Wind-power investor Greencoat has bought a majority stake in four new generating assets after a deal worth more than £90 million.
The group, which counts turbine arrays at Braes of Doune and Carcant in the Scottish Borders as part of it portfolio, said it was “pleased” to secure a deal which takes its total generating capacity to 87.5MW.
The new purchases include the 11-turbine North Rhins windfarm west of Stranraer, which has been operational since December 2009; and the two-year-old Drone Hill development, featuring 22 turbines, near Eyemouth.
Acquisitions also include the Yelvertoft project in Northamptonshire, and the Sixpenny Wood array near Goole in the East Riding of Yorkshire.
The four projects have load factors of 37.8%, 23.7%, 28.6% and 31% respectively, and attract Government subsidy under the renewables obligation certification scheme.
Greencoat bought the assets as part of a joint venture with a fund managed by Zurich-based Swiss Life.
It will take on a 51.6% stake in the group of farms following an agreement funded by debt facilities provided by RBC, RBS and Santander.
Virginia-based developer AES Corporation said the sale price at 50% above the projects’ book value was “compelling”.
They were expected to contribute around £6m to the company’s post-tax earnings next year.
The acquisition was through a holding company in which Greencoat’s UK Wind (UKW) division is a partner.