Greencoat UK Wind and a pensions partnership have acquired a 49.9% stake in SSE’s operational 350MW Clyde wind farm in Scotland for £355m.
The investment outfit will hold 28.2% of the wind farm (pictured) in the southwest of the country while the Greater Manchester Pension Fund and London Pensions Fund Authority will buy 27.1%.
Clyde includes the North, South and Central sections – all part of the first phase – has a net load factor of 33% and consists of 152 Siemens 2.3MW turbines.
SSE will continue to operate the assets with Siemens providing turbine operation and maintenance.
Greencoat and the pension partners also have a right of first offer on the under-construction 173MW Clyde 2, which will feature 54 Siemens 3.2MW turbines and is due online in time to meet Renewables Obligation deadlines.
The shareholdings will otherwise be diluted on completion of the second phase to 30% of the full 522MW complex.
The deal will be completed this week and for Greencoat will be funded by £165m from its revolving credit facility, a £25m increase to an exsiting loan and £5m in cash.
SSE said the structure of the transaction “implies a valuation of £2.03m/MW for the existing Clyde wind farm and £2.70m/MW for Clyde extension when built”.
Greencoat said: “There remains an exciting pipeline of future acquisition opportunities and we believe that our model positions us competitively in the market to acquire operational assets and makes us an attractive partner for utility vendors.”
SSE said the sale “represents another significant step in a programme of disposals to recycle capital and optimise our wind farm pipeline. The proceeds from this disposal will help to support our future investments in a balanced range of energy assets.”
Image: Siemens
