Greencoat UK Wind PLC — Capital/Financing Update 2015

Nov 26, 2015

National Storage Mechanism | Additional information

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RNS Number : 9966G

Greencoat UK Wind PLC

26 November 2015

Acquisition of Stroupster Wind Farm

Increase in Greencoat UK Wind's net generating capacity to 301.4 MW

The Board of Greencoat UKW Wind PLC ("UKW"), is pleased to announce that it has entered into an agreement to acquire Stroupster Wind Farm from BayWa r.e. renewable energy GmbH ("BayWa r.e.") for a total consideration of £85 million (excluding cash balances).

The acquisition, which is expected to complete on 1 December 2015, will include the prepayment of existing indebtedness and will be funded by UKW's acquisition debt facility provided by RBC, RBS and Santander.

Stroupster Wind Farm is located in Caithness and has a capacity of 29.9 MW and a forecast net load factor of 38.5%. Stroupster was developed by Npower Renewables and constructed by BayWa r.e., a subsidiary of the BayWa Group (the German listed agriculture, building materials and energy group). It is the fourth wind farm that UKW has bought from BayWa r.e. and follows on from the Cotton Farm and Earl's Hall Farm acquisitions in 2013 and the acquisition of Kildrummy Wind Farm in 2014. With the inclusion of Stroupster, BayWa r.e. will operate seven wind farms in UKW's portfolio.

Stroupster was commissioned in October 2015 and will be subject to an adjustment mechanism that will assess actual energy production over a two year period, with the acquisition price being adjusted accordingly. The wind farm will receive 0.9 ROCs per MWh.

Tim Ingram, Chairman, said "We are pleased to announce the acquisition of Stroupster Wind Farm, a further high quality addition to our operating portfolio and an expansion of our existing and successful relationship with BayWa. We continue to pursue other near term acquisition opportunities, but remain disciplined in only executing on opportunities that deliver attractive investment returns, consistent with our existing portfolio."

Following completion, at £135 million (£185 million less £50m equity proceeds), UKW's total outstanding debt is expected to be approximately 20% of Gross Asset Value (leverage limit 40%).

For further information, please contact:

Greencoat UK Wind PLC                                 020 7832 9400

Stephen Lilley

Laurence Fumagalli

Tom Rayner

Tulchan                                                           020 7353 4200

Stephen Malthouse

Notes to Editors:

Greencoat UK Wind PLC is the leading renewable infrastructure fund, solely and fully invested in seventeen operating UK wind farms with net generating capacity of 301.4 MW (including the acquisition of Stroupster Wind Farm). The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.26p for 2015) 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 leverage.

UKW is managed by an experienced team of senior executives from Greencoat Capital LLP, the cleantech and renewables focused investment management firm, and 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

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