20 December 2019
Acquisition of Windy Rig and Twentyshilling
Greencoat UK Wind PLC ("UKW") is pleased to announce that it has agreed to acquire the Windy Rig and Twentyshilling wind farms from Statkraft UK Limited ("Statkraft") for a combined consideration of £104 million, to be paid on completion. Construction of the wind farms is expected to commence shortly, with the acquisition targeted to complete in Q2 2021 and Q3 2021 respectively, once each wind farm is fully operational.
Windy Rig (43.2MW) and Twentyshilling (37.8MW) are subsidy free projects located in Dumfries & Galloway and were originally developed by Element Power (acquired by Statkraft in September 2018). Statkraft will manage the construction of both wind farms and will provide route-to-market and operational management services for the wind farms once operational.
Tim Ingram, Chairman of UKW, commented: "This transaction follows, and is very similar to, our recently announced Glen Kyllachy acquisition from Innogy, with acquisition completion occurring upon the successful commissioning of the wind farms. We are delighted to partner with Statkraft on this transaction, demonstrating that UKW is the continuing partner of choice for utilities, who are well placed to retain and manage the risks associated with wind farm construction."
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Headland Consultancy 020 3805 4822
Notes to Editors:
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 35 operating UK wind farms with net generating capacity of 979MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.94p for 2019) 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 is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £4 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