Wind farm sold in £181 million deal
Corriegarth: attractive return
Greencoat UK Wind has acquired Corriegarth Wind Farm from Invenergy Renewables for £181 million.
Corriegarth is 20 miles south west of Inverness on the eastern side of Loch Ness, and has a capacity of 69.5MW.
It was developed and constructed by Invenergy and was commissioned in April.
Tim Ingram, chairman of UKW, said: “We are very pleased with our latest acquisitions – high quality assets, which deliver an attractive investment return to our investors. The portfolio as a whole now provides sufficient electricity to power over 550,000 homes.”
Laurence Fumagalli of Greencoat Capital added: “It has been a busy period in the secondary wind market, and we have been able to find value and transact quickly. Our independence, flexibility, and execution track record have again been helpful.”
The acquisition was funded by UKW’s acquisition facility, now increased to £400m, with refreshed tenor and lower margin.
Following completion of Corriegarth, North Hoyle, Slieve Divena and the further 2.8% interest in Clyde, UKW’s total borrowings will amount to £500m.