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10 Jan, 2022
By Maryam Adeeb
Greencoat UK Wind PLC acquired the 43.2-MW Windy Rig and the 48.5-MW Glen Kyllachy subsidy-free wind farms in Scotland after their completion.
The acquisitions were first announced in October and December of 2019. Both projects have been funded through reinvestment of excess cashflow and proceeds from an equity raise in November 2021, the company said in a Jan. 10 news release.
The Windy Rig project is comprised of 12 Vestas Wind Systems A/S 3.6-MW turbines, while the Glen Kyllachy project is comprised of 20 Nordex SE 2.5-MW turbines.
The addition of these project increases Greencoat UK Wind's net generating capacity to 1,422 MW and the number of subsidy-free assets in its portfolio to three from a total of 43 operating wind farms.
In the same news release, Greencoat UK Wind announced that it secured an eight-year £200 million debt facility from AXA to repay its revolving credit facility.
Greencoat UK Wind is a fund of London-headquartered private equity firm Greencoat Capital LLP.