Greencoat UK Wind buys two Scottish wind farms – Greencoat UK Wind PLC has agreed to acquire the Windy Rig and Twentyshilling wind farms from Statkraft UK Limited for a combined consideration of £104 million, to be paid on completion. Construction of the wind farms is expected to commence shortly, with the acquisition targeted to complete in the second and third quarters of 2021 respectively, once each wind farm is fully operational.
Windy Rig (43.2MW) and Twentyshilling (37.8MW) are subsidy free projects located in Dumfries & Galloway and were originally developed by Element Power (acquired by Statkraft in September 2018). Statkraft will manage the construction of both wind farms and will provide route-to-market and operational management services for the wind farms once operational.
Tim Ingram, Chairman of UKW, commented: “This transaction follows, and is very similar to, our recently announced Glen Kyllachy acquisition from Innogy, with acquisition completion occurring upon the successful commissioning of the wind farms. We are delighted to partner with Statkraft on this transaction, demonstrating that UKW is the continuing partner of choice for utilities, who are well placed to retain and manage the risks associated with wind farm construction.”
UKW : Greencoat UK Wind buys two Scottish wind farms