Acquisition of Langhope Rig Wind Farm
Increase in Greencoat UK Wind's net generating capacity to 436MW
The Board of Greencoat UK Wind PLC ("UKW"), is pleased to announce that it has acquired Langhope Rig Wind Farm from GE (NYSE: GE) unit, GE Energy Financial Services for a total consideration of £39.8 million.
The acquisition, which completed on 24 March 2017, was funded by UKW's revolving credit facility (£37 million) plus cash resources (£2.8 million).
Langhope Rig is located near Hawick in the Scottish Borders, and has a capacity of 16MW and a forecast net load factor of 33%. Langhope Rig was originally developed and constructed by SSE, was commissioned in December 2015, and receives 0.9 ROCs per MWh.
Following completion, UKW's total borrowings amount to £137 million, equivalent to 15% of Gross Asset Value (gearing limit 40%).
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9400
Tulchan 020 7353 4200
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 20 operating UK wind farms with net generating capacity of 436MW (including the acquisition of Langhope Rig). 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 £1.8 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.