5 October 2018
GREENCOAT UK WIND PLC
Acquisition of Tom nan Clach wind farm
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has entered into an agreement to acquire Belltown Power's 75% stake in Tom nan Clach wind farm for a headline consideration of £126 million (including share of project finance debt). Tom nan Clach is located in Nairnshire, Scotland, and is currently in the final stages of construction. The transaction is scheduled to complete in July 2019, 30 days after the commencement of commercial operations.
Tom nan Clach was originally developed by Infinergy and is being constructed by Belltown Power. The project will benefit from a 15 year Contract for Difference ("CFD") of £91.14 (2018 real, CPI indexed) and, once complete, will comprise 13 Vestas V112 turbines, restricted to 39.1MW connection capacity. The forecast net load factor is 48% (as a percentage of 39.1MW).
Tim Ingram, Chairman of UKW, commented: "We are pleased to have reached agreement to acquire Tom nan Clach, a large, brand new and high load factor wind farm. This will be our first CFD investment and will sit alongside our 30 ROC investments as part of a balanced portfolio."
Stephen Lilley of Greencoat Capital added: "Since our launch in 2013, we have built up a high-quality portfolio with net generating capacity of 785MW, through a disciplined and steady approach to acquisitions. We are starting to see attractive CFD and subsidy-free investment opportunities, of which Tom nan Clach is our first. These opportunities will complement our core ROC investments and simple, low risk fund structure. Reflecting the overall shape of the market, we expect the majority of future investments will continue to be made from the £50 billion pool of UK wind farms accredited under the ROC regime."
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9400
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Headland Consultancy 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 30 operating UK wind farms with net generating capacity of 785MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.76p for 2018) 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 gearing.
UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £3 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.
