Greencoat UK Wind PLC Investment in London Array offshore wind farm (8744G)
24 Julio 2023 - 1:00AM
UK Regulatory
TIDMUKW
RNS Number : 8744G
Greencoat UK Wind PLC
24 July 2023
24 July 2023
GREENCOAT UK WIND PLC
Investment in London Array offshore wind farm
Greencoat UK Wind PLC (the "Company", or "UKW") is pleased to
announce that, together with other funds managed by Schroders
Greencoat LLP, it has agreed to acquire a 25% stake in London Array
offshore wind farm from Orsted. The total consideration for the 25%
stake (from UKW and other funds) is GBP717m.
London Array was commissioned in May 2013 and has a total
capacity of 630MW, comprising 175 Siemens 3.6MW turbines (as at
Rhyl Flats and Walney). Other owners are RWE (30%), CDPQ (25%) and
Masdar (20%). The wind farm is operated by RWE and earns 2 ROCs per
MWh.
On 29 June 2023, the Company utilised GBP640m of new term loan
commitments from new and existing lenders and on 30 June 2023,
prepaid GBP150m of term loans maturing in November and December
2023 together with GBP200m drawn under its Revolving Credit
Facility ("RCF").
Group cash balances as at 30 June 2023 were GBP499m with zero
drawn under the RCF.
The London Array investment is scheduled to complete on 31 July
2023 and UKW's total investment is expected to be GBP444m,
comprising equity investment of GBP394m (13.7% net stake) and
GBP50m loan investment.
The Company looks forward to presenting its half year results on
27 July 2023.
Lucinda Riches, Chairman of UKW, commented:
"We are delighted to invest in London Array. The transaction was
originated and negotiated on a bilateral basis and reflects the
Company's ability to continue to generate significant shareholder
value through selective off-market investments."
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Stephen Lilley
Laurence Fumagalli
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 46 operating UK wind farms (not
including London Array) with net generating capacity of 1,652MW.
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 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 Schroders Greencoat
LLP, a leading European renewable investment manager with GBP10
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
www.greencoat-ukwind.com
For more information about Schroders Greencoat LLP, please visit
www.schrodersgreencoat.com
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END
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