Greencoat agrees £500m debt-funded purchase but warned on debt metrics

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By Mike Turner
23 Nov 2020

Greencoat UK Wind, the renewable infrastructure fund, is buying a 38% stake in an offshore wind farm for £500m using new and existing debt. But analysts warn that the fund could push through its debt ratio limit in the coming years.

The borrower has agreed to buy the stake in the 219MW Humber Gateway wind farm off the northeast English coast from German energy company RWE. A consortium of pension funds is buying a further 11% for £150m.

Greencoat will use its fully undrawn £400m revolving credit facility and arrange ...

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