AIP sells 25% stakes in 258 MW Burbo Bank Extension to Greencoat UK Wind and partners

The consortium of companies led by Greencoat UK Wind Plc has entered into an agreement to acquire a 25% stake in the 258 MW Burbo Bank Extension offshore wind project from AIP. 

The project is located about four miles off the Wirral peninsula in North West England, Burbo Bank Extension. It consists of 32 Vestas V164 8.13MW turbines and has been in operation since July 2017. 

Greencoat will have a net interest of 15.7% in the offshore wind project in return for some GBP250 million (US$340.87 million) once the transaction is closed. The deal will be financed from a portion of Greencoat's revolving credit facility, cash flow, and proceeds from a new equity sale which will be issued at GBP1.32 (US$1.8) apiece. 

The deal is expected to be finalized by November 30, 2021.