Greencoat UK Wind PLC Acquisition of Walney (6695X)
01 Septiembre 2020 - 5:00AM
UK Regulatory
TIDMUKW
RNS Number : 6695X
Greencoat UK Wind PLC
01 September 2020
Acquisition of Walney
Greencoat UK Wind PLC ("UKW" or "the Company") is pleased to
announce that it has agreed to acquire SSE's 25.1% interest in the
Walney I and II offshore wind farms (together "Walney"), subject to
the completion process which it expects will take place shortly,
for a headline consideration of GBP350 million.
Walney is located approximately 9 miles off the Cumbrian coast
and has a capacity of 367.2MW. Walney was constructed by Orsted and
its two phases have been operational since July 2011 and June 2012.
The wind farm receives 2 ROCs per MWh, has a load factor of 45.1%
and is operated and managed by Orsted, the 50.1% owner. The
remaining 24.8% is owned by PGGM.
The acquisition will be funded by UKW's acquisition facility,
recently resized to GBP400 million. Following the acquisition of
Walney, borrowings under the acquisition facility will amount to
GBP380 million, bringing total borrowings to GBP980 million (35% of
GAV).
Shonaid Jemmett-Page, Chairman of Greencoat UK Wind,
commented:
"We are delighted to acquire SSE's 25.1% interest in Walney,
which is a high quality, ROC accredited asset. The acquisition is
our third offshore wind farm investment since listing in 2013,
following our investments in Rhyl Flats and North Hoyle. Walney is
a natural addition to our portfolio of operating UK wind farms and
increases our net generating capacity to over 1GW for the first
time."
Laurence Fumagalli of Greencoat Capital LLP added:
"We are pleased to make this investment in Walney, a large scale
and high load factor offshore wind farm, which should deliver
attractive investment returns. Walney is the latest addition to our
portfolio of 36 ROC and CFD investments, of which offshore assets
now comprise 17%. Looking ahead, we continue to see a strong
pipeline of investment opportunities, both onshore and offshore,
and remain committed to our disciplined investment approach."
The Company was advised by Jefferies International Limited and
Norton Rose Fulbright LLP.
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 is the leading listed renewable
infrastructure fund, invested in 37 operating UK wind farms with
net generating capacity of 1,090MW. 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 over GBP5
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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