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Greencoat UK Wind PLC: Greencoat announces acquisition of Langhope RIg Wind Farm

27 March, 2017
GREENCOAT UK WIND PLC

 

Greencoat UK Wind announces acquisition of Langhope Rig Wind Farm

 

The Board of Greencoat UK Wind PLC ("UKW"), is pleased to announce that it has acquired Langhope Rig Wind Farm from GE (NYSE: GE) unit, GE Energy Financial Services for a total consideration of £39.8 million.

 

The acquisition, which completed on 24 March 2017, was funded by UKW's revolving credit facility (£37 million) plus cash resources (£2.8 million).

 

Langhope Rig is located near Hawick in the Scottish Borders, and has a capacity of 16MW and a forecast net load factor of 33%.  Langhope Rig was originally developed and constructed by SSE, was commissioned in December 2015, and receives 0.9 ROCs per MWh.

 

Following completion, UKW's total borrowings amount to £137 million, equivalent to 15% of Gross Asset Value (gearing limit 40%).