London renewable energy investment fund pays £114m to buy another 28% stake of Scottish wind farm

The Clyde wind-powered electricity generation station
The Clyde wind-powered electricity generation station in South Lanarkshire.

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

 

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