Greencoat UK Wind PLC (LSE:UKW) has completed the takeover of the Dalquhandy wind farm in Scotland, the company has confirmed.
Dalquhandy’s ten 4.2MW turbines were acquired from BayWa, with Greencoat previously setting a £50mln price tag for the site when announcing the deal in early April.
Greencoat funded the acquisition from cash reserves, a statement confirmed, marking the company’s sixth wind farm purchase from BayWa.
FTSE 250-listed Greencoat now boasts a portfolio of 46 wind farms in the UK, which have a combined output capacity of 1,652MW.
Greencoat’s latest purchase was part of a bid to preserve “the capital value of its investment portfolio in the long term … through reinvestment of excess cash flow”.
This could aid the company's target to provide an annual dividend which increases in line with retail price index inflation, Greencoat added.