Greencoat UK Wind PLC Acquisition of North Hoyle & Slieve Divena (8472N)
August 14 2017 - 1:00AM
UK Regulatory
TIDMUKW
RNS Number : 8472N
Greencoat UK Wind PLC
14 August 2017
14 August 2017
Greencoat UK Wind plc
Acquisition of North Hoyle and Slieve Divena wind farms
Increase in Greencoat UK Wind's net generating capacity to
547MW
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has
entered into agreements to acquire the North Hoyle and Slieve
Divena wind farms from institutional investors advised by JP Morgan
Asset Management for a total consideration of approximately GBP105
million.
The acquisitions, which are expected to complete in August 2017,
will be funded by UKW's revolving credit facility.
North Hoyle is located 5 miles offshore in Liverpool Bay, and
has a capacity of 60MW. North Hoyle was originally developed by
Innogy, and formed part of the Zephyr portfolio from 2005. The wind
farm was commissioned in June 2004 and, as one of the UK's earliest
offshore wind farms, receives 1 ROC per MWh.
Slieve Divena is located in County Tyrone, Northern Ireland, and
has a capacity of 30MW. Slieve Divena was originally developed by
SSE, and formed part of the Infinis portfolio from 2011. The wind
farm was commissioned in March 2009 and receives 1 ROC per MWh.
Following completion of the acquisitions (and including
completion of the recently announced acquisition of a further 2.8%
interest in Clyde for GBP38 million), UKW's total borrowings will
amount to GBP318 million, equivalent to 28% 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 23 operating UK wind farms with
net generating capacity of 547MW (including the acquisitions of
North Hoyle and Slieve Divena and the recently announced
acquisition of 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 c. GBP2
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
The company news service from the London Stock Exchange
END
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