Greencoat UK Wind buys five wind farms from EDF

Greencoat UK Wind buys five wind farms from EDF – Greencoat UK Wind PLC has acquired an 80% stake in five wind farms from EDF Energy Renewables for a total consideration of GBP98 million (including GBP7 million cash and working capital). All five wind farms are situated within 25 miles of Peterborough, and in total comprise 47 Senvion 2.05MW MM82 turbines.

The five farms are:

• Deeping St Nicholas, which has a capacity of 16.4MW and was commissioned in June 2006
• Red House – 12.3MW and June 2006
• Glass Moor – 16.4MW and June 2006
• Red Tile – 24.6MW and April 2007
• Bicker Fen – 26.7MW and September 2008

The weighted average net load factor of the five wind farm portfolio is 25%. The portfolio will sell power and ROCs to, and the turbines will be operated and maintained by, the EDF group, which will also provide asset management services.  EDF ER will retain a 20% interest in the portfolio.

Tim Ingram, chairman of UKW, commented: “Following on from our recent further share issue, we are pleased to acquire assets from a tenth seller, a third major utility partnership, demonstrating UKW’s reach across the market in finding value for investors.”

The acquisitions were funded by UKW’s acquisition facility. Following completion of the acquisitions, UKW’s total borrowings will amount to GBP265 million, equivalent to 19% of Gross Asset Value (gearing limit 40%). The effect of the transaction is to increase Greencoat’s net generating capacity to 694MW.

UKW : Greencoat UK Wind buys five wind farms from EDF