Greencoat UK Wind Plc has agreed to purchase two wind farms from BayWa AG. Greencoat is the fund that managed the largest clean energy IPO in 2013.

For this project, Greencoat is paying GBP70 million or USD113 million using cash as well as short term debts, according to a company statement. The deal from the London based firm includes the 16.4 megawatt Cotton Farm and the 10.25 megawatt Earl's Hall plant. The two projects are located in eastern England and have been operational since March of this year.

Greencoat's acquisition is the first one it had done after its IPO which raised GBP 260 million last March. The IPO was conducted to raise funds to acquire projects from its peers, namely RWE AG and SSE Plc. The company acquires wind farms from utilities and other firms. The result would be a boost for their cash flow as well as allow investors to receive returns from the generated energy from these renewable power sources.

The deal would increase the total capacity of Greencoat to 153.1 megawatts. It also requires the company to pay existing debt as well as pay out GBP6.4 million in cash with the rest covered by short term loans.