Greencoat UK Wind PLC Acquisition of Brockaghboy Wind Farm (0436H)
08 March 2018 - 6:00PM
UK Regulatory
TIDMUKW
RNS Number : 0436H
Greencoat UK Wind PLC
08 March 2018
8 March 2018
Acquisition of Brockaghboy wind farm
Increase in Greencoat UK Wind's net generating capacity to
741MW
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has
acquired Brockaghboy wind farm from ERG Power Generation SpA
("ERG") for a total consideration of approximately GBP163
million.
Brockaghboy is located approximately 30 miles east of
Londonderry in Northern Ireland and has a capacity of 47.5MW.
Brockaghboy was originally developed by TCI Renewables Limited
("TCI") and constructed by ERG with support from TCI. The wind farm
is accredited to receive 0.9 ROCs per MWh from August 2017 and was
fully commissioned in February 2018. The forecast net load factor
is 40.5%.
Tim Ingram, Chairman of UKW, commented: "We are very pleased
with this latest acquisition. 2017 was a busy year for us and it is
great to start 2018 with the acquisition of a 100% ownership stake
in a brand new, good sized, very high load factor wind farm, from
very experienced developers. The secondary market remains active
and there are several wind farms that we now expect to be acquired
by others in the near future: as with all our acquisitions, price
discipline is paramount."
Laurence Fumagalli of Greencoat Capital added: "Brockaghboy is
another great example of UKW's expertise delivering execution
certainty and efficiency for both buyer and seller."
The acquisition was funded by UKW's revolving credit facility
(GBP100 million) plus an increase in UKW's term debt facility with
Commonwealth Bank of Australia (GBP50 million) plus reinvestment of
portfolio cash (approximately GBP13 million). The new tranche under
the term debt facility has a term of 7 years. Following the
acquisition, UKW's total borrowings amount to GBP415 million
(GBP150 million under the term debt facility plus GBP265 million
under the revolving credit facility), equivalent to 27% 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
Headland Consultancy 020 7353 4200
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 741MW (including the acquisition of
Brockaghboy). 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 GBP2
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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