Greencoat Wind acquires UK wind farms
Greencoat Wind UK (UKW) has entered into an agreement to acquire Kildrummy Wind Farm from BayWa r.e. renewable energy GmbH for a total consideration of £43.3 million (US$72.4 million) and the Maerdy Wind Farm from Velocita Energy Developments Ltd for a total consideration of £52.9 million (US$88.4 million).
The acquisitions, which are expected to be completed by 30 June 2014, will include the prepayment of existing indebtedness and will be funded through reinvestment of UKW's cash resources and its acquisition debt facility provided by RBC, RBS and Santander.
Kildrummy Wind Farm is located in Aberdeenshire and has a capacity of 18.4MW and a forecast net load factor of 35.7%. Kildrummy was developed by Npower Renewables and constructed by BayWa r.e., a subsidiary of the BayWa Group, the German listed agriculture, building materials and energy group. It is the third wind farm that UKW has bought from BayWa r.e. and follows on from the Cotton Farm and Earl's Hall Farm acquisitions in 2013.
The Maerdy Wind Farm is located in the Rhonda Valley in South Wales and has a capacity of 24MW and a net forecast load factor of 32.2%. Maerdy was developed by Renewable Energy Partnerships and constructed by Velocita, a portfolio company of Riverstone Holdings LLC. The wind farm is the twelfth investment made by UKW and is the first from Velocita, the fourth vendor from which UKW will have acquired assets.
Kildrummy and Maerdy were commissioned in May 2013 and August 2013 respectively. Both will be subject to an adjustment mechanism that will assess actual energy production over a two-year period and the acquisition price would be adjusted accordingly. Both wind farms receive 1 ROC per MWh.
Tim Ingram, Greencoat´s Chairman, stated:
We are pleased to announce the acquisition of Kildrummy and Maerdy Wind Farms, high quality additions to our operating portfolio. Our revised three-bank facility is of significant benefit to the company, and we look forward to integrating our new assets into the business.
Following completion, at £135 million (US$225.7 million), UKW's total outstanding debt is expected to be approximately 27% of Gross Asset Value (leverage limit 40%).
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