Greencoat UK Wind buys 45MW Douglas West wind farm in £45m deal
Greencoat UK Wind is buying a 45MW Scottish wind farm from Blue Energy in a £45m (€49.8m) deal.
The listed renewable infrastructure fund said it has agreed to buy the Douglas West, subject to completion construction, operation and maintenance contracts.
Construction is expected to start in 2019, with commercial operations targeted for July 2021.
Greencoat said the acquisition and construction costs will total around £45m over the period from January next year to July 2021 and will be free from governemnt subsidies.
Greencoat’s latest investment follows an agreement in October to buy Belltown Power’s 75% stake in Tom nan Clach wind farm in Nairnshire.
Tim Ingram, the chairman of Greencoat UK Wind, said: “We are pleased to have reached agreement to acquire Douglas West. Once operational, Douglas West will sit alongside our existing 32 renewables obligation certificate (ROC) investments and, with Tom nan Clach also incorporated, will increase our generating capacity to 910MW as part of our balanced portfolio.”
Stephen Lilley a partners with the fund’s manager Greencoat Capital, said: “During 2018 we have continued to build our portfolio with investments and commitments totalling over £500m, of which approximately 70% are in ROC accredited wind farms.
“Although we are starting to see attractive contracts-for-difference and subsidy free investment opportunities, we expect the majority of future investments will continue to be made from the £50 billion pool of UK wind farms accredited under the ROC regime.”