Walney is located approximately 9 miles off the Cumbrian coast and has a capacity of 367.2MW. Walney was constructed by Orsted and its two phases have been operational since
The acquisition will be funded by UKW's acquisition facility, recently resized to £400 million. Following the acquisition of Walney, borrowings under the acquisition facility will amount to £380 million, bringing total borrowings to £980 million (35% of GAV).
"We are delighted to acquire SSE's 25.1% interest in Walney, which is a high quality, ROC accredited asset. The acquisition is our third offshore wind farm investment since listing in 2013, following our investments in Rhyl Flats and North Hoyle. Walney is a natural addition to our portfolio of operating
"We are pleased to make this investment in Walney, a large scale and high load factor offshore wind farm, which should deliver attractive investment returns. Walney is the latest addition to our portfolio of 36 ROC and CFD investments, of which offshore assets now comprise 17%. Looking ahead, we continue to see a strong pipeline of investment opportunities, both onshore and offshore, and remain committed to our disciplined investment approach."
The Company was advised by
For further information, please contact:
Director,
+44 (0)20 3727 1314
+44 (0)79 7687 0961
Katherine.bell@fticonsulting.com
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