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(Alliance News) - Greencoat UK Wind on Monday said it completed the commissioning of the Windy Rig and Glen Kyllachy wind farms in Scotland following their acquisitions.
The London-based energy assets manager purchased the farms from Statkraft UK Ltd for a total amount of GBP104 million.
Both projects were funded through the reinvestment of excess cash flow and proceeds from its equity raise in November, UKW said.
Windy Rig is a 43.2 million watts subsidy-free project near Castle Douglas in Dumfries & Galloway and Glen Kyllachy a 48.5 million watts subsidy-free project located in the Highlands.
Both wind farms will increase its net generating capacity to 1.422 million watts and the number of subsidy-free assets in its portfolio to three from a total of 43 operating wind farms.
Separately, the energy asset manager entered an agreement with AXA SA to provide an eight-year GBP200 million credit faculty, which will be used to repay its revolving credit facility.
It explained that this will also enable the company to continue to capitalise on the strong pipeline of offshore and onshore opportunities in the UK wind farm market.
Shares were up 0.1% at 141.75 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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