Greencoat seals £47 MM wind farm deal
Greencoat UK Wind (UKW), managed by Greencoat Capital, has announced that it has acquired Bishopthorpe Wind Farm from BayWa r.e. for a total consideration of £47 million (US$60 million).
The acquisition was funded by UKW's revolving credit facility (£38 million) plus cash resources (£9 million).
Bishopthorpe is located near Grimsby in Lincolnshire, and has a capacity of 16.4 MW and a forecast net load factor of 35.5%. Bishopthorpe was originally developed by ASC Renewables and constructed by BayWa r.e. The wind farm was commissioned in May 2017, and will receive 0.9 ROCs per MWh.
Bishopthorpe is the fifth wind farm that UKW has bought from BayWa r.e. and follows on from Cotton Farm and Earl's Hall Farm (2013), Kildrummy (2014) and Stroupster (2015). Including Bishopthorpe, BayWa r.e. now operates eight wind farms in UKW's portfolio.
Following completion, UKW's total borrowings amount to £175 million (US$225 million), equivalent to 18% of Gross Asset Value (gearing limit 40%).
Greencoat UK Wind PLC is a renewable infrastructure fund, invested in 21 operating UK wind farms with net generating capacity of 452MW (including the acquisition of Bishopthorpe).
