Greencoat UK To Buy Stake In UK Humber Gateway Wind Farm From RWE

(Alliance News) - Greencoat UK Wind PLC on Monday said it has agreed to acquire a 49% stake in ...

Alliance News 23 November, 2020 | 9:29AM
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(Alliance News) - Greencoat UK Wind PLC on Monday said it has agreed to acquire a 49% stake in the Humber Gateway offshore wind farm from RWE AG.

The 219 megawatt wind farm comprises 73 Vestas 3 megawatt turbines and has a 45% load factor.

The renewable energy infrastructure investor stated it will acquire a 38% stake in the wind farm for GBP500 million, adding that a number of pension funds investing through a fund also managed by investment manager Greencoat Capital LLP will acquire an 11% stake for GBP148 million.

German utilities company RWE will continue to hold the remaining 51% stake and will continue to provide operation and maintenance and management services to the wind farm.

Following completion of the acquisition - expected to be around the mid-December - Greencoat UK will have GBP1.1 billion of outstanding debt, representing 33% of its gross asset value.

"We are delighted to announce our investment in Humber Gateway, a high load factor offshore wind farm. This transaction adds another attractive asset to our portfolio which will stand at 38 wind farm investments, with a generating capacity of 1.2 gigawatts," said Greencoat Chair Shonaid Jemmett-Page.

Shares in Greencoat UK Wind were trading 0.5% lower at 131.80 pence each on Monday morning in London.

By Ife Taiwo; ifetaiwo@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Greencoat UK Wind 138.70 GBX 1.99 -
RWE AG 32.45 EUR 0.34

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