Greencoat UK Wind PLC to acquire new wind assets in deals worth almost £100mln

(LON: UKW) said it had agreed to make acquisitions worth almost £100mln.

It is buying the 50% of the Braes of Doune wind farm, in Stirlingshire, Scotland, which it doesn’t already own for £48.1mln from Federated Hermes.

And it has agreed with Banks Renewables to take 49.9% of the Kype Muir Extension wind farm for £51.4mln. It is also providing £47mln of financing for the Lanarkshire project, which is scheduled for completion in the final quarter of next year.

In the same announcement, Greencoat said that, following the recent share placing, which raised a gross £198mln, it will pay off £160mln of its revolving credit facility (RCF).

This will reduce borrowings under the RCF to £240mln from £400mln. Together with term debt of £700mln, total borrowings currently stand at £940mln, or 28% of the value of the business’ gross assets.