MARK WILLIAMSON
RENEWABLE energy specialist Greencoat UK wind is set to increase its
investment in the giant Clyde development in South Lanarkshire by more than
£100 million.
The investment business has said it intends to exercise its option to
increase its holding in the Clyde wind farm to 28.2 per cent from 19.8% for
an outlay of £114.2m.
Greencoat will buy the interest from Scottish and Southern Energy owner
SSE, which developed the wind farm between Biggar and Moffat. The 152
turbine development is one of the largest onshore wind farms in the UK.
Greencoat UK Wind acquired an initial 17% stake in Clyde in 2016.
Run by the London-based Greencoat Capital private equity business, the
company agreed then to acquire up to 49.9% of Clyde with pension funds for
a total £355m investment.
“We’ve been very pleased with the performance of our investment in Clyde,”
said Greencoat Capital partner Stephen Lilley. He noted: “Clyde is a high
quality asset in a great location with high wind availability, helping to
deliver attractive returns to our shareholders.”
Greencoat UK Wind underlined its interest in buying more assets in Scotland
in February. The company invested £240m in Scotland last year.
It paid £38m to acquire a 2.8 per cent stake in Clyde in September.
Greencoat bought the Corriegarth wind farm by Loch Ness for £181m in
August, from US renewables firm Invenergy.
Greencoat plans to raise around £120m from institutions to fund the latest
investment in Clyde, through a placing at 117p per share.
The Greater Manchester Pension Fund and London Pension Fund authority will
raise their combined holding in Clyde to 21.7%.
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