Greencoat UK Wind to acquire four wind farms for £90.6m

Greencoat UK Wind is set to acquire a 51.6% stake in four wind farms for £90.6m.

Greencoat UK Wind is set to acquire a 51.6% stake in four wind farms for £90.6m.

The group will be entering an agreement to purchase Sixpenny Wood, Yelvertoft, North Rhins and Drone Hill Wind Farms from subsidiaries of The AES Corporation, a global power company.

The acquisitions are expected to be completed on Friday and will include the prepayment of current debts and will be funded through reinvestment of the firm's cash resources.

Following completion, at £225m, UKW's total outstanding debt is expected to be approximately 38% of gross asset value.

Chairman Tim Ingram said: "We are pleased to announce the acquisition of Sixpenny Wood, Yelvertoft, North Rhins and Drone Hill Wind Farms from AES and to increase our investment portfolio to 16 UK wind farms with net generating capacity of 271.5MW."

As of 10:10 the share price had dropped 0.2% to 108.25p.

WS