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Collapsed turbine wind farm in Tyrone sold for £27million
Credit: Tyrone Times | 01 July 2016 | www.tyronetimes.co.uk ~~
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A Tyrone wind farm that was forced to shut down after a giant turbine crashed and scattered debris over a wide area has been sold for £27m.
The board of Greencoat UKW Wind is set to buy Screggagh Wind Farm, near Fintona, which has a capacity of 20MW.
In January last year, rigorous tests were applied to all the 100m turbines on the farm after a mechamism was found to have failed on the collapsed turbine.
The acquisition, which is expected to complete on 30 June 2016, will be funded by UKW’s revolving credit facility (£20m) and its cash resources (£7m).
On the acquisition Tim Ingram, chairman of UKW, said the company selects “only the most value accretive assets” when making a purchase.
Elsewhere, UKW said it does not expect any material change to its business as a result of the UK exiting the EU.
“Being solely UK-focused and deliberately low-risk, all of the company’s assets and liabilities are inside the UK and sterling denominated,” it said. “In addition, the regulatory regime under which the assets operate is robust, longstanding and rooted in UK legislation.”
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