Greencoat UK Wind has agreed to pay $397.6 million for an onshore wind farm project located in Scotland. The seller is Vattenfall, a government-owned Swedish developer.
Consisting of 50 wind turbines with a capacity of 240 megawatts, the South Kyle wind farm will be Vattenfall’s largest onshore wind farm in the United Kingdom.
As part of the agreement, Vattenfall will construct the wind farm and will manage the asset on behalf of Greencoat for a minimum of 10 years. It will also purchase the power for a period of 15 years.
Frank Elsworth, head of market development for U.K. Onshore said: “Onshore wind in Scotland has the potential to make a significant contribution to reaching net zero and is the cheapest form of renewable energy generation that brings us closer to that goal.”
According to Reuters, the United Kingdom is targeting net zero emissions by 2050. The wind farm is expected to save roughly 300,000 tonnes of carbon dioxide emissions
