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Greencoat UK Wind Acquires Slieve Divena II Wind Farm for GBP 51m
Wednesday 26 February 2020

26 February 2020 - Renewable infrastructure fund Greencoat UK Wind plc (LSE: UKW) has agreed to acquire Ireland-based Slieve Divena II wind farm from SSE Renewables for a consideration of GBP 51m (USD 66m), the company said.
 
The acquisition was funded by UKW's acquisition facility plus reinvestment of portfolio cash of GBP 24m (USD 31m).

Following the acquisition, UKW's total borrowings will amount to GBP 627m (USD 815m) (GBP 600m under term debt facilities plus GBP 27m under the revolving credit facility), equivalent to 25% of Gross Asset Value (gearing limit 40%).

Slieve Divena II is located approximately 10 miles south east of Omagh in County Tyrone, Northern Ireland, and has a capacity of 18.8mw. Slieve Divena II was constructed by SSE Renewables and has been operational since June 2017.

The wind farm receives 0.9 ROCs per MWh and has a load factor of 31.3%.
 
Slieve Divena II is adjacent to UKW's Slieve Divena wind farm, which was acquired by the company in August 2017, and will also be managed by SSE Renewables.

As with Slieve Divena, SSE Airtricity (SSE's retail brand in Northern Ireland) will be the offtaker under a long-term power purchase agreement.
  
Greencoat UK Wind PLC is invested in 36 operating UK wind farms with net generating capacity of 998mw.
Details
Date Published: 26/02/2020
Target: Slieve Divena II wind farm
Country: Ireland
Deal Size: 66m (USD)
Sector: Alternative Energy
Type: LBO
Financing: Cash
Status: Agreed
Vendor: SSE Renewables
Buyer: Greencoat UK Wind plc
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