(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
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