Greencoat UK Wind agrees to acquire wind farms in Liverpool Bay and Co Tyrone

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Greencoat UK Wind has agreed to acquire two wind farms from institutional investors in Liverpool and Northern Ireland for around £105 million.

The acquisitions of the North Hoyle and Slieve Divena wind farms are expected to complete in August 2017 and will be funded by the renewable infrastructure fund's revolving credit facility.

The deal adds a total capacity of 90MW and takes Greencoat UK's net generating capacity to 547MW.

North Hoyle was developed by German firm Innogy SE and was commissioned in June 2004, making it one of the UK's earliest offshore wind farms. Located five miles offshore in Liverpool Bay, it has a capacity of 60MW and receives one renewable obligation certificate per megawatt hour.

Slieve Divena is located in County Tyrone, Northern Ireland, and has a capacity of 30MW. It was originally developed by SSE, and also receives one renewable obligation certificate per megawatt hour.

Following completion of the acquisitions, Greencoat UK's total borrowings will amount to £318 million, equivalent to 28% of gross asset value.