Greencoat UK Wind has expanded its portfolio of offshore wind assets in the UK with the acquisition of a stake in the London Array wind farm located off the Nort Kent coast.
Greencoat UK Wind PLC has agreed to acquire 13.7% stake in the 630MW London Array offshore wind farm in a deal which involves other funds managed by Schroders Greencoat LLP. The group of funds will acquire a total stake of 25% for £717 million.
The wind farm is thought to generate enough electricity to power 500,000 UK homes.
The company will invest £444 million for a 13.7% net stake in the wind farm, which was commissioned in 2013 and is operated by RWE.
“We are delighted to invest in London Array. 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,” said Lucinda Riches, Chairman of UKW.
Greencoat expects to present its half-year results on 27th July.
