Greencoat UK Wind PLC Acquisition of Humber Gateway (0922G)
23 November 2020 - 6:00PM
UK Regulatory
TIDMUKW
RNS Number : 0922G
Greencoat UK Wind PLC
23 November 2020
GREENCOAT UK WIND PLC
Investment in Humber Gateway offshore wind farm
Greencoat UK Wind PLC (the "Company", or "UKW") is pleased to
announce that it has agreed to acquire a 49% stake in the Humber
Gateway offshore wind farm from RWE, in partnership with a number
of pension funds investing through a fund also managed by Greencoat
Capital. UKW will acquire a net 38% stake in the wind farm for a
consideration of GBP500m (including cash and working capital),
while the pension funds will acquire a net 11% for GBP148m, with
the total cash consideration payable to RWE at completion being
GBP648m. RWE will continue to hold the remaining 51%.
Humber Gateway is located 5 miles off the Yorkshire coast and is
serviced from Grimsby in Lincolnshire. The 219MW wind farm was
commissioned in June 2015 and comprises 73 Vestas 3MW turbines. The
wind farm has a 45% load factor and benefits from 2 ROCs per MWh.
RWE will continue to provide operation and maintenance and
management services to the wind farm. A route-to-market power
purchase agreement is in place.
Following completion, expected to be around the middle of
December, the Company will have GBP1,100m of outstanding debt,
equating to 33% of Gross Asset Value.
Shonaid Jemmett-Page, Chairman of UKW, commented: "We are
delighted to announce our investment in Humber Gateway, a high load
factor, ROC accredited offshore wind farm. This transaction adds
another attractive asset to our portfolio which will stand at 38
wind farm investments, with a generating capacity of 1.2GW. We are
also very pleased to be able to play our part in the wider
development of the wind industry, heralded by recent government
announcements, and enabling the continued build out of further
offshore generating capacity in the UK."
Laurence Fumagalli of Greencoat Capital commented: "We are
pleased to add this sizeable offshore wind farm investment to our
portfolio, which builds on the relationship we have with RWE that
dates back to 2013 with the acquisition of Rhyl Flats and Little
Cheyne Court, seed assets in the IPO. This will be the third
investment we have made this year, and we continue to see an
attractive pipeline of acquisition opportunities, both onshore and
offshore, as we remain committed to our disciplined investment
approach."
RBC Europe Limited (trading as RBC Capital Markets) acted as
financial advisor to the Company.
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Headland Consultancy 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
ukwind@headlandconsultancy.com
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable
infrastructure fund, invested in 37 operating UK wind farms with
net generating capacity of 1,090MW, pre completion of the Humber
Gateway acquisition. The Company's aim is to provide investors with
an annual dividend that increases in line with RPI inflation (7.1p
for 2020) 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 provides investors with the opportunity to participate
directly in the ownership of UK wind farms, so increasing the
resources and capital dedicated to the deployment of renewable
energy and the reduction of greenhouse gas emissions.
UKW is managed by an experienced team at Greencoat Capital LLP,
a leading European renewable investment manager with approximately
GBP5.5 billion of assets under management. UKW is governed 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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END
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