolving credit facility (GBP38 million) plus cash resources (GBP9 million).

Bishopthorpe is located near Grimsby in Lincolnshire, and has a capacity of 16.4MW and a forecast net load factor of 35.5%.  Bishopthorpe was originally developed by ASC Renewables and constructed by BayWa r.e.  The wind farm was commissioned in May 2017, and will receive 0.9 ROCs per MWh.

Bishopthorpe is the fifth wind farm that Greencoat UK Wind has bought from BayWa r.e. and follows on from Cotton Farm and Earl’s Hall Farm (2013), Kildrummy (2014) and Stroupster (2015).  Including Bishopthorpe, BayWa r.e. now operates eight wind farms in Greencoat UK Wind’s portfolio.

Following completion, Greencoat UK Wind’s total borrowings amount to GBP175 million, equivalent to 18% of Gross Asset Value (gearing limit 40%).

UKW : Greencoat buys Bishopthorpe wind farm