Acquisition of Slieve Divena II
20 February 2020
Acquisition of Slieve Divena II
Greencoat UK Wind PLC ("UKW" or "the Company") is pleased to announce that it has agreed to acquire Slieve Divena II wind farm from SSE Renewables for a consideration of £51 million.
Slieve Divena II is located approximately 10 miles south east of Omagh in County Tyrone, Northern Ireland, and has a capacity of 18.8MW. Slieve Divena II was constructed by SSE Renewables and has been operational since June 2017. The wind farm receives 0.9 ROCs per MWh and has a load factor of 31.3%.
Slieve Divena II is adjacent to UKW's Slieve Divena wind farm, which was acquired by the Company in August 2017, and will also be managed by SSE Renewables. As with Slieve Divena, SSE Airtricity (SSE's retail brand in Northern Ireland) will be the offtaker under a long-term power purchase agreement.
Tim Ingram, Chairman of UKW, commented:
"We are delighted to acquire our eighth wind farm from SSE, which is testament to the longstanding relationship we have developed. Slieve Divena II is a high quality, ROC-accredited asset sitting alongside our Slieve Divena wind farm and is a natural addition to our portfolio of operating UK wind farms, which no w has a net generating capacity of almost 1GW."
The acquisition was funded by UKW's acquisition facility plus reinvestment of portfolio cash of £24m. Following the acquisition, UKW's total borrowings will amount to £627 million (£600m under term debt facilities plus £27m under the revolving credit facility), equivalent to 25% of Gross Asset Value (gearing limit 40%).
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Stephen Lilley
Laurence Fumagalli
Tom Rayner
Headland Consultancy 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 36 operating UK wind farms with net generating capacity of 998MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (7.10p for 2020) 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 gearing.
UKW provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.
UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with approximately £5 billion of assets under management. UKW is governed 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
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