Greencoat UK Wind PLC Investment in Hornsea 1 offshore wind farm (5225L)
16 May 2022 - 4:01PM
UK Regulatory
TIDMUKW
RNS Number : 5225L
Greencoat UK Wind PLC
16 May 2022
16 May 2022
Greencoat UK Wind plc
Investment in Hornsea 1 offshore wind farm
Greencoat UK Wind plc (the "Company" or "UKW"), the leading
listed renewable infrastructure fund, invested in UK wind farms, is
pleased to announce that it has agreed to acquire a net 12.5% stake
in Hornsea 1 offshore wind farm from Global Infrastructure Partners
("GIP") for a total cash consideration (including cash and working
capital) of approximately GBP400 million. The acquisition is
expected to complete in Q3 2022.
Hornsea 1 is the world's largest offshore wind farm and is
located 80 miles off the Yorkshire coast in the North Sea. It
comprises 174 Siemens 7MW turbines and has a grid export capacity
of 1,200MW (the world's first offshore wind farm to exceed 1GW).
Hornsea 1 entered into full commercial operation in December 2019,
has a high load factor and benefits from a 15 year CFD at a price
of GBP175.25/MWh (real 2022).
Hornsea 1 is currently 50% owned by Orsted and 50% owned by GIP,
with GIP's 50% stake part funded by GBP2.9 billion of limited
recourse debt. UKW's pro rata share of this limited recourse debt
is GBP0.7 billion, giving a total enterprise value of GBP1.1
billion for UKW's net 12.5% stake. Orsted will continue to provide
operation, maintenance and management services to the wind
farm.
The acquisition is expected to be funded from cash flow and, to
the extent required, the Company's revolving credit facility.
Shonaid Jemmett-Page, Chairman of the Company, said:
"As the leading independent UK wind farm owner, we are pleased
to announce our investment into the world's largest offshore wind
farm. Hornsea 1 has a high load factor and high CFD price which
complements our subsidy free investments.
"This transaction, once completed, will add another high quality
operating asset to our portfolio and increase our net generating
capacity to over 1.6GW.
"We continue to see an attractive pipeline of projects, both
onshore and offshore, and given the size and scale that the Company
has attained over recent years, we remain strongly positioned to
deliver more value-accretive acquisitions and extend our track
record of strong shareholder returns."
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
Notes to Editors:
Greencoat UK Wind PLC ("UKW") is the leading listed renewable
infrastructure fund, which has invested in 45 operating UK wind
farms with net generating capacity of 1,610MW (including
Twentyshilling and Hornsea 1). The Company's aim is to provide
investors with an annual dividend that increases in line with RPI
inflation (7.72p for 2022) while preserving the capital value of
its investment portfolio in the long term on a real basis through
reinvestment of excess cash flow.
UKW is managed by an experienced team at Greencoat Capital LLP,
a leading renewable investment manager with over GBP7 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 .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQEAPSDFLSAEFA
(END) Dow Jones Newswires
May 16, 2022 02:01 ET (06:01 GMT)
Greencoat Uk Wind (LSE:UKW)
Historical Stock Chart
From Mar 2024 to Apr 2024
Greencoat Uk Wind (LSE:UKW)
Historical Stock Chart
From Apr 2023 to Apr 2024