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Greencoat UK Wind buys Corriegarth wind farm

Greencoat UK Wind buys Corriegarth wind farm –  Greencoat UK Wind PLC has acquired Corriegarth Wind Farm from Invenergy Renewables LLC for a total consideration of approximately GBP181 million.

Corriegarth is located approximately 20 miles south west of Inverness on the eastern side of Loch Ness, and has a capacity of 69.5MW. Corriegarth was developed and constructed by Invenergy. It was commissioned in April 2017 and has a forecast net load factor of 35.2%, which will be subject to an adjustment mechanism that will assess actual energy production over a 24 month period. It receives 0.9 ROCs per MW.

Tim Ingram, Chairman of UKW, commented: “We are very pleased with our latest acquisitions – high quality assets, which deliver an attractive investment return to our investors. The portfolio as a whole now provides sufficient electricity to power over 550,000 homes.”

Laurence Fumagalli of Greencoat Capital added: “It has been a busy period in the secondary wind market, and we have been able to find value and transact quickly. Our independence, flexibility, and execution track record have again been helpful.”

The acquisition was funded by the acquisition facility, now increased to GBP400 million, with refreshed tenor and lower margin. Following completion of Corriegarth, North Hoyle, Slieve Divena and the further 2.8% interest in Clyde, UKW’s total borrowings will amount to GBP500 million, equivalent to 38% of Gross Asset Value (gearing limit 40%).

UKW : Greencoat UK Wind buys Corriegarth wind farm

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