Greencoat UK Wind takes stake in Tom nan Clach wind farm
Greencoat UK Wind takes stake in Tom nan Clach wind farm, its first CFD-subsidised project – Greencoat UK Wind has entered into an agreement to acquire Belltown Power’s 75% stake in Tom nan Clach wind farm for a headline consideration of GBP126 million (including share of project finance debt). Tom nan Clach is located in Nairnshire, Scotland, and is currently in the final stages of construction. The transaction is scheduled to complete in July 2019, 30 days after the commencement of commercial operations.
Tom nan Clach was originally developed by Infinergy and is being constructed by Belltown Power. The project will benefit from a 15 year Contract for Difference of GBP91.14 (2018 real, CPI indexed) and, once complete, will comprise 13 Vestas V112 turbines, restricted to 39.1MW connection capacity. The forecast net load factor is 48% (as a percentage of 39.1MW).
Tim Ingram, chairman, commented: “We are pleased to have reached agreement to acquire Tom nan Clach, a large, brand new and high load factor wind farm. This will be our first CFD investment and will sit alongside our 30 ROC investments as part of a balanced portfolio.”
Stephen Lilley of Greencoat Capital added: “Since our launch in 2013, we have built up a high-quality portfolio with net generating capacity of 785MW, through a disciplined and steady approach to acquisitions. We are starting to see attractive CFD and subsidy-free investment opportunities, of which Tom nan Clach is our first. These opportunities will complement our core ROC investments and simple, low risk fund structure. Reflecting the overall shape of the market, we expect the majority of future investments will continue to be made from the GBP50 billion pool of UK wind farms accredited under the ROC regime.”
UKW : Greencoat UK Wind takes stake in Tom nan Clach wind farm