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Greencoat UK to acquire Screggagh wind farm for £27m

CTBR Staff Writer Published 28 June 2016

Greencoat UKW Wind has entered into an agreement to acquire Screggagh wind farm for £27m.

The Screggagh wind farm produces 20MW of power with a net load factor of 28.2%. it is located in County Tyrone in Northern Ireland.

The wind farm was commissioned back in 2011 and it receives one Renewables Obligation Certification for every MWh of power produced.

Greencoat UKW expects to complete the acquisition by 30 June 2016 and it will be funded, partly by its revolving credit facility for £20m and rest of the £7m through its own cash reserves.

With this acquisition, Greencoat UKW's wind portfolio will grow to 420MW.

Greencoat UKW Wind Chairman Tim Ingram said: "We are delighted to announce the acquisition of Screggagh Wind Farm.

"Our structure and financing enable us to investigate a wide range of deal sizes from all vendors in the market, allowing us to select only the most value accretive assets."

Greencoat UKW said that it has taken note of recent referendum on UK's membership in the European Union (EU) and says that it does not expect any material change to its business due to UK's exit from the EU.

The company further says that it is solely a UK based company and deliberately low-risk, its assets and liabilities are inside UK and denominated through Pound Sterling.

Apart from this, it says that regulatory regime under which its assets operate is robust, longstanding and is rooted in UK legislation.