Sell-down of interests in three wind farms
LEI: 213800ZPBBK8H51RX165
30 July 2025
GREENCOAT UK WIND PLC
(the "Company" or "UKW")
Sell-down of interests in three wind farms
Greencoat UK Wind PLC ("UKW" or "the Company") announces that it has entered agreements to partially dispose of three wind farms with a total value of £181 million, which will bring the cumulative value of disposals over the past year to £222 million.
The Company will today dispose of 32.65 per cent interests in each of Andershaw and Bishopthorpe onshore wind farms for a total of £42.6 million, which represents the NAV of the disposed interests as at 30 June 2025. Andershaw is a 35.0MW wind farm in Scotland, which UKW acquired in September 2021. Bishopthorpe is a 16.4MW wind farm in England, which UKW acquired in June 2017. The buyer is a private investor.
The Company will also today dispose of a 1 per cent interest in Hornsea 1 offshore wind farm for a gross asset value of £69 million. This includes £39 million of UKW's proportional share of limited recourse project level debt; the equity consideration represents the NAV of the disposed interest as at 30 June 2025. Hornsea 1 is a 1.2GW offshore windfarm, in which UKW acquired a 12.5% stake in August 2022. The buyer is a fund managed by Schroders Greencoat LLP.
The Company has also entered an agreement to sell a further stake in Hornsea 1, of the same size and on the same terms, to another fund managed by Schroders Greencoat LLP. That transaction is expected to complete in August 2025.
These transactions will bring the cumulative enterprise value of disposals to £222 million. The Company expects proceeds from the disposals announced today, which total £181 million, to be allocated primarily to decrease its gearing and in support of the extended share buyback programme announced in February. The Company's gearing at 30 June 2025 was 41.5 per cent. Pro forma gearing, when taking account of the disposals announced today, would stand at 39.5 per cent, assuming all proceeds are applied to reducing debt.
Lucinda Riches, Chairman of UKW commented:
"We are pleased to be able to announce these further disposals, delivered at NAV, which will bring total divestment proceeds to £222 million. Prudent balance sheet management and disciplined capital allocation remain central to our efforts to improve the Company's overall attractiveness against the market backdrop. The equity proceeds received will enable us to pay down debt, support the extended buyback programme and offer strategic optionality over the medium term."
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Matt Ridley
Stephen Packwood
Headland Consultancy 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
ukwind@headlandconsultancy.com
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 49 operating UK wind farms with net generating capacity of 1,982MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (10.35p for 2025) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow over the long term.
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 Schroders Greencoat LLP, a leading European renewable investment manager with c.£10 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 Schroders Greencoat LLP, please visit http://www.schrodersgreencoat.com
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