Acquisition of Dalquhandy wind farm

RNS Number : 0437V

Greencoat UK Wind PLC

03 April 2023

 

3 April 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

Acquisition of Dalquhandy wind farm

Greencoat UK Wind PLC (the "Company", or "UKW") is pleased to announce that it has agreed to acquire Dalquhandy wind farm from BayWa r.e. ("BayWa") for a total consideration of approximately £50m.

Dalquhandy is a 42MW wind farm located near Coalburn in South Lanarkshire, is adjacent to Douglas West wind farm, and comprises 10 Vestas V136 4.2MW turbines. The wind farm benefits from a 10 year fixed price PPA with BT for 80% of its output.

The acquisition is expected to complete in May 2023 and will be funded from cash, which will be reinvested to grow UKW's generating capacity to 1,652MW.

Dalquhandy is the sixth wind farm that UKW has bought from BayWa and follows on from Cotton Farm and Earl's Hall Farm (2013), Kildrummy (2014), Stroupster (2015) and Bishopthorpe (2017).

Shonaid Jemmett-Page, Chairman of UKW, commented: "Greencoat UK Wind continues to generate significant cash flow in excess of its dividend and we are delighted to announce the acquisition of Dalquhandy wind farm. This NAV accretive transaction grows our portfolio to 46 wind farms with a generating capacity of 1,652MW. Our pipeline of potential acquisitions remains healthy and we look forward to making further attractive investments in due course as we continue to play our role in decarbonising the UK economy." 

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

[e-mail]

Notes to Editors:

Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 46 operating UK wind farms with net generating capacity of 1,652MW, following the completion of the Dalquhandy acquisition. 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 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 Schroders Greencoat LLP, a leading European renewable investment manager with over 9 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 Schroders Greencoat LLP, please visit http://www.schrodersgreencoat.com

 

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