Braes of Doune wind farm in Stirlingshire was commissioned in June 2007 and comprises 36 turbines, with a total capacity of 72 megawatts.
Greencoat now owns 100 per cent of the wind farm, having acquired its original 50 per cent stake in March 2013. It has acquired the remaining 50 per cent interest in Braes of Doune for £48.1m from funds managed by the infrastructure team of the international business of Federated Hermes.
In a separate deal, Greencoat has entered into an agreement with Banks Renewables to acquire a 49.9 per cent interest in Kype Muir Extension wind farm for a headline figure of £51.4m, to be paid once the wind farm is fully operational, towards the end of 2022.
Greencoat will also provide construction finance of up to £47m, with first utilisation expected in July 2021.
Kype Muir Extension is located in South Lanarkshire and will comprise 15 turbines, with a total capacity of 67.2 megawatts.
Stephen Lilley of Greencoat Capital, which manages the listed renewable infrastructure fund, said: “We are delighted to acquire the remaining 50 per cent of Braes of Doune… in which we have been invested since March 2013.
“We are also excited to be partnering with Banks Renewables on Kype Muir Extension and look forward to acquiring 49.9 per cent of the project in Q4 2022.”
Meanwhile, Scottish renewable energy company Red Rock Power has acquired the Benbrack onshore wind farm development in Dumfries and Galloway from RWE.
The project, located north of Carsphairn, is in late-stage development with a potential capacity of around 72 megawatts and consent for up to 18 turbines.
Benbrack is the company’s second onshore deal in recent months, following the acquisition of a 50 per cent share of a 240-megawatt wind farm in Sweden, in December 2020. Red Rock Power also owns the 50-megawatt Afton onshore wind farm located in East Ayrshire.
Red Rock Power chief executive Guy Madgwick said: “We are thrilled to bring Benbrack into our growing wind portfolio and take the development forward.
“While we hope to expand our offshore capacity and move into other technologies, onshore wind remains a stable proposition and affordable source of clean energy and so continues to be a central component of our growth strategy.
“We look forward to engaging with local stakeholders and the supply chain in the coming weeks and months as we continue to finalise the wind farm’s design and prepare for construction.”
The detailed design of the wind farm, including height, number and location of wind turbines, as well as a construction timeline is yet to be finalised. Benbrack was first proposed in 2012 and secured consent in 2017, with further variations to optimise the project secured since.
Red Rock Power – headquartered in Edinburgh – is an investor, owner, developer and operator of renewable and sustainable energy projects. It is a wholly-owned UK subsidiary of SDIC Power Holdings, based in Beijing.