Greencoat UK Wind PLC Further investment in Clyde (6642M)
August 01 2017 - 4:00AM
UK Regulatory
TIDMUKW
RNS Number : 6642M
Greencoat UK Wind PLC
01 August 2017
Further investment in Clyde
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has
entered into an agreement to make a further investment in Clyde
Windfarm (Scotland) Limited ("Clyde"), together with GLIL Corporate
Holdings Limited ("GLIL"), the infrastructure investment vehicle of
certain local authority pension funds.
As agreed at acquisition in March 2016, the Clyde Extension
construction indemnity provided by SSE will fall away on the
Commercial Operation Date of Clyde Extension (expected to occur in
late August 2017) and, five business days thereafter, UKW and
GLIL's shareholding in Clyde will be diluted from 49.9% (UKW 28.2%)
to 30% (UKW 17%). On the dilution date, UKW and GLIL will acquire
an additional 5% (UKW 2.8%) of Clyde for a consideration of GBP67.8
million (UKW GBP38.3 million).
UKW is also pleased to announce that UKW and GLIL have entered
into a call option to buy a further 14.9% (UKW 8.4%) of Clyde for a
consideration of GBP202.2 million (UKW GBP114.2 million). The
option is exercisable between 1 April 2018 and 30 June 2018, and is
exercisable by UKW and GLIL or by either one of them.
Clyde is located in South Lanarkshire and consists of the Clyde
North, Clyde South and Clyde Central wind farms, with a combined
generating capacity of 350 MW. Clyde North consists of 47 Siemens
2.3 MW turbines and has a generating capacity of 108MW, while Clyde
Central and Clyde South consist of 49 turbines (113 MW) and 56
turbines (129 MW) respectively. Clyde Extension consists of 54
Siemens 3.2 MW turbines with a total capacity of 173 MW.
Tim Ingram, Chairman of UKW, commented: "We are delighted to
make a further investment in Clyde, one of the largest series of
onshore wind farms in the UK, and also to enter into an option to
increase our investment again next year."
Stephen Lilley of Greencoat Capital added: "We've been really
pleased with the performance of our Clyde investment over the last
15 months and have watched with interest SSE's build-out of the
extension. We look forward to continuing our partnership with SSE
and GLIL".
The acquisition, which is expected to complete in late August
2017, will be funded by UKW's revolving credit facility. Following
completion of the acquisition, at GBP213 million, UKW's total
outstanding debt is expected to be approximately 21% 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
Peter Hewer
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 457MW (including dilution to 17% and
subsequent acquisition of 2.8% of 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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