Greencoat buys Bishopthorpe Wind Farm for £47m

Greencoat UK Wind has acquired Bishopthorpe Wind Farm near Grimsby in Lincolnshire from BayWa r.e. for £47m.

The deal, which completed on 30 June, was funded by the company’s credit facility plus cash resources.

The wind farm has a capacity of 16.4 megawatts and a forecast net load factor of 35.5%. The wind farm, which was commissioned in May 2017, was originally developed by ASC Renewables and constructed by BayWa.

Bishopthorpe is the fifth wind farm that Greencoat has bought from BayWa r.e. and follows on from Cotton Farm and Earl's Hall Farm in 2013, Kildrummy in 2014 and Stroupster in 2015. Including Bishopthorpe, BayWa r.e. now operates eight wind farms in the company's portfolio.

Following completion, Greencoat's total borrowings amount to £175m, equivalent to 18% of gross asset value.