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SSE is to sell a 14.9 per cent stake in the Clyde onshore wind farm in Scotland to Greencoat UK Wind and GLIL Infrastructure for £202 million.
The buyers are exercising an option secured in August when they agreed to acquire a 5 per cent stake in the 350MW wind farm for £67.8 million, on top of the 30 per cent they already owned.
The latest sale will bring their combined share to 49.9 per cent, leaving SSE with the remaining 50.1 per cent. The transaction will be completed on 30 May.
GLIL Infrastructure will increase its stake in the wind farm to 21. 7 per cent.
Meanwhile, Greencoat will spend £114.2 million increasing its share by 8.5 per cent to 28.2 per cent. It intends to raise £118.8 million to finance the purchase by issuing up to 102 million new shares.
Even before the acquisition, Clyde represented the largest single investment in the fund’s £1.4 billion portfolio, accounting for 19 per cent of its gross asset value.
In September, Greencoat revealed plans to issue up to 500 million new shares in multiple tranches to pay for future acquisitions. Having already raised £340 million from the sale of around 290 million new shares in the initial placing, the fund has now closed the issuance programme.
Greencoat purchased an 80 per cent share in five onshore wind farms from EDF Renewables for £98 million in November.
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