27 September, 2013
GREENCOAT UK WIND PLC
Acquisition of Cotton Farm and
Earl's Hall Farm Wind Farms increases Greencoat UK
Wind's net generating capacity to 153.1MW
The Board of UKW, is pleased to announce that it has
entered into an agreement to acquire the whole of Cotton Farm and
Earl's Hall Farm Wind Farms from BayWa r.e. renewable energy GmbH
("BayWa r.e."), a subsidiary of the BayWa Group (the German
listed agriculture, building materials and energy group) for a
total consideration of £70.0 million including prepayment of
existing indebtedness and including £6.4 million of cash. The
acquisition, which is expected to complete on October
2nd 2013, will be funded through reinvestment of
UKW's cash resources and acquisition debt facility.
Cotton Farm Wind Farm is located in Cambridgeshire, England and
has a total capacity of 16.4 MW and a forecast load factor of 35.6%
whilst Earl's Hall Farm Wind Farm is located in Essex, England and
has a total capacity of 10.25 MW and a forecast load factor of
Cotton Farm and Earl's Hall Farm Wind Farms were
developed by Npower Renewables Limited, part of the RWE Group (the
German listed utility), and constructed by BayWa r.e..
Both wind farms came into operation in March 2013 and,
consequently, will be subject to an adjustment mechanism that will
assess energy production over a two-year period and would adjust
the acquisition price accordingly.
The additional wind farms will bring the total number of UKW's
wind farm investments to 8 and will increase UKW's net generating
capacity to 153.1 MW.
Tim Ingram, Chairman, said "We are pleased to announce our first
additions to our portfolio following the fundraise and listing
earlier in the year. As highlighted in our maiden interim
results, the portfolio is performing well and we are excited by the
substantial growth opportunities in the UK wind farm market."
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