viewGreencoat UK Wind PLC

Greencoat UK Wind - Acquisition of Walney

RNS Number : 6695X
Greencoat UK Wind PLC
01 September 2020


Acquisition of Walney


Greencoat UK Wind PLC ("UKW" or "the Company") is pleased to announce that it has agreed to acquire SSE's 25.1% interest in the Walney I and II offshore wind farms (together "Walney"), subject to the completion process which it expects will take place shortly, for a headline consideration of £350 million.


Walney is located approximately 9 miles off the Cumbrian coast and has a capacity of 367.2MW. Walney was constructed by Orsted and its two phases have been operational since July 2011 and June 2012. The wind farm receives 2 ROCs per MWh, has a load factor of 45.1% and is operated and managed by Orsted, the 50.1% owner. The remaining 24.8% is owned by PGGM.


The acquisition will be funded by UKW's acquisition facility, recently resized to £400 million. Following the acquisition of Walney, borrowings under the acquisition facility will amount to £380 million, bringing total borrowings to £980 million (35% of GAV).


Shonaid Jemmett-Page, Chairman of Greencoat UK Wind, commented: 

"We are delighted to acquire SSE's 25.1% interest in Walney, which is a high quality, ROC accredited asset. The acquisition is our third offshore wind farm investment since listing in 2013, following our investments in Rhyl Flats and North Hoyle. Walney is a natural addition to our portfolio of operating UK wind farms and increases our net generating capacity to over 1GW for the first time."


Laurence Fumagalli of Greencoat Capital LLP added:

"We are pleased to make this investment in Walney, a large scale and high load factor offshore wind farm, which should deliver attractive investment returns. Walney is the latest addition to our portfolio of 36 ROC and CFD investments, of which offshore assets now comprise 17%. Looking ahead, we continue to see a strong pipeline of investment opportunities, both onshore and offshore, and remain committed to our disciplined investment approach."


The Company was advised by Jefferies International Limited and Norton Rose Fulbright LLP.


For further information, please contact:


Greencoat UK Wind PLC                               020 7832 9425

Stephen Lilley

Laurence Fumagalli

Tom Rayner


Headland Consultancy                                  020 3805 4822

Stephen Malthouse

Rob Walker

Charlie Twigg


Notes to Editors:


Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 37 operating UK wind farms with net generating capacity of 1,090MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (7.1p for 2020) 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 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 Greencoat Capital LLP, a leading European renewable investment manager with over £5 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


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 or visit 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.

Quick facts: Greencoat UK Wind PLC


Price: 136.6

Market Cap: £2.7 billion

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Greencoat UK Wind hail 'solid' half-year performance with 'continued high...

Greencoat UK Wind PLC (LSE:UKW, FRA:3GC)'s (LON:UKW) Stephen Lilley talks to Proactive London about their 'solid' half year performance for the six months ended 30 June 2021. During the period the firm acquired the remaining 50 per cent of Braes of Doune wind farm, increasing net generating...

on 29/7/21

4 min read