(Alliance News) - Greencoat UK Wind PLC on Thursday said it has agreed to acquire the Glen Kyllachy wind farm from Innogy Renewables UK Ltd for GBP57.5 million, to be paid on completion.
Construction of the wind farm is ready to commence, the investment firm said, with the transaction targeted to complete in October 2021. Once the wind farm is fully operational, Innogy will manage the construction of the wind farm, with first export of electricity targeted in July 2021.
Glen Kyllachy is a 48.5 megawatts subsidy free project located in the Highlands, 11 miles south of Inverness, Scotland.
"Together with the recent acquisition of Douglas West, this brings our commitments to subsidy free wind farms to just over GBP100 million, complementing our recent GBP145 million investment in Tom nan Clach, with its fixed price contract for difference revenue, and our GBP2.3 billion rate of change portfolio," said Chair Tim Ingram.
He added: "We are delighted to partner again with Innogy, who have the expertise and resources to deliver a high quality operational wind farm."
Greencoat UK Wind shares were trading 0.4% lower on Thursday in London at 141.60 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Greencoat UK Wind (UKW)