Statkraft sells Andershaw Wind Farm and retains long-term management role
- Greencoat UK Wind PLC has purchased 100% of Statkraft’s ownership in Andershaw Wind Farm
- Statkraft to retain long-term operations and maintenance as well as asset management
- The two companies have also signed an extension of the existing PPA agreement
(UK and Norway, 28 Sept 2021) Statkraft, Europe’s largest generator of renewable energy, has today announced the sale of Andershaw Wind Farm in Scotland, to Greencoat UK Wind PLC for a purchase price of £121m (including cash and working capital).
Statkraft, who together with Catamount Energy*, began joint development of the project in 2006 and operation in 2017, will maintain day-to-day operation and maintenance, as well as asset management responsibilities until 2037. The company has also negotiated an extension of its existing long-term market access power purchase agreement. * Andershaw Wind Farm (36 MW installed capacity), south of Glasgow, produces enough energy to meet the annual needs of about 26,000 homes.
Eivind Torblaa, Vice President, Asset Ownership, Wind and Solar UK, was the head of UK development for Statkraft when this project began, says: “Andershaw Wind Farm is a special project for Statkraft as we began its development in the same year that we opened our UK office fifteen years ago. It helped to launch our presence in the UK and was amongst the first handful of projects that we developed and realised here.”
“Since then, we’ve gone on to become an important player in the UK renewables market, with a portfolio that includes wind, solar, grid-stability and battery projects as well as being the leading provider of short and long-term PPAs in the UK. The UK market is very important to Statkraft realising its global company goal of eight gigawatts of developed wind and solar by 2025. 100% of the proceeds from this sale will be reinvested into the development of new renewable energy projects. We’ve built mutual trust and respect in the local South Lanarkshire community, so we’re thrilled to be continuing a management role here.”
- ENDS –
*Acquired by Duke Energy in 2008
**A power purchase agreement, or PPA, is a contract between an energy generator and a buyer, and Statkraft is a leading provider of both short- and long-term PPAs, with over ten years' experience in the UK market.
Statkraft is a leading company in hydropower internationally and Europe’s largest generator of renewable energy. The Group produces hydropower, wind power, solar power, gas-fired power and supplies district heating. Statkraft is a global company in energy market operations. Statkraft has 4600 employees in 18 countries.
About Greencoat UK Wind PLC
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 39 operating UK wind farms with net generating capacity of 1,244MW, following the completion of the Andershaw acquisition. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (7.18p for 2021) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of gearing.
UKW provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.
UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £6 billion of assets under management. UKW is governed by a strong and experienced independent board.
UKW is incorporated in England and Wales and is a UK Investment Trust.
UKW, please visit http://www.greencoat-ukwind.com
Greencoat Capital LLP, please visit http://www.greencoat-capital.com
For more information, please contact:
Lydia Lobb, Communications manager, Statkraft AS
Phone: +47 45260835
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