Greencoat UK Wind buys North Hoyle and Slieve Divena wind farms – Greencoat UK Wind PLC has entered into agreements to acquire the North Hoyle and Slieve Divena wind farms from institutional investors advised by JP Morgan Asset Management for a total consideration of approximately GBP105 million.
The acquisitions, which are expected to complete in August 2017, will be funded by Greencoat UK Wind’s revolving credit facility.
North Hoyle is located 5 miles offshore in Liverpool Bay, and has a capacity of 60MW. North Hoyle was originally developed by Innogy, and formed part of the Zephyr portfolio from 2005. The wind farm was commissioned in June 2004 and, as one of the UK’s earliest offshore wind farms, receives 1 ROC per MWh.
Slieve Divena is located in County Tyrone, Northern Ireland, and has a capacity of 30MW. Slieve Divena was originally developed by SSE, and formed part of the Infinis portfolio from 2011. The wind farm was commissioned in March 2009 and receives 1 ROC per MWh.
Following completion of the acquisitions (and including completion of the recently announced acquisition of a further 2.8% interest in Clyde for GBP38 million), Greencoat UK Wind’s total borrowings will amount to GBP318 million, equivalent to 28% of Gross Asset Value (gearing limit 40%).
UKW : Greencoat UK Wind buys North Hoyle and Slieve Divena wind farms