Greencoat UK Wind has entered into an agreement to acquire Screggagh Wind Farm of 20 MW in Northern Ireland for £27 million (US$35.5 million), increasing its net generating capacity to 420 MW.
The acquisition, which is expected to complete on 30 June 2016, will include the prepayment of existing project finance indebtedness and will be funded by UKW's revolving credit facility (£20 million) and UKW's cash resources (c. £7 million).
Screggagh Wind Farm is located in County Tyrone, Northern Ireland and has a capacity of 20 MW and a forecast net load factor of 28.2%. Screggagh was commissioned in May 2011 and receives 1 ROC per MWh.
Tim Ingram, Chairman, said:
"We are delighted to announce the acquisition of Screggagh Wind Farm. Our structure and financing enable us to investigate a wide range of deal sizes from all vendors in the market, allowing us to select only the most value accretive assets."
In mid March, we reported that Greencoat UK Wind entered into an agreement to acquire 49.9% of Clyde Windfarm Limited from SSE for a consideration of £355 million, together with the infrastructure investment joint venture between Greater Manchester Pension Fund and London Pensions Fund Authority (GLIL).