REG - Greencoat UK Wind - Sell-down of interests in three wind farms

Greencoat UK WindAnnouncement

Wed 07:02

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RNS Number : 0672T  Greencoat UK Wind PLC  30 July 2025

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 (mailto: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
(https://protect.mimecast-offshore.com/s/uy5HCD9okjCnJ8ABCWtQvg?domain=greencoat-ukwind.com)

For more information about Schroders Greencoat LLP, please
visit http://www.schrodersgreencoat.com
(https://protect.mimecast-offshore.com/s/ez97CE9pRkCg0ZxWIwDDJh?domain=schrodersgreencoat.com)

 

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