Greencoat UK Wind Buys Northern Ireland Wind Farm For GBP163 Million

LONDON (Alliance News) - Greencoat UK Wind PLC said Thursday it acquired a wind farm in Northern Ireland for GBP163 million.

Greencoat bought the 47.5 megawatt capacity Brockaghboy wind farm - 30 miles east of Londonderry - from ERG Power Generation SpA. The wind farm was full commissioned in February having been developed by TCI Renewables Ltd and then constructed by ERG.

"We are very pleased with this latest acquisition," Greencoat Chairman Tim Ingram said. "2017 was a busy year for us and it is great to start 2018 with the acquisition of a 100% ownership stake in a brand new, good sized, very high load factor wind farm, from very experienced developers. The secondary market remains active and there are several wind farms that we now expect to be acquired by others in the near future: as with all our acquisitions, price discipline is paramount."

The acquisition will be funded through a mix of debt and cash. GBP100 million will be provided by its revolving credit facility, GBP50 million from new increases in its debt facility with Commonwealth Bank of Australia and the remaining GBP13 million from portfolio cash.

After the buy, Greencoat has GBP415 million in total borrowings.

Shares in Greencoat were 0.7% lower at 120.37 pence on Thursday.