South Lanarkshire wind farm sold for £121m

Greencoat UK Wind plc has agreed to acquire Andershaw wind farm in South Lanarkshire from Statkraft UK Limited for £121 million.

“Andershaw is a 35MW wind farm located two miles south of Douglas in South Lanarkshire and comprises 11 Vestas V117 3.3MW turbines …” said Greencoat.

“The wind farm has entered into a power purchase agreement with Statkraft until 2037 who will also provide management services to the wind farm.

“The acquisition will be funded using the company’s revolving credit facility and gearing will increase to £1,050m of outstanding debt, equating to 30% of gross asset value.”

Greencoat UK Wind chair Shonaid Jemmett-Page said: “We are delighted to announce the acquisition of Andershaw wind farm.

“This transaction grows our portfolio to 39 wind farms with a generating capacity of 1,244MW.

“Our pipeline of potential acquisitions remains healthy and we look forward to adding further attractive growth opportunities in due course as we continue to play our role in helping to decarbonise the UK economy.” 

Statkraft said it is Europe’s largest generator of renewable energy.

Eivind Torblaa, Statkraft Vice President, Asset Ownership, Wind and Solar UK, said: “Andershaw Wind Farm is a special project for Statkraft as we began its development in the same year that we opened our UK office fifteen years ago.

“It helped to launch our presence in the UK and was amongst the first handful of projects that we developed and realised here.

“Since then, we’ve gone on to become an important player in the UK renewables market, with a portfolio that includes wind, solar, grid-stability and battery projects as well as being the leading provider of short and long-term PPAs in the UK.

“The UK market is very important to Statkraft realising its global company goal of eight gigawatts of developed wind and solar by 2025.

“100% of the proceeds from this sale will be reinvested into the development of new renewable energy projects.

“We’ve built mutual trust and respect in the local South Lanarkshire community, so we’re thrilled to be continuing a management role here.”

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.