Acquisition of Glen Kyllachy Wind Farm

Source Press Release
Company Greencoat Capital LLPInnogy SE 
Tags Asset Deals, Deals, Renewable Energy, Power
Date October 10, 2019

Greencoat UK Wind PLC ("UKW") is pleased to announce that it has entered into an agreement to acquire the Glen Kyllachy wind farm from Innogy Renewables UK Limited ("Innogy") for a headline consideration of £57.5 million, to be paid on completion. Construction of the wind farm is ready to commence, with the transaction targeted to complete in October 2021, once the wind farm is fully operational.

Glen Kyllachy is a 48.5MW subsidy free project located in the Highlands, 11 miles south of Inverness and close to UKW's Stronelairg, Dunmaglass, Corriegarth and Tom nan Clach investments. Innogy will manage the construction of the wind farm, with first export of electricity targeted in July 2021 and full operations in October 2021.

Tim Ingram, Chairman of UKW, commented: "We are pleased to add Glen Kyllachy to the UKW portfolio. Together with the recent acquisition of Douglas West, this brings our commitments to subsidy free wind farms to just over £100 million, complementing our recent £145 million investment in Tom nan Clach, with its fixed price CFD revenues, and our £2.3bn ROC portfolio. We are delighted to partner again with Innogy, who have the expertise and resources to deliver a high quality operational wind farm.

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