Acquisition of New Assets

RNS Number : 5918S

Greencoat UK Wind PLC

08 November 2013

 

Greencoat UK Wind PLC ("UKW")

Investment in Middlemoor and Lindhurst Wind Farms

Increases Greencoat UK Wind's net generating capacity to 184.0MW

The Board of UKW is pleased to announce that it has acquired a 49% interest in both Middlemoor and Lindhurst Wind Farms from RWE Innogyfor a total headline consideration of £70.6 million. The acquisition was funded through reinvestment of UKW's cash resources and its acquisition debt facility.

Middlemoor Wind Farm is located in Northumberland, England and has a total installed capacity of 54MW (net 26.5MW) and a forecast net load factor of 28.6%.  It was commissioned in September 2013 and, consequently, will be subject to an adjustment mechanism that will assess energy production over a two-year period and would adjust the acquisition price accordingly.

Lindhurst Wind Farm is located in Nottinghamshire, England and has a total installed capacity of 9MW (net 4.4MW) and a forecast net load factor of 30.4%.  It has operated since October 2010.

Following these acquisitions, UKW will have investments in ten wind farms in the UK with a net generating capacity of 184.0MW.

Tim Ingram, Chairman, said "We are delighted to acquire further high quality, utility constructed and operated wind farms and continue to expand our investment portfolio. Since listing, we have invested £134.2 million (including cashflow reinvestment) in adding 57.5MW of net capacity."

Hans Bünting, CEO of RWE Innogy said: "I am delighted with the progress of the Greencoat UK Wind Fund and the addition of two more RWE projects. This continues to demonstrate the quality and attractiveness of our projects. Together with Greencoat UK Wind we are continuing to progress one of our key strategic objectives of opening up our projects to investors and raising additional capital for the progression of renewable energy in Europe via attractive investment models."

As stated at the time of the IPO, the Company has made prudent use of leverage to finance the acquisition of investments. The UKW Board is actively considering refinancing some or all of the acquisition debt facility (being £130.0 million in total) through an issue of equity. A further announcement giving full details of any such issue will be made in due course.

For further information, please contact:

Greencoat UK Wind PLC                                             020 7832 9400

Stephen Lilley

Laurence Fumagalli

Tom Rayner

Tulchan                                                                       020 7353 4200

Stephen Malthouse

Christian Cowley

 

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