£250m deal for stake in Liverpool wind farm

Burbo Bank Extension
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A major investor in UK wind farms has agreed a £250m deal to buy a stake in an offshore site in Liverpool Bay.

Greencoat UK Wind, a stock market-listed investor in renewable infrastructure, has led the purchase of a 25% stake in Burbo Bank Extension offshore wind farm from Danish investor AIP. Greencoat is investing alongside a number of pension funds.

Burbo Bank Extension is a 258 MW offshore wind farm located off the coast of Liverpool. The 32 turbines were installed in 2017, joining the original 25 turbines that were put in place more than a decade earlier.

Greencoat chairman Shonaid Jemmett-Page said: “We are delighted to announce our investment in Burbo Bank Extension, a high load factor, CFD accredited offshore wind farm. This transaction, once completed, will add another high quality asset to our portfolio which will stand at 41 wind farm investments, with a generating capacity of over 1.3GW.”

The company has today launched an equity raise through a placing, open offer, intermediaries offer, and offer for subscription. The share issue will be priced at 132p, which is a 6.5% discount on last night’s closing price.

Jemmett-Page added: “Anticipating our commitments over the next 18 months, the equity raise launched today will enable the company to pay down debt and continue to capitalise on the strong pipeline of opportunities in the UK wind farm market, both onshore and offshore.”