Greencoat UK Wind is buying a £320m (€366.5m) Scottish windfarm from Vattenfall Wind Power.
The London-listed renewable infrastructure fund said it has agreed to buy South Kyle wind farm, a project consisting of 50 wind turbines and associated infrastructure located 5km to the east of Dalmellington on the boundary of Dumfries & Galloway and East Ayrshire.
The 240MW wind farm is expected to commence operations in the first quarter of 2023.
South Kyle, a subsidy-free wind farm, has entered into a route-to-market power purchase agreement with Vattenfall Energy for the 15 years following commissioning.
Vattenfall will construct the wind farm and will manage the asset on behalf of Greencoat UK for a minimum of 10 years once operational.
Tim Ingram, chairman of Greencoat UK, said: “We are delighted to enter into an agreement with Vattenfall, our fifth major utility partner.
“South Kyle is in close proximity to a number of other wind farms already owned by Greencoat UK Wind, and we are confident it will be another high-quality addition to our portfolio.”
Laurence Fumagalli of Greencoat Capital, said: “We are pleased with the transaction, which will bring a large scale subsidy-free wind farm under our ownership.
“While we continue to expect the majority of our portfolio to comprise ROC accredited assets, the scale of our portfolio and balance sheet allows us to acquire a combination of different types of UK wind farms, such as South Kyle, and thereby find best value for shareholders.”