Greencoat UK Wind PLC (LON: UKW) said it had agreed to make acquisitions worth almost GBP100mln.
It is buying the 50% of the Braes of Doune wind farm, in Stirlingshire, Scotland, which it doesn’t already own for GBP48.1mln from Federated Hermes.
And it has agreed with Banks Renewables to take 49.9% of the Kype Muir Extension wind farm for GBP51.4mln. It is also providing GBP47mln of financing for the Lanarkshire project, which is scheduled for completion in the final quarter of next year.
In the same announcement, Greencoat said that, following the recent share placing, which raised a gross GBP198mln, it will pay off GBP160mln of its revolving credit facility (RCF).
This will reduce borrowings under the RCF to GBP240mln from GBP400mln. Together with term debt of GBP700mln, total borrowings currently stand at GBP940mln, or 28% of the value of the business’ gross assets.