Register Log-in Investor Type

News

Greencoat invests in Humber Gateway

Greencoat invests in Humber Gateway – Greencoat UK Wind has agreed to acquire a 49% stake in the Humber Gateway offshore wind farm from RWE, in partnership with a number of pension funds investing through a fund also managed by Greencoat Capital.

Greencoat UK Wind will acquire a net 38% stake in the wind farm for a consideration of £500m (including cash and working capital), while the pension funds will acquire a net 11% for £148m, with the total cash consideration payable to RWE at completion being £648m. RWE will continue to hold the remaining 51%.

Humber Gateway is located 5 miles off the Yorkshire coast and is serviced from Grimsby in Lincolnshire. The 219MW wind farm was commissioned in June 2015 and comprises 73 Vestas 3MW turbines. The wind farm has a 45% load factor and benefits from 2 ROCs per MWh. RWE will continue to provide operation and maintenance and management services to the wind farm. A route-to-market power purchase agreement is in place.

The project located 8km off the Holderness coast, generated electricity for the first time in February 2015 and the final turbine was installed in April 2015. It provides enough electricity for around 170,000 homes – equivalent to around one and a half times the size of Hull.

Following completion, expected to be around the middle of December, the company will have £1,100m of outstanding debt, equating to 33% of Gross Asset Value.

UKW : Greencoat invests in Humber Gateway

previous story | next story

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…