By Christian Moess Laursen
Greencoat UK Wind said Monday that, together with other funds managed by Schroders Greencoat, it has bought a 25% stake in an offshore wind farm from Danish energy company Orsted for total consideration of 717 million pounds ($921.7 million).
The U.K. wind farm investment company said it expects its total investment to be GBP444 million, comprising equity investment of GBP394 million and GBP50 million loan investment.
The acquisition is scheduled to complete on July 31 and was paid through a GBP640 million loan, Greencoat said. Group cash balance as at June 30 was GBP449 million.
“The transaction was originated and negotiated on a bilateral basis and reflects the company’s ability to continue to generate significant shareholder value through selective off-market investments,” Chief Executive Lucinda Riches said.
The London Array wind farm has a total capacity of 630 megawatts and is operated by German energy company RWE, which owns a 30% stake.
Write to Christian Moess Laursen at [email protected]
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