NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES
(INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED
STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
GREENCOAT UK WIND
PLC
(the
"Company")
Q3 Update, Net Asset Value
and Dividend Announcement
Q3
Update
Lucinda Riches, Chairman of Greencoat UK Wind,
said: "The third quarter has been a
busy and productive period for Greencoat UK Wind. We have increased
our investment in Kype Muir Extension, a high quality windfarm at a
price accretive to NAV, and refinanced both our RCF and
near-maturing term debt with our existing set of supportive
lenders. The migration to a common terms arrangement further
enhances our debt platform, and our ability to conduct a
competitive refinancing with our existing lenders is testament to
the attractiveness of the Company's credit.
We continue actively to progress
selective disposal opportunities, with a view to reducing the
Company's gearing and providing flexibility for further capital
allocation."
Further Investment in Kype
Muir Extension Wind Farm
The Company is pleased to announce
that, together with another fund managed by Schroders Greencoat
LLP, it has acquired the remaining 50.1% in Kype Muir Extension
wind farm from OnPath Energy.
The Company made a further
investment of £14.25 million from available cash in Kype Muir
Extension with its additional interest acquired by the exercise of
certain existing shareholder rights. The Company's overall interest
in the windfarm has increased to 66% and the acquisition was
accretive to NAV. The Company's net generating capacity now stands
at 2,017MW.
Refinancing
The Company also completed a £725
million refinancing of its debt facilities during the quarter. The
refinancing was conducted with the Company's existing set of
lenders. The process also involved migrating all lenders to a
Common Terms Agreement, offering the Company a consistent set of
terms and a strong platform for future debt placements.
The Company has reduced the size of
its Revolving Credit Facility ("RCF") to £400 million (down from
£600 million), of which £300 million was drawn at 30 September. The
margin on the renewed RCF has fallen from 1.75% to 1.5% and it now
matures in October 2027.
The Company has also refinanced £325
million of term loans that were due to mature between November 2024
and May 2026. In addition, the Company placed a further £100
million of term debt, with proceeds used to fund the reduction in
drawn RCF. The £425 million of new term loans mature between
September 2029 and September 2031, reflecting the Company's ability
to borrow over the medium to long term.
The weighted average cost of the
Company's debt is 4.68% (30 June 2024: 4.63%). The Company's next
maturing term debt facility falls due in November 2026.
Net
Asset Value and Dividend Announcement
|
Net
Asset Value / Net Asset Value per share
|
£3,600 million / 158.6
pence
|
|
Dividend per share
|
2.5 pence
|
The Company announces that its
unaudited Net Asset Value as of 30 September 2024 is £3,600 million
(158.6 pence per share).
The Company's September 2024
Factsheet is available on the Company's
website, www.greencoat-ukwind.com.
The Company also announces a
quarterly interim dividend of 2.5 pence per share with respect to
the quarter ended 30 September 2024.
Dividend Timetable
Ex-dividend
date 14
November 2024
Record
date
15 November 2024
Payment
date
29 November 2024
For
further information, please contact:
Greencoat UK Wind
PLC
020
7832 9425
Stephen Lilley
Matt Ridley
Ocorian Administration (UK) Limited
Company
Secretary 028
9693 0219
Josh
Finlay
Headland 020
3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
ukwind@headlandconsultancy.com
Disclaimer
This announcement is not for
publication or distribution, directly or indirectly, in or into the
United States (including its territories and possessions, any state
of the United States and the District of Columbia), Australia,
Canada, New Zealand, South Africa or Japan. The distribution of
this announcement may be restricted by law in certain jurisdictions
and persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe
any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such
jurisdiction.
This announcement does not contain
or constitute an offer for sale of, or the solicitation of an offer
or an invitation to buy or subscribe for, Ordinary Shares to any
person in the United States, Australia, Canada, New Zealand, South
Africa or Japan or in any jurisdiction to whom or in which such
offer or solicitation is unlawful.
The Company will not be registered
under the US Investment Company Act of 1940, as amended. In
addition, the Ordinary Shares referred to herein have not been and
will not be registered under the US Securities Act of 1933 (the
"Securities Act") or under the securities laws of any state of the
United States and may not be offered or sold in the United States
or to or for the account or benefit of US persons absent
registration or pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act
and in compliance with any applicable State securities laws. The
offer and sale of Ordinary Shares referred to herein has not been
and will not be registered under the Securities Act or under the
applicable securities laws of any state, province or territory of
Australia, Canada, New Zealand, South Africa or Japan. Subject to
certain exceptions, the Ordinary Shares referred to herein may not
be offered or sold in Australia, Canada, New Zealand, South Africa
or Japan or to, or for the account or benefit of, any national,
resident or citizen of Australia, Canada, New Zealand, South Africa
or Japan. There will be no public offer of the Ordinary Shares in
the United States, Australia, Canada, New Zealand, South Africa or
Japan.