3 July 2017
Greencoat UK Wind plc
Acquisition of Bishopthorpe Wind Farm
Increase in Greencoat UK Wind's net generating capacity to 452MW
The Board of Greencoat UK Wind PLC ("UKW"), is pleased to announce that it has acquired Bishopthorpe Wind Farm from BayWa r.e. for a total consideration of £47 million.
The acquisition, which completed on 30 June 2017, was funded by UKW's revolving credit facility (£38 million) plus cash resources (£9 million).
Bishopthorpe is located near Grimsby in Lincolnshire, and has a capacity of 16.4MW and a forecast net load factor of 35.5%. Bishopthorpe was originally developed by ASC Renewables and constructed by BayWa r.e. The wind farm was commissioned in May 2017, and will receive 0.9 ROCs per MWh.
Bishopthorpe is the fifth wind farm that UKW has bought from BayWa r.e. and follows on from Cotton Farm and Earl's Hall Farm (2013), Kildrummy (2014) and Stroupster (2015). Including Bishopthorpe, BayWa r.e. now operates eight wind farms in UKW's portfolio.
Following completion, UKW's total borrowings amount to £175 million, equivalent to 18% 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 21 operating UK wind farms with net generating capacity of 452MW (including the acquisition of Bishopthorpe). 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. £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.