Greencoat UK Wind PLC makes third acquisition this year with £500mln stake in Humber Gateway
Humber Gateway is 5 miles off the Yorkshire coast and comprises 73 turbines with a capacity of 219MW
The specialist wind power specialist will be the largest part of the consortium and acquire a net 38% stake for £500mln while the pension funds will acquire a net 11% for £148m.
The total cash consideration payable to vendor will be £648mln. The German utility will continue to hold the remaining 51%.
Humber Gateway is 5 miles off the Yorkshire coast and comprises 73 turbines with a capacity of 219MW. The wind farm has a 45% load factor and benefits from 2 ROCs per MWh.
will continue to provide operation and maintenance and management services.
Greencoat UK Wind added that following completion, which is expected to be in the middle of December, its debt will amount to £1.1bn or £ 33% of Gross Asset Value.
Shonaid Jemmett-Page, Greencoat UK Wind’s chairman, said Humber Gateway is an attractive high load factor, ROC accredited offshore wind farm.
“This transaction adds another attractive asset to our portfolio which will stand at 38 wind farm investments, with a generating capacity of 1.2GW,” she said in a statement.
Laurence Fumagalli from the trust’s manager Greencoat Capital added: “We are pleased to add this sizeable offshore wind farm investment to our portfolio, which builds on the relationship we have with RWE that dates back to 2013 with the acquisition of Rhyl Flats and Little Cheyne Court, seed assets in the IPO.
“This will be the third investment we have made this year, and we continue to see an attractive pipeline of acquisition opportunities.”
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