Greencoat UK Wind PLC (LON:UKW) has entered an agreement to acquire a wind farm from developer Innogy Renewables UK Limited for £57.5mln.

The transaction will be completed in October 2021, once the Glen Kyllachy farm is fully operational, although the first export of electricity is targeted for July 2021.

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The farm, designed to have a capacity of 48.5 megawatts, will be realised near Inverness without subsidies.

“This brings our commitments to subsidy-free wind farms to just over £100mln,” said Greencoat’s chair Tim Ingram.

“We are delighted to partner again with Innogy, who have the expertise and resources to deliver a high-quality operational wind farm.”

Shares were down 0.56% to 141.4p on Thursday afternoon.