TIDMUKW

RNS Number : 4562N

Greencoat UK Wind PLC

23 January 2023

23 January 2023

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")

Net Asset Value and Dividend Announcement

 
 Net Asset Value / Net Asset Value   GBP3,873.2 million 
  per share                           / 167.1 pence 
 Dividend / Dividend per share       GBP44.7 million / 
                                      1.93 pence 
                                    ------------------- 
 

The Company announces that its unaudited Net Asset Value as of 31 December 2022 is GBP3,873.2 million (167.1 pence per share).

The Company's December 2022 Factsheet is available on the Company's website, www.greencoat-ukwind.com .

The Company also announces a quarterly interim dividend of 1.93 pence per share with respect to the quarter ended 31 December 2022 and an increase in the target dividend for 2023 to 8.76 pence per share, increased in line with the Retail Prices Index for December 2022.

Stephen Lilley, Investment Manager of Greencoat UK Wind plc, commented

"We are pleased to announce a material increase in the Net Asset Value to 167.1p per share, an increase in the fourth quarter of 12.1p and in the year of 33.6p. This increase is a consequence of cash generation (dividend cover of 3.2x for 2022) and increased short term power prices. With clarity on the Electricity Generator Levy, we have been able to release some of the discount that we apply to short term power prices, whilst fully including the levy into the Net Asset Value. The forward curve for short term power prices (used in the Net Asset Value) has reduced from the level seen in Q3, and is at a similar level to that used in the Q2 Net Asset Value. We took the prudent decision not to include the higher Q3 forward curve in our Q3 Net Asset Value.

"During the year, we have also increased the discount rate back to the rate at our IPO in 2013, reflecting the increased interest rate environment. An increased discount rate, means an increased return to investors. Our levered discount rate of 10% (unlevered 8%) delivers a 9% net return to investors with a significant amount of reinvestment supplementing the dividend yield.

"We are also pleased to announce our 10th successive RPI increase in dividend per share to 8.76p, reflecting December's RPI of 13.4%. UKW will continue to provide investors with a sustainable dividend increasing in line with RPI, as it has done so every year since IPO."

Dividend Timetable

   Ex-dividend date         9 February 2023 
   Record date                 10 February 2023 
   Payment date               24 February 2023 

The Company advises that it will release its annual results for the period to 31 December 2022 on Thursday 23 February 2023. A presentation for analysts and investors will take place at 9.30am via a conference call. To register for the event please notify Headland, either by email to ukwind@headlandconsultancy.com or by telephone on +44 (0)20 3805 4822.

Presentation materials will be posted on the Company's website, www.greencoat-ukwind.com , from 9.00am.

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. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (8.76p for 2023) 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 Schroders Greencoat LLP, a leading renewable investment manager with GBP9 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 https://www.greencoat-ukwind.com .

For more information about Schroders Greencoat LLP, please visit https://www.schrodersgreencoat.com

For further information, please contact:

   Greencoat UK Wind PLC                  020 7832 9425 

Stephen Lilley

Laurence Fumagalli

Tom Rayner

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.

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January 23, 2023 02:00 ET (07:00 GMT)

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