Greencoat UKW Wind has agreed to acquire Screggagh wind farm for £27m.
Situated in County Tyrone in Northern Ireland, the wind farm has the capacity to produce 20MW of energy, with a forecast of net load factor of 28.2%.
Commissioned in the year 2011, the wind farm earns 1 Renewables Obligation Certification (ROC) for every MWh of power produced.
The acquisition is expected to be completed by end of June 2016. Payment towards the acquisition will be arranged, partly by Greencoat UK Wind’s revolving credit facility for about £20m. The remaining amount will come from Greencoat’s own cash reserves.
Greencoat UK Wind chairman Tim Ingram said: "We are delighted to announce the acquisition of Screggagh Wind Farm.
"Our structure and financing enable us to investigate a wide range of deal sizes from all vendors in the market, allowing us to select only the most value accretive assets."
With this acquisition, Greencoat UK Wind’s wind power portfolio will grow up to 420MW, which is spread across nineteen wind farms operating in UK.
Greencoat announced that the recent referendum about UK’s membership in the European Union will not have any material change to its business.
It says that the company is focused solely in UK and it deliberately has low-risk with all its assets and liabilities in UK and are denominated in Pound Sterling.
Greencoat says that in addition, the regulatory regime under which the assets operate is robust, longstanding and rooted in UK legislation.