Greencoat adds to growing windfarm portfolio

Renewables investment firm adds third windfarm in a month as acquisition war chest swells to £400m

Greencoat UK Wind has bought its third windfarm this month and fifth in 2017 after completing a £181 million deal for a facility in the Scottish Highlands.

The Corriegath Wind Farm on the eastern side of Loch Ness was developed by Invenergy and commissioned in April 2017. It has a capacity of 69.5MW and a forecast net load factor of 35.2 per cent, subject to an assessment of energy production over the next two years.

The deal follows Greencoat UK Wind’s agreement to buy two further windfarms earlier this month: the 60MW North Hoyle windfarm in Liverpool Bay; and the 30MW Slieve Divena facility in County Tyrone, Northern Ireland.

In March, company – a subsidiary of investment firm Greencoat Capital – bought the Langhope Rig windfarm in the Scottish Borders from GE Energy Financial Services, and also took a stake in the Clyde windfarm in South Lanarkshire.

Tim Ingram, chairmain of Greencoat UK Wind, said: “We are very pleased with our latest acquisitions – high quality assets, which deliver an attractive investment return to our investors. The portfolio as a whole now provides sufficient electricity to power over 550,000 homes.”

Laurence Fumagalli, investment manager at Greencoat Capital, added: “It has been a busy period in the secondary wind market, and we have been able to find value and transact quickly. Our independence, flexibility, and execution track record have again been helpful.”

Greencoat UK Wind’s buying spree had been funded by an “acquisition facility”, which the company said has now grown to £400m.

Greencoat Capital co-founder and managing partner Richard Nourse was appointed to the cost of energy review led by Dieter Helm earlier this month.