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United Kingdom

Greencoat buys Corriegarth site

UK: Investment firm Greencoat has acquired the 23-turbine Corriegarth wind farm from Chicago-based energy company Invenergy for approximately £181 million (€197.4 million).

Corriegarth was commissioned in April 2017 comprising 23 Enercon E82 turbines (pic: Invenergy)
Corriegarth was commissioned in April 2017 comprising 23 Enercon E82 turbines (pic: Invenergy)

The 69.5MW project is located in Gorthleck, approximately 32km south west of Inverness on the eastern side of Loch Ness.

Corriegarth was completed in April 2017 and comprises 23 Enercon E82 turbines.

It receives support from the UK's Renewable Obligation Certificate scheme, and energy from the site was bought in 2015 through a 15-year power purchase agreement with a UK utility.

Tim Ingram, chairman of Greencoat UK Wind, said: "We are very pleased with our latest acquisitions — high quality assets, which deliver an attractive investment return to our investors.

Greencoat’s acquisition comes just over a week after it bought the North Hoyle and Slieve Divena wind farms from JP Morgan Asset Management for around £105 million (€115.5 million).

Laurence Fumagalli of Greencoat Capital said: "It has been a busy period in the secondary wind market, and we have been able to find value and transact quickly."

The purchase of Corriegarth brings Greencoat’s net generating capacity up to 617MW.

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