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24 Feb 2021 | 07:02

Greencoat UKW spends £99m on new acquisitions

(Sharecast News) - Renewable infrastructure fund Greencoat UK Wind on Wednesday announced two acquisitions for £99.5m. The company said it had bought the remaining 50% interest in Braes of Doune wind farm from funds managed by the infrastructure team of Federated Hermes for £48.1m and agreed with Banks Renewables to acquire a 49.9% interest in Kype Muir Extension wind farm for a headline price of £51.4m once operational in the final quarter of 2022.

Braes of Doune is located in Stirlingshire, Scotland and comprises 36 2MW turbines, with a total capacity of 72MW. UKW now owns 100% of the wind farm, having acquired its original 50% stake at IPO in March 2013.

Kype Muir Extension is located in South Lanarkshire, Scotland and will comprise 4 3.6MW turbines plus 11 4.8MW turbines, with a total capacity of 67.2MW. The wind farm is subsidy free and will benefit from a 15-year fixed power price agreement with a utility, Greencoat said, adding that it would also provide construction finance of up to £47m, with first utilisation expected in July 2021.

Greencoat said it planned to repay £160m of its revolving credit facility (RCF), reducing borrowings under the RCF to £240m from £400m Together with £700m of term debt, total borrowings will be £940m.

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