Greencoat UK Wind PLC Acquisition of Church Hill & Crighshane wind farms (5670K)
15 December 2018 - 12:21AM
UK Regulatory
TIDMUKW
RNS Number : 5670K
Greencoat UK Wind PLC
14 December 2018
14 December 2018
GREENCOAT UK WIND PLC
Acquisition of Church Hill and Crighshane wind farms
Increase in Greencoat UK Wind's net generating capacity to 836MW
(excluding Tom nan Clach)
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has
acquired Church Hill and Crighshane wind farms from the Irish
Infrastructure Fund, a fund jointly managed by AMP Capital and
Irish Life Investment Managers, and from the Viridian Group, who
held a minority stake, for a total consideration of GBP87 million,
including the prepayment of existing project finance debt
facilities.
Church Hill is located 16 miles north west of Omagh in County
Tyrone, Northern Ireland, and has a capacity of 18.4MW. Crighshane
is located 20 miles north west of Omagh in County Tyrone and has a
capacity of 32.2MW. Both wind farms are equipped with Enercon E70
turbines and have been operational since July 2012 (accredited to
receive 1 ROC per MWh).
Tim Ingram, Chairman of UKW, commented: "We are very pleased
with our latest acquisitions - high quality ROC accredited wind
farms with a strong operating track record, which will deliver an
attractive investment return to our investors. The portfolio as a
whole now provides sufficient electricity to power over 750,000
homes."
The acquisition was funded by UKW's revolving credit facility
(GBP80 million) plus reinvestment of group cash (GBP7 million).
Following the acquisition, UKW's total borrowings amount to GBP480
million (GBP400 million term debt plus GBP80 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 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable
infrastructure fund, invested in 32 operating UK wind farms with
net generating capacity of 836MW (excluding Tom nan Clach). 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 GBP3
billion of assets under management across a number of funds in wind
and solar infrastructure, 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.
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contact rns@lseg.com or visit www.rns.com.
END
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