Greencoat UK Wind – a market-listed renewable infrastructure fund – has increased its share-holding in two Clyde valley wind farms to 28.2%.
The specialist fund paid £114.2 million for the increased stake in the Clyde and Clyde Extension wind-powered electricity generating stations, which are operated by a Scottish energy company.
At the same time, Greencoat plans to raise more than £118 million through a placing of new ordinary shares to pay for this and other similar investments in the pipeline.
After selling a further 5% stake in its Clyde wind power station last summer, Pearth-based utility SSE gave Greencoat and another investor, GLIL Ltd LP an option to buy an additional 14.9% in the two wind parks by June 2018.
GLIL will also exercise its option to boost its stake in Clyde to 21.7%, according to the statement.
As a result Greencoat and GLIL now own a combined 49.9% in the renewable power stations.
Meanwhile, Conservative former energy minister Michael Fallon has called on the Brit-Govt. to set a 60% target for the British content of new offshore wind developments
In a letter to business secretary Greg Clark, Fallon said raising the current target from 50%, to support domestic manufacturers, could make Britain a “leading player in a fast-growing global industry”.
9 May 2018