Acquisition of Corriegarth Wind Farm
22 August 2017
Greencoat UK Wind plc
Acquisition of Corriegarth Wind Farm
Increase in Greencoat UK Wind's net generating capacity to 617MW
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has acquired Corriegarth Wind Farm from Invenergy Renewables LLC ("Invenergy") for a total consideration of approximately £181 million.
Corriegarth is located approximately 20 miles south west of Inverness on the eastern side of Loch Ness, and has a capacity of 69.5MW. Corriegarth was developed and constructed by Invenergy. It was commissioned in April 2017 and has a forecast net load factor of 35.2%, which will be subject to an adjustment mechanism that will assess actual energy production over a 24 month period. It receives 0.9 ROCs per MW.
Tim Ingram, Chairman of UKW, commented: "We are very pleased with our latest acquisitions - high quality assets, which deliver an attractive investment return to our investors. The portfolio as a whole now provides sufficient electricity to power over 550,000 homes."
Laurence Fumagalli of Greencoat Capital added: "It has been a busy period in the secondary wind market, and we have been able to find value and transact quickly. Our independence, flexibility, and execution track record have again been helpful."
The acquisition was funded by UKW's acquisition facility, now increased to £400 million, with refreshed tenor and lower margin. Following completion of Corriegarth, North Hoyle, Slieve Divena and the further 2.8% interest in Clyde, UKW's total borrowings will amount to £500 million, equivalent to 38% of Gross Asset Value (gearing limit 40%).
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9400
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Tulchan 020 7353 4200
Peter Hewer
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 24 operating UK wind farms with net generating capacity of 617MW (including the acquisition of Corriegarth and the recently announced acquisitions of North Hoyle, Slieve Divena and a further 2.8% interest in Clyde). The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.49p for 2017) 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 portfolio gearing.
UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £2 billion of assets under management across a number of funds in wind and solar infrastructure and private equity, and is overseen 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.
This information is provided by RNS
Latest directors dealings
- 10 hours ago Rathbones Group
- 11 hours ago Raspberry PI Holdings (WI)
- 12 hours ago Alumasc Group
- 12 hours ago Land Securities Group
- 12 hours ago Computacenter