Acquisition of Glen Kyllachy Wind Farm
10 October 2019
Acquisition of Glen Kyllachy Wind Farm
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has entered into an agreement to acquire the Glen Kyllachy wind farm from Innogy Renewables UK Limited ("Innogy") for a headline consideration of £57.5 million, to be paid on completion. Construction of the wind farm is ready to commence, with the transaction targeted to complete in October 2021, once the wind farm is fully operational.
Glen Kyllachy is a 48.5MW subsidy free project located in the Highlands, 11 miles south of Inverness and close to UKW's Stronelairg, Dunmaglass, Corriegarth and Tom nan Clach investments. Innogy will manage the construction of the wind farm, with first export of electricity targeted in July 2021 and full operations in October 2021.
Tim Ingram, Chairman of UKW, commented: "We are pleased to add Glen Kyllachy to the UKW portfolio. Together with the recent acquisition of Douglas West, this brings our commitments to subsidy free wind farms to just over £100 million, complementing our recent £145 million investment in Tom nan Clach, with its fixed price CFD revenues, and our £2.3bn ROC portfolio. We are delighted to partner again with Innogy, who have the expertise and resources to deliver a high quality operational wind farm.
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Headland Consultancy 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 35 operating UK wind farms with net generating capacity of 979MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.94p for 2019) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of gearing.
UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £4 billion of assets under management. UKW is governed by a strong and experienced independent board.
UKW is incorporated in England and Wales and is a UK Investment Trust.
For more information about UKW, please visit http://www.greencoat-ukwind.com
For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 10 hours ago Rathbones Group
- 11 hours ago Raspberry PI Holdings (WI)
- 12 hours ago Alumasc Group
- 12 hours ago Land Securities Group
- 12 hours ago Computacenter