Investment trust buys Scots wind farms for £104m

Investment trust Greencoat UK Wind said on Friday it agreed to acquire the Windy Rig and Twentyshilling wind farms in Dumfries & Galloway from Statkraft UK Limited for £104 million, to be paid on completion.

“Construction of the wind farms is expected to commence shortly, with the acquisition targeted to complete in Q2 2021 and Q3 2021 respectively, once each wind farm is fully operational,” said Greencoat UK Wind.

“Windy Rig (43.2MW) and Twentyshilling (37.8MW) are subsidy free projects located in Dumfries & Galloway and were originally developed by Element Power (acquired by Statkraft in September 2018).

“Statkraft will manage the construction of both wind farms and will provide route-to-market and operational management services for the wind farms once operational.”

Tim Ingram, chairman of UKW, commented: “This transaction follows, and is very similar to, our recently announced Glen Kyllachy acquisition from Innogy, with acquisition completion occurring upon the successful commissioning of the wind farms.

“We are delighted to partner with Statkraft on this transaction, demonstrating that UKW is the continuing partner of choice for utilities, who are well placed to retain and manage the risks associated with wind farm construction.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.