Greencoat UK Wind PLC (LON: UKW) said it had agreed to make acquisitions worth almost £100mln.
It is buying the 50% of the Braes of Doune wind farm, in Stirlingshire, Scotland, which it doesn’t already own for £48.1mln from Federated Hermes.
And it has agreed with Banks Renewables to take 49.9% of the Kype Muir Extension wind farm for £51.4mln. It is also providing £47mln of financing for the Lanarkshire project, which is scheduled for completion in the final quarter of next year.
In the same announcement, Greencoat said that, following the recent share placing, which raised a gross £198mln, it will pay off £160mln of its revolving credit facility (RCF).
It means it will have drawn down from the RCF falls £240mln (a reduction from £400mln). Together with term debt of £700mln, total borrowings currently stand at £940mln, or 28% of the value of the business’ gross assets.