Greencoat UK Acquires Slieve Divena II Wind Farm For GBP51 Million

Thu, 20th Feb 2020 09:50

(Alliance News) - Greencoat UK Wind PLC said Thursday it will acquire the Slieve Divena II wind farm from SSE Renewables for GBP51 million.

SSE Renewables, the renewable subsidiary of FTSE 100 electricity utility SSE PLC, first constructed Slieve Divena II in 2017. It has a capacity of 18.8 megawatts and a load factor of 31.3% and receives 0.9 renewables obligation certificates per megawatt-hour.

Greencoat UK funded the acquisition through its acquisition bank facility, along with the reinvestment of GBP24 million in portfolio cash.

Under a long-term power purchase agreement, SSE Airtricity - which is SSE's retail brand in Northern Ireland - will become the offtaker for Slieve Divena.

"We are delighted to acquire our eighth wind farm from SSE, which is testament to the longstanding relationship we have developed. Slieve Divena II is a high quality, ROC-accredited asset sitting alongside our Slieve Divena wind farm and is a natural addition to our portfolio of operating UK wind farms, which now has a net generating capacity of almost 1 gigawatt," said Chair Tim Ingram.

Shares in Greencoat UK Wind - which is based in London - were marginally lower at 145.79 pence on Thursday morning.

By Dayo Laniyan; dayolaniyan@alliancenews.com