REG - Greencoat UK Wind - Q4 Update, NAV, Dividend and Asset Divestments

Greencoat UK WindAnnouncement

29/01/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250129:nRSc0228Va&default-theme=true

RNS Number : 0228V  Greencoat UK Wind PLC  29 January 2025

LEI: 213800ZPBBK8H51RX165

29 January 2025

 

NOT FOR RELEASE, 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), AUSTRALIA, CANADA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

 

 

GREENCOAT UK WIND PLC

(the "Company")

 

Q4 Update, Net Asset Value, Dividend and Asset Divestments

 

 

Net Asset Value and Dividend Announcement

 

 Net Asset Value / Net Asset Value per share  £3,409 million / 151.2 pence
 Dividend per share                           2.5 pence

 

The Company announces that its unaudited Net Asset Value as of 31 December
2024 is £3,409 million (151.2 pence per share), a decrease of 7.4 pence per
share from NAV at 30 September 2024.

 

The Company declares a quarterly interim dividend of 2.5 pence per share with
respect to the quarter ended 31 December 2024, taking the total FY 2024
dividend to 10 pence per share. The Company also announces an increase in the
target dividend for 2025 to 10.35 pence per share in line with the Retail
Prices Index for December 2024 of 3.5 per cent.

 

Dividend Timetable

Ex-dividend date           13 February 2025

Record date                  14 February 2025

Payment date                28 February 2025

 

Energy Yield Review

 

The movement in NAV was primarily the result of a revision to energy yield
estimates across the Company's portfolio. The Board and the Investment Manager
periodically review the portfolio's energy yield estimates (P50), and decided
to harmonise the data set used in long term wind speed correlation in
conjunction with an expert third party. This has also added a number of recent
years to the correlation data with lower than long term average UK wind speeds
and this serves to bring the long term average down.

 

As a result, the long term generation forecast is expected to be 2.4% lower,
with a resulting NAV decrease of 6.5 pence per share.

 

Since IPO, the Company has delivered 1.8x dividend cover and, with its revised
generating budget, remains on course to generate (on average) dividend cover
of 1.9x over the next 5 years.  This would deliver over £1 billion in excess
cashflow over the next 5 years for allocation to the advantage of its
shareholders.

 

Asset Divestments

 

On 23 December 2024, the Company made its first disposal, divesting of 40%
interests in Dalquhandy and Douglas West onshore wind farms to Fuyo General
Lease Co. Ltd. at the prevailing NAV of £41 million.

 

Divestment proceeds were used to repay the Company's Revolving Credit Facility
("RCF") and fund further share buybacks. Drawings under the RCF as at 31
December 2024 were £270 million and overall gearing was 39.7%.

 

The Board and the Investment Manager continue to pursue selective disposals to
reduce gearing further, as well as generate further capital to deploy to the
advantage of the Company's shareholders.

 

Share Buyback Programme

 

The share buyback programme continues to progress with £19.7 million returned
to shareholders in the quarter, taking the cumulative amount returned via the
programme to 31 December 2024 to £89.9 million.

 

The Company's December 2024 Factsheet is available at
https://www.greencoat-ukwind.com/investors/report-and-publications/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),
Australia, Canada, New Zealand, South Africa or Japan. The distribution of
this announcement may be restricted by law in certain jurisdictions and
persons into whose possession any document or other information referred to
herein comes should inform themselves about and observe any such restriction.
Any failure to comply with these restrictions may constitute a violation of
the securities laws of any such jurisdiction.

 

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,
South Africa or Japan or in any jurisdiction to whom or in which such offer or
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
requirements of the Securities Act and in compliance with any applicable State
securities laws. The offer and sale of Ordinary Shares referred to herein has
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,
Canada, New Zealand, South Africa or Japan. Subject to certain exceptions, the
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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSEUFWAEISELF