REG - Greencoat UK Wind - Q3 Update, NAV and Dividend Announcement

Greencoat UK WindAnnouncement

24/10/2024 13:00

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RNS Number : 5081J  Greencoat UK Wind PLC  24 October 2024

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INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE
OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

 

 

GREENCOAT UK WIND PLC

(the "Company")

 

Q3 Update, Net Asset Value and Dividend Announcement

 

Q3 Update

 

Lucinda Riches, Chairman of Greencoat UK Wind, said: "The third quarter has
been a busy and productive period for Greencoat UK Wind. We have increased our
investment in Kype Muir Extension, a high quality windfarm at a price
accretive to NAV, and refinanced both our RCF and near-maturing term debt with
our existing set of supportive lenders. The migration to a common terms
arrangement further enhances our debt platform, and our ability to conduct a
competitive refinancing with our existing lenders is testament to the
attractiveness of the Company's credit.

 

We continue actively to progress selective disposal opportunities, with a view
to reducing the Company's gearing and providing flexibility for further
capital allocation."

 

Further Investment in Kype Muir Extension Wind Farm

 

The Company is pleased to announce that, together with another fund managed by
Schroders Greencoat LLP, it has acquired the remaining 50.1% in Kype Muir
Extension wind farm from OnPath Energy.

 

The Company made a further investment of £14.25 million from available cash
in Kype Muir Extension with its additional interest acquired by the exercise
of certain existing shareholder rights. The Company's overall interest in the
windfarm has increased to 66% and the acquisition was accretive to NAV. The
Company's net generating capacity now stands at 2,017MW.

 

Refinancing

 

The Company also completed a £725 million refinancing of its debt facilities
during the quarter. The refinancing was conducted with the Company's existing
set of lenders. The process also involved migrating all lenders to a Common
Terms Agreement, offering the Company a consistent set of terms and a strong
platform for future debt placements.

 

The Company has reduced the size of its Revolving Credit Facility ("RCF") to
£400 million (down from £600 million), of which £300 million was drawn at
30 September. The margin on the renewed RCF has fallen from 1.75% to 1.5% and
it now matures in October 2027.

 

The Company has also refinanced £325 million of term loans that were due to
mature between November 2024 and May 2026. In addition, the Company placed a
further £100 million of term debt, with proceeds used to fund the reduction
in drawn RCF. The £425 million of new term loans mature between September
2029 and September 2031, reflecting the Company's ability to borrow over the
medium to long term.

 

The weighted average cost of the Company's debt is 4.68% (30 June 2024:
4.63%). The Company's next maturing term debt facility falls due in November
2026.

 

Net Asset Value and Dividend Announcement

 

 Net Asset Value / Net Asset Value per share  £3,600 million / 158.6 pence
 Dividend per share                           2.5 pence

 

The Company announces that its unaudited Net Asset Value as of 30 September
2024 is £3,600 million (158.6 pence per share).

 

The Company's September 2024 Factsheet is available on the Company's
website, www.greencoat-ukwind.com (http://www.greencoat-ukwind.com/) .

 

The Company also announces a quarterly interim dividend of 2.5 pence per share
with respect to the quarter ended 30 September 2024.

 

Dividend Timetable

Ex-dividend date           14 November 2024

Record date                  15 November 2024

Payment date                29 November 2024

 

 

For further information, please contact:

 

Greencoat UK Wind PLC
                                                020
7832 9425

Stephen Lilley

Matt Ridley

 

Ocorian Administration (UK) Limited               Company
Secretary             028 9693 0219

Josh
Finlay

 

Headland                                             020
3805 4822

Stephen Malthouse

Rob Walker

Charlie Twigg

ukwind@headlandconsultancy.com (mailto:ukwind@headlandconsultancy.com)

 

 

Disclaimer

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States (including its territories and
possessions, any state of the United States and the District of Columbia),
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This announcement does not contain or constitute an offer for sale of, or the
solicitation of an offer or an invitation to buy or subscribe for, Ordinary
Shares to any person in the United States, Australia, Canada, New Zealand,
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solicitation is unlawful.

 

The Company will not be registered under the US Investment Company Act of
1940, as amended. In addition, the Ordinary Shares referred to herein have not
been and will not be registered under the US Securities Act of 1933 (the
"Securities Act") or under the securities laws of any state of the United
States and may not be offered or sold in the United States or to or for the
account or benefit of US persons absent registration or pursuant to an
exemption from, or in a transaction not subject to, the registration
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not been and will not be registered under the Securities Act or under the
applicable securities laws of any state, province or territory of Australia,
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Ordinary Shares referred to herein may not be offered or sold in Australia,
Canada, New Zealand, South Africa or Japan or to, or for the account or
benefit of, any national, resident or citizen of Australia, Canada, New
Zealand, South Africa or Japan. There will be no public offer of the Ordinary
Shares in the United States, Australia, Canada, New Zealand, South Africa or
Japan.

 

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