14 August 2017
Greencoat UK Wind plc
Acquisition of North Hoyle and Slieve Divena wind farms
Increase in Greencoat UK Wind's net generating capacity to 547MW
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has entered into agreements to acquire the North Hoyle and Slieve Divena wind farms from institutional investors advised by JP Morgan Asset Management for a total consideration of approximately £105 million.
The acquisitions, which are expected to complete in August 2017, will be funded by UKW's revolving credit facility.
North Hoyle is located 5 miles offshore in Liverpool Bay, and has a capacity of 60MW. North Hoyle was originally developed by Innogy, and formed part of the Zephyr portfolio from 2005. The wind farm was commissioned in June 2004 and, as one of the UK's earliest offshore wind farms, receives 1 ROC per MWh.
Slieve Divena is located in County Tyrone, Northern Ireland, and has a capacity of 30MW. Slieve Divena was originally developed by SSE, and formed part of the Infinis portfolio from 2011. The wind farm was commissioned in March 2009 and receives 1 ROC per MWh.
Following completion of the acquisitions (and including completion of the recently announced acquisition of a further 2.8% interest in Clyde for £38 million), UKW's total borrowings will amount to £318 million, equivalent to 28% of Gross Asset Value (gearing limit 40%).
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9400
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Tulchan 020 7353 4200
Peter Hewer
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 23 operating UK wind farms with net generating capacity of 547MW (including the acquisitions of North Hoyle and Slieve Divena and the recently announced acquisition of a further 2.8% interest in Clyde). The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.49p for 2017) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of portfolio gearing.
UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with c. £2 billion of assets under management across a number of funds in wind and solar infrastructure and private equity, and is overseen by a strong and experienced independent board.
UKW is incorporated in England and Wales and is a UK Investment Trust.
For more information about UKW, please visit http://www.greencoat-ukwind.com.
For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com.
