Standard content for Members only
To continue reading this article, please login to your Utility Week account, Start 14 day trial or Become a member.
If your organisation already has a corporate membership and you haven’t activated it simply follow the register link below. Check here.
Greencoat UK Wind (UKW) has agreed to purchase the 48.5MW Glen Kyllachy windfarm from Innogy Renewables UK for £57.5 million.
Glen Kyllachy is a 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.
Construction is due to begin shortly and is expected to finish in October 2021, at which point the transaction will be completed.
Innogy will manage the construction of the windfarm, with the first export of electricity targeted in July 2021 before it becomes fully operational in October of that year.
Tim Ingram, chairman of UKW, said: “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 contracts for difference revenues, and our £2.3 billion renewables obligation certificate portfolio.
“We are delighted to partner again with Innogy, who have the expertise and resources to deliver a high quality operational wind farm.”
In July Greencoat revealed in its half-year results that it sees “further opportunities for investments” following the government’s pledge to reach net-zero emissions by 2050.
The results showed the fund’s portfolio of windfarms generated 1,145GWh of electricity in the first six months of 2019.
Net-cash generation for the group was £67.5 million during the first half of the year and the company declared total dividends of 3.47 pence per share with respect to the period.
Please login or Register to leave a comment.