LONDON (ShareCast) - (ShareCast News) - Greencoat UK Wind has acquired an 80% stake in five wind farms from EDF Energy Renewables, it announced on Wednesday, for a total consideration of £98m, including £7m cash and working capital.
The FTSE 250 said the five wind farms are situated within 25 miles of Peterborough, and in total comprise 47 Senvion 2.05MW MM82 turbines.

It said the Deeping St Nicholas farm was commissioned in June 2006 and has a capacity of 16.4 MW, with the Red House and Glass Moor farms also opening in June 2006, with capacities of 12.3 MW and 16.4 MW respectively.

The Red Tile farm was commissioned in April 2007 and has a capacity of 24.6 MW, and the final farm - Bicker Fen - was commissioned in September 2008, having a capacity of 26.7 MW.

That gave the combined five farms a total capacity of 96.4 MW, with the board confirming that the weighted average net load factor of the five wind farm portfolio was 25%.

Greencoat said the portfolio will sell power and ROCs to, and the turbines will be operated and maintained by, the EDF group, which will also provide asset management services.

EDF ER will retain a 20% interest in the portfolio.

"Following on from our recent further share issue, we are pleased to acquire assets from a tenth seller, a third major utility partnership, demonstrating UKW's reach across the market in finding value for investors," said Greencoat UK Wind chairman Tim Ingram.

The acquisitions were funded by Greencoat UKW's acquisition facility.

Following completion of the acquisitions, UKW's total borrowings would amount to £265m, equivalent to 19% of gross asset value.

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