Greencoat UK Wind has agreed to partially dispose of three wind farms with a total value of £181m.

The move will take the cumulative value of disposals by the group over the past year to £222m.

Greencoat UK Wind, the largest listed renewable infrastructure fund in the UK, said it would dispose of 32.7% interests in each of the Andershaw and Bishopthorpe onshore wind farms for a total of £42.6m, to a private investor.

The company is also disposing a 1% interest in Hornsea 1 offshore wind farm for a gross asset value of £69m, to a fund managed by Schroders Greencoat LLP.

It has also agreed to sell a further stake in Hornsea 1, of the same size and on the same terms, to another fund managed by Schroders Greencoat LLP.

The cumulative £181m proceeds from the disposals will be allocated primarily to decrease the company’s gearing and in support of an extended share buyback programme it announced in February.

Greencoat UK Wind chairman, Lucinda Riches, commented: “We are pleased to be able to announce these further disposals, delivered at NAV, which will bring total divestment proceeds to £222m.

“Prudent balance sheet management and disciplined capital allocation remain central to our efforts to improve the company's overall attractiveness against the market backdrop. The equity proceeds received will enable us to pay down debt, support the extended buyback programme and offer strategic optionality over the medium term.”

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