Greencoat UK Wind enters deal to acquire 49% stakes in Humber Gateway

The funds managed by Greencoat Capital and its renewable infrastructure fund Greencoat UK Wind Plc are set to acquire a 49% stakes from the RWE AG that will retain the remaining 51% interest in the 219 MW Humber Gateway offshore wind farm project. 

The deal worth about GBP648 million (US$863.4 million) is expected to close before the end of 2020. Greencoat UK Wind will pay GBP500 million (US$665.35 million)  for the transaction, which includes cash and working capital, while the pension funds managed by Greencoat Capital will pay the remaining GBP148 million (US$196.9 million). 

The Humber Gateway project has been in operation since June 2015. The facility consists of 73 Vestas 3-MW wind turbines installed off the coast of Yorkshire coast. 

RBC Europe Limited (RBC Capital Markets) has acted as the financial advisor for Greencoat.