Nov. 8 (Bloomberg) -- Greencoat U.K. Wind Plc, a fund that held Britain’s biggest clean-energy initial public offering this year, bought stakes in two wind farms from RWE AG and said it may sell shares to refinance debt used to pay for the deal.
Greencoat paid 70.6 million pounds ($113 million) to buy 49 percent of the Middlemoor and Lindhurst farms from the German utility’s renewables unit, it said today in a statement.
The acquisition will be funded with cash and a 130 million-pound “acquisition debt facility” that the London-based firm already has in place. The company may sell shares to refinance all or part of the loan, according to the statement.
The deal follows Greencoat’s IPO in March, when it raised 260 million pounds to acquire projects from RWE and SSE Plc. It bought wind farms from companies including utilities, boosting their cash flow and offering its investors stable returns from wind energy. The fund now has investments in 10 U.K. wind farms.
The Middlemoor facility in Northumberland, England, has 54 megawatts, while Lindhurst in Nottinghamshire has 9 megawatts.
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