Proactiveinvestors United Kingdom Greencoat UK Wind https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Greencoat UK Wind RSS feed en Mon, 27 May 2019 09:08:02 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Publication of Prospectus and Timetable ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190509161001_14068750/ Thu, 09 May 2019 16:10:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190509161001_14068750/ <![CDATA[News - Greencoat UK Wind builds up warchest as institutions clamour for renewables ]]> https://www.proactiveinvestors.co.uk/companies/news/219589/greencoat-uk-wind-builds-up-warchest-as-institutions-clamour-for-renewables-219589.html  

 

Generating capacity within the portfolio has risen to 950Mw with a value of £2.3bn spread across 34 operating wind farms. Greencoat has also just arranged a facility to issue up to 500mln new shares over the next 12 months for other acquisitions. Shares just below an all-time high with a prospective dividend yield of 5% UK has £50bn worth of ROC- certificated assets

 

What it does 

Investors in Greencoat UK Wind PLC (LON:UKW) have reaped the rewards of a sensible approach to building a  portfolio of UK-based renewable energy assets.

Since it listed in 2013, the group has paid out inflation -linked dividends worth 38.2p (£261mln) while net asset value has grown to 123.2p.

Over that period, generating capacity within the portfolio has risen to 950Mw from 127Mw with a value of £2.3bn spread across 34 operating wind farms.

Another leg of expansion is in train with the company recently completing three new deals: Tom nan Clach, Stronelairg and Dunmaglass.

Greencoat has also just arranged a facility to issue up to 500mln new shares over the next 12 months for other acquisitions.

The initial tranche of these will be at 133p per share and as they are being sold at a premium to net asset value of about 8%, this will immediately boost NAV as well.

Demand for Greencoat shares is high currently.  The previous share issue was in February at 127p since when the share price has jumped to a new high of just over 143p.

Greencoat has already forecast a 6.94p payout for 2019 underpinned by the majority of its windfarm investments having ROC (Renewable obligation certificates) certification.

At 138p, the yield is 5%.

 

ROC-solid support

Renewable industry fundamentals, meanwhile, remain very supportive.

Under the grandfathering arrangements for renewable ROCs, getting on for half of the firm’s revenue is “fixed” until a 2037 cut off, with the other half linked to wholesale electricity prices.

Although ROCs dominate the portfolio, Greencoat latest is already preparing for life without subsidies.

The 75% stake in Tom Nan Clach cost £126mln with the development set to be handed over to Greencoat in July.

What was different with this deal was that rather than ROCs, a 15-year contract for difference (CFD) fixes the power price received.

Stephen Lilley, Greencoat’s investment manager, says it effectively mirrors the ROC arrangement where half of price is fixed by the ROC while the other half is variable.

 “We are starting to see attractive CFD and subsidy-free investment opportunities, of which Tom nan Clach is our first.

These opportunities will complement our core ROC investments and simple, low risk fund structure,” said Lilley at the time.

In December, Greencoat also acquired the unbuilt Douglas West wind farm near Lanark in Scotland with a planned capacity of 45Mw.

Douglas West will be subsidy free and cost £45mln to construct.

“Reflecting the overall shape of the market, we expect the majority of future investments will continue to be made from the £50bn pool of UK wind farms accredited under the ROC regime," said Lilley.

 

What the boss says:  Tim Ingram, chairman

"Following our investment in the high quality Stronelairg and Dunmaglass wind farms, and the imminent purchase of the Tom nan Clach wind farm, the share issuance programme launched today will enable the Company to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market."

 

Video 

 

 

Inflexion points 

Completion of latest placing at 133p 

Tom nan Clach comes onstream 

More acqusitions to grow the portfolio further

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Thu, 02 May 2019 14:24:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219589/greencoat-uk-wind-builds-up-warchest-as-institutions-clamour-for-renewables-219589.html
<![CDATA[News - Greencoat UK Wind raises funds for acquisition opportunities ]]> https://www.proactiveinvestors.co.uk/companies/news/219546/greencoat-uk-wind-raises-funds-for-acquisition-opportunities-219546.html Greencoat UK Wind PLC (LON:UKW) is to raise around £660mln to grow further its burgeoning portfolio of UK-based renewable energy projects.

Through the facility, up to 500mln of new shares can be issued in tranches over the next 12 months.

The initial issue will be priced at 133p, a 6% discount to yesterday’s 142p close.

Greencoat said it needs more cash to take advantage of the pipeline of opportunities it is seeing as investments in the Stronelairg and Dunmaglass wind farms had pushed debt up to £794mln or 34% of gross asset value.

Shares in the windpower specialist are trading near to an all-time high as institutional demand for high-yielding renewable investments has soared.

Tim Ingram, chairman, said the equity issue would enable it to pay down debt and continue to capitalise on the strong pipeline of acquisition opportunities in the UK wind farm secondary market.

“Given the size and scale the company has attained over recent years, UKW is well placed to make value-accretive acquisitions."

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Thu, 02 May 2019 08:04:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219546/greencoat-uk-wind-raises-funds-for-acquisition-opportunities-219546.html
<![CDATA[RNS press release - Launch of Initial Placing & Offer for Subscription ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190502070004_14060222/ Thu, 02 May 2019 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190502070004_14060222/ <![CDATA[RNS press release - Allotment of Shares and PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190501090001_14058993/ Wed, 01 May 2019 09:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190501090001_14058993/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190426153001_14054168/ Fri, 26 Apr 2019 15:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190426153001_14054168/ <![CDATA[RNS press release - Net Asset Value and Dividend Declaration ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190426140001_14053968/ Fri, 26 Apr 2019 14:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190426140001_14053968/ <![CDATA[RNS press release - Appointment of a Non-Executive Director ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190402070021_14024591/ Tue, 02 Apr 2019 07:00:21 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190402070021_14024591/ <![CDATA[RNS press release - Completion of Acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190328120537_14019731/ Thu, 28 Mar 2019 12:05:37 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190328120537_14019731/ <![CDATA[RNS press release - Notice of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190304090001_13988795/ Mon, 04 Mar 2019 09:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190304090001_13988795/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190301172046_13988017/ Fri, 01 Mar 2019 17:20:46 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190301172046_13988017/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190301070003_13986285/ Fri, 01 Mar 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190301070003_13986285/ <![CDATA[News - What exactly are ROCs and why is it important for renewable energy generators? ]]> https://www.proactiveinvestors.co.uk/companies/news/215529/what-exactly-are-rocs-and-why-is-it-important-for-renewable-energy-generators-215529.html In its full-year results on Thursday, chairman of FTSE 250 renewables group Greencoat UK Wind PLC (LON:UKW), Tim Ingram, said the firm expected the majority of its future investments to be made from the “£50bn pool of UK Wind farms accredited under the ROC regime”.

But what exactly is an ROC, and why is it important for renewable energy generators like Greencoat?

READ: Greencoat UK Wind delivers strong return buoyed by acquisitions

A Renewables Obligation Certificate (ROC) is essentially a green energy document that formed part of the Renewables Obligation (RO) scheme, introduced in England, Wales and Scotland in 2002 and Northern Ireland in 2005, which obligated electricity suppliers to buy a specific proportion of their energy from renewable sources.

ROCs were issued to accredited renewable energy generators for every megawatt hour (MWh) of electricity they produced, although the number of ROCs could vary depending on the type of technology used (e.g in 2014/15 offshore wind power would receive two ROCs for every MWh, while onshore wind would receive 0.9 ROCs).

These certificates would then be bought by electricity suppliers for a premium on top of what they had paid for the electricity and shown to the energy regulator Ofgem to prove they had met their obligation.

If a supplier failed to meet its obligation level, Ofgem would fine it a set amount linked to the retail price index (known as the ‘buy-out price’) for each missed certificate, which would then be re-distributed pro-rata to suppliers who had presented the ROCs.

However, in 2017, Ofgem said that all new generating capacity would not be eligible for the scheme after 31 March, but all capacity before then would still be viable for ROCs over 20-year periods until the end of 2037.

According to Greencoat’s investment manager, Stephen Lilley, this ‘grandfathering’ of the ROCs means that half of the firm’s revenue is “fixed” until the 2037 cut off, with the other half linked to wholesale electricity prices.

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Thu, 28 Feb 2019 13:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215529/what-exactly-are-rocs-and-why-is-it-important-for-renewable-energy-generators-215529.html
<![CDATA[Media files - Greencoat UK Wind delivers strong return buoyed by acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12392/greencoat-uk-wind-delivers-strong-return-buoyed-by-acquisitions-12392.html Thu, 28 Feb 2019 12:28:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12392/greencoat-uk-wind-delivers-strong-return-buoyed-by-acquisitions-12392.html <![CDATA[News - Greencoat UK Wind delivers strong return buoyed by acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/news/215489/greencoat-uk-wind-delivers-strong-return-buoyed-by-acquisitions-215489.html Renewables group Greencoat UK Wind PLC (LON:UKW) delivered a strong financial performance and a chunky dividend despite electricity generation being slightly below budget.

Acquisitions added a further three wind farms to the portfolio in the year just gone, taking it to 32 separate investments generating 2,003GWh of electricity (6% down on expectations).

WATCH: Greencoat UK Wind delivers strong return buoyed by acquisitions

Chairman Tim Ingram said: "Our pipeline of acquisition opportunities remains very healthy and we continue to expect the majority of future investments to be made from the £50bn pool of UK Wind farms accredited under the ROC regime."

READ: What exactly are ROCs?

Cash generation was on target at £117.3mln, allowing the company to pay a 6.76p a share dividend (representing a yield of just under 5%). The pay-out was 1.6-times covered by net profits and the plan is to declare a 6.94p divi for 2019.

The company aims to match increases in the dividend to retail price inflation. Greencoat’s target return to investors is an IRR net of fees and expenses of 8-9%.

The net asset value as at December 31 was 123.1p, up 11.8p from the same time last year.

"Today's results represent another year of consistent delivery with performance in line with expectations, achieving strong NAV growth of 11.8p,” said chairman Ingram.

“With our continuing strong cash flow and robust dividend cover, we confidently target a dividend of 6.94 pence per share with respect to 2019, again increased in line with RPI.”

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Thu, 28 Feb 2019 07:58:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215489/greencoat-uk-wind-delivers-strong-return-buoyed-by-acquisitions-215489.html
<![CDATA[RNS press release - Final Results Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190228070008_13984417/ Thu, 28 Feb 2019 07:00:08 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190228070008_13984417/ <![CDATA[RNS press release - Results of General Meeting ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190225140004_13980790/ Mon, 25 Feb 2019 14:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190225140004_13980790/ <![CDATA[News - Greencoat UK Wind says gross issue proceeds of £131mln raised from placing announced on February 1 ]]> https://www.proactiveinvestors.co.uk/companies/news/214527/greencoat-uk-wind-says-gross-issue-proceeds-of-131mln-raised-from-placing-announced-on-february-1-214527.html Greencoat UK Wind PLC (LON:UKW) said it raised gross issue proceeds of £131mln from the share placing it announced on 1 February 2019 in combination with plans to acquire stakes in the Stronelairg and Dunmaglass wind farms from FTSE 100-listed utilities group SSE PLC (LON:SSE).

The FTSE 250-listed renewable infrastructure fund which invests in operating UK wind farms added that 102,946,483 new ordinary shares will be issued at the placing price of 127p each, increasing its ordinary shares in total to 1,234,668,373.

READ: Greencoat UK Wind to acquire 35.5% stake in Stronelairg and Dunmaglass wind farms from SSE

The group said the net proceeds will be used to repay or reduce future draw-downs under the company's revolving credit facility.

Following the receipt of the proceeds, and completion of the Stronelairg and Dunmaglass acquisitions, the company said it should have £794mln of outstanding debt - of which £400mln is long term debt - which would be equal to approximately 34% of its gross asset value.

Tim Ingram, Greencoat UK Wind chairman, commented: "We are grateful for the continued support from our shareholders, which has led to another oversubscribed equity capital raise and is reflective of the strong demand for UKW's attractive investment returns, proven track record and simple, low-risk model."

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Wed, 13 Feb 2019 08:47:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214527/greencoat-uk-wind-says-gross-issue-proceeds-of-131mln-raised-from-placing-announced-on-february-1-214527.html
<![CDATA[RNS press release - Result of Capital Raise ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190213070003_13967203/ Wed, 13 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190213070003_13967203/ <![CDATA[RNS press release - Accelerated Closing of Placing ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190212070006_13965638/ Tue, 12 Feb 2019 07:00:06 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190212070006_13965638/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190201093001_13955197/ Fri, 01 Feb 2019 09:30:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190201093001_13955197/ <![CDATA[News - Greencoat UK Wind to acquire 35.5% stake in Stronelairg and Dunmaglass wind farms from SSE ]]> https://www.proactiveinvestors.co.uk/companies/news/213782/greencoat-uk-wind-to-acquire-355-stake-in-stronelairg-and-dunmaglass-wind-farms-from-sse-213782.html Greencoat UK Wind PLC (LON:UKW) has agreed to acquire a stake in the Stronelairg and Dunmaglass wind farms from FTSE 100 utilities firm SSE plc (LON:SSE).

The FTSE 250 renewable energy investor said it would acquire a 49.9% stake in each of the wind farms in partnership with a major UK pension fund whose investment is managed by Greencoat Capital, a private equity firm.

READ: Greencoat UK Wind higher as it reports rise in fourth quarter net asset value, hike in 2019 target dividend

Greencoat would obtain a net 35.5% stake in the two wind farms for £452mln, while the managed fund would acquire a net 14.4% stake for £183mln.

The two wind farms, both located in Scotland, will continue to be operated by SSE after the acquisition, with Stronelairg and Dunmaglass carrying generation capacity of 228 megawatts (MW) and 94MW respectively as well as load factors of 43% and 44%.

The acquisitions are expected to complete by 29 March 2019, after which the firm said it expected to have £794mln of outstanding debt.

Greencoat also announced a placing to raise up to £131mln by way of a non-pre-emptive issuance to institutional investors at 127p per share, a 5% discount to its last close price, that would be used to repay or reduce drawdowns on its revolving credit facility.

The placing is subject to shareholder approval at a general meeting due on 25 February.

Tim Ingram, chairman of Greencoat, said the “two high load factor, [Renewable Obligation Certificate] accredited wind farms” would deliver “attractive investment returns” and built on the firm's relationship with SSE.

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Fri, 01 Feb 2019 07:34:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/213782/greencoat-uk-wind-to-acquire-355-stake-in-stronelairg-and-dunmaglass-wind-farms-from-sse-213782.html
<![CDATA[RNS press release - Acquisition, Proposed Placing & Notice of GM ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190201070003_13954542/ Fri, 01 Feb 2019 07:00:03 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190201070003_13954542/ <![CDATA[RNS press release - Allotment of Shares and PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190118110001_13939801/ Fri, 18 Jan 2019 11:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190118110001_13939801/ <![CDATA[News - Greencoat UK Wind higher as it reports rise in fourth quarter net asset value, hike in 2019 target dividend ]]> https://www.proactiveinvestors.co.uk/companies/news/212868/greencoat-uk-wind-higher-as-it-reports-rise-in-fourth-quarter-net-asset-value-hike-in-2019-target-dividend-212868.html Greencoat UK Wind PLC (LON:UKW) saw its shares rise on Friday as the wind farm investment group revealed that its unaudited net asset value increased to £1,392.8mln, or 123.1p per share as of 31 December 2018.

The FTSE 250-listed firm said this represents an increase of 8.1p per share for the fourth quarter - in addition to dividends paid of 1.69p – with 6.7p of the rise attributable to amending the assumed asset life from 25 to 30 years on a conservative basis, following a third party technical assessment of its portfolio.

READ: Greencoat UK Wind adds more capacity in Scotland with Douglas West purchase

The company added that, during the fourth quarter, generation was on budget and power prices were above budget. However, it noted, generation for the full year was 6% below budget due to low wind resource, although cash generation was on budget owing to higher power prices.

The company also announced a quarterly interim dividend of 1.69p per share for the quarter ended 31 December 2018 and an increase in the target dividend for 2019 to 6.94p per share, in line with the Retail Prices Index for December 2018.

Greencoat UK Wind said it will release its annual results for the period to 31 December 2018 on Thursday 28 February 2019.

In early morning trading, Greencoat UK Wind shares were 3.9% higher at 134.40p.

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Fri, 18 Jan 2019 08:50:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/212868/greencoat-uk-wind-higher-as-it-reports-rise-in-fourth-quarter-net-asset-value-hike-in-2019-target-dividend-212868.html
<![CDATA[RNS press release - NAV, Dividend and Notice of Annual Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190118070004_13938907/ Fri, 18 Jan 2019 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20190118070004_13938907/ <![CDATA[News - Greencoat UK Wind adds more capacity in Scotland with Douglas West purchase ]]> https://www.proactiveinvestors.co.uk/companies/news/211550/greencoat-uk-wind-adds-more-capacity-in-scotland-with-douglas-west-purchase-211550.html Greencoat UK Wind PLC (LON:UKW) has further expanded its portfolio with the acquisition of the unbuilt Douglas West wind farm near Lanark in Scotland.

Construction is scheduled to start next year with a planned capacity of 45Mw when finished. Douglas West will be subsidy free and cost £45mln to construct, which will be paid out of UK Wind’s cash flow. Blue Energy, the vendor, and Natural Power will oversee the construction work.

READ: Greencoat UK Wind makes sure-footed progress

The acquisition will be the second recently of a wind-farm without government subsidies known as renewable obligation certificates (ROCs).

In October, UK Wind acquired Tom nan Clach a 13 turbine wind farm in Nairnshire, Scotland, which was also subsidy-free and where prices were fixed using a CFD mechanism.

Once up and running Douglas West will increase Greencoat UK Wind’s generating capacity to 910Mw.

Stephen Lilley from the wind fund's manager Greencoat Capital added: "During 2018 we have continued to build our portfolio with investments and commitments totalling over £500mln, of which approximately 70% are in ROC accredited wind farms.

“Although we are starting to see attractive CFD and subsidy-free investment opportunities, we expect the majority of future investments will continue to be made from the £50bn pool of UK wind farms accredited under the ROC regime."

 

 

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Thu, 20 Dec 2018 08:04:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211550/greencoat-uk-wind-adds-more-capacity-in-scotland-with-douglas-west-purchase-211550.html
<![CDATA[RNS press release - Acquisition of Douglas West wind farm ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181220070004_13910574/ Thu, 20 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181220070004_13910574/ <![CDATA[News - Greencoat UK Wind acquires Church Hill and Crighshane wind farms, ups net generating capacity to 836MW ]]> https://www.proactiveinvestors.co.uk/companies/news/211247/greencoat-uk-wind-acquires-church-hill-and-crighshane-wind-farms-ups-net-generating-capacity-to-836mw-211247.html Greencoat UK Wind PLC (LON:UKW) has acquired the Church Hill and Crighshane wind farms in Northern Ireland in a deal that has upped its net generating capacity to 836 megawatts (MW).

The FTSE 250 wind farm investor said it acquired the wind farms for £87mln, including the prepayment of existing project finance debt facilities.

READ: Greencoat UK Wind plans to spend £126mln on wind farm in northern Scotland

Church Hill is located 16 miles north-west of Omagh in County Tyrone and has a capacity of 18.4MW while Crighshane is located 20 miles north-west of Omagh and has a capacity of 32.2MW.

The acquisition was funded by £80 million from UKW’s revolving credit facility and the reinvestment of £7mln in group cash.

Tim Ingram, chairman of UKW, said the acquisitions meant the firm’s portfolio of wind farms now provided enough electricity to power over 750,000 homes.

The acquisitions follow news in October that Greencoat would spend £126mln to acquire the 13-turbine Tom nan Clach wind farm in Nairnshire, Scotland.

In mid-afternoon trading Friday, Greencoat shares were steady around 124.6p.

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Fri, 14 Dec 2018 13:45:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/211247/greencoat-uk-wind-acquires-church-hill-and-crighshane-wind-farms-ups-net-generating-capacity-to-836mw-211247.html
<![CDATA[RNS press release - Acquisition of Church Hill & Crighshane wind farms ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181214132134_13904724/ Fri, 14 Dec 2018 13:21:34 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181214132134_13904724/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181203070004_13887904/ Mon, 03 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181203070004_13887904/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181113111509_13865109/ Tue, 13 Nov 2018 11:15:09 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181113111509_13865109/ <![CDATA[RNS press release - Allotment of Shares & PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181102124619_13853451/ Fri, 02 Nov 2018 12:46:19 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181102124619_13853451/ <![CDATA[RNS press release - NAV, Dividend and Long Term Debt ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181101161040_13852107/ Thu, 01 Nov 2018 16:10:40 +0000 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181101161040_13852107/ <![CDATA[Media files - Greencoat UK Wind to acquire Tom nan Clach wind farm in Scotland ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/10749/greencoat-uk-wind-to-acquire-tom-nan-clach-wind-farm-in-scotland-10749.html Fri, 05 Oct 2018 12:33:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/10749/greencoat-uk-wind-to-acquire-tom-nan-clach-wind-farm-in-scotland-10749.html <![CDATA[News - Greencoat UK Wind plans to spend £126mln on wind farm in northern Scotland ]]> https://www.proactiveinvestors.co.uk/companies/news/206453/greencoat-uk-wind-plans-to-spend-126mln-on-wind-farm-in-northern-scotland-206453.html Greencoat UK Wind PLC (LON:UKW) is spending £126mln on a 13-turbine wind farm in northern Scotland.

It is acquiring Belltown Power’s 75% stake in Tom nan Clach, in Nairnshire.

READ: Greencoat UK Wind makes sure-footed progress

Currently under development, the operation will be formally handed over to Greencoat next July, a month after its completion.

The Vestas V112 turbines are capable of generating 39.1 megawatts of electricity, while the load factor is expected to be 48%.

15-year CFD

Interestingly, the project will benefit from a 15-year contract for difference (CFD).

These are long-term deals that enable generators such as Greencoat to stabilise revenues at a pre-agreed level for the duration of the contract.

The purpose of CFD is to incentivise investments in new low-carbon electricity generation by providing predictability of future revenue streams.

They are an alternative to existing green incentive scheme based around renewable obligation certificates, or ROCs.

“We are starting to see attractive CFD and subsidy-free investment opportunities, of which Tom nan Clach is our first. These opportunities will complement our core ROC investments and simple, low risk fund structure,” said chief executive Stephen Lilley.

“Reflecting the overall shape of the market, we expect the majority of future investments will continue to be made from the £50bn pool of UK wind farms accredited under the ROC regime."

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Fri, 05 Oct 2018 07:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/206453/greencoat-uk-wind-plans-to-spend-126mln-on-wind-farm-in-northern-scotland-206453.html
<![CDATA[RNS press release - Acquisition of Tom nan Clach Wind Farm ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181005070003_13817482/ Fri, 05 Oct 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20181005070003_13817482/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180928110003_13808957/ Fri, 28 Sep 2018 11:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180928110003_13808957/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180903070005_13775523/ Mon, 03 Sep 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180903070005_13775523/ <![CDATA[RNS press release - Investment Manager Share Sales ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180801120003_13739913/ Wed, 01 Aug 2018 12:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180801120003_13739913/ <![CDATA[RNS press release - Allotment of Shares & PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180731080001_13737345/ Tue, 31 Jul 2018 08:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180731080001_13737345/ <![CDATA[Media files - Greencoat UK Wind enjoys 'continued solid performance' across portfolio ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/9982/greencoat-uk-wind-enjoys-continued-solid-performance-across-portfolio-9982.html Mon, 30 Jul 2018 14:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/stocktube/9982/greencoat-uk-wind-enjoys-continued-solid-performance-across-portfolio-9982.html <![CDATA[News - Greencoat UK Wind well placed to take advantage of attractive pipeline ]]> https://www.proactiveinvestors.co.uk/companies/news/201724/greencoat-uk-wind-well-placed-to-take-advantage-of-attractive-pipeline-201724.html Greencoat UK Wind PLC (LON:UKW), the renewable infrastructure fund, saw its net asset value (NAV) per share rise to 114.1p at the end of June.

That represented a 2.9p increase over the first half of the year; during the period, the fund also declared dividends of 3.38p, split equally between the first and second quarters. On an ex-div basis, the NAV per share rose to 112.4p from 109.6p.

WATCH: Greencoat UK Wind enjoys 'continued solid performance' across portfolio

In the first half of 2018, the group's investments generated 951-gigawatt hours (GWh) of electricity and £67.4mln (net) of cash.

Despite a strong first quarter, portfolio generation for the period was 6% below budget, mainly due to lower wind speeds in May and June, but thanks to higher-than-expected wholesale electricity prices net cash was in line with expectations.

At the end of June, the group had outstanding borrowings of £395mln, equivalent to 23% of the gross asset value, of which £150mln is fixed-rate debt.

Greencoat H1 revenues +85%, pre-tax profit +91%, on higher electricity prices, NAV +1%

— Mike van Dulken (@Accendo_Mike) July 27, 2018

"We are pleased to report continued solid performance of our portfolio, with good cash generation, an increase in the dividend and strong dividend cover,” said Tim Ingram, the chairman of Greencoat.

"During the period, we invested a further £277 million, increasing net generating capacity to 785MW. Acquiring Brockaghboy, a 47.5MW wind farm in Northern Ireland, and exercising our option to increase our shareholding in the Clyde wind farms demonstrates the breadth of investment opportunities available to us given our scale.

"We were also pleased with the strong support shown by both existing and new investors in May's oversubscribed share placing. With gearing at 23% of GAV, we are well placed to take advantage of the attractive pipeline of growth opportunities available to us," Ingram added.

READ: Greencoat UK Wind snaps up Northern Ireland wind farm as acquisition drive continues

Brockaghboy joy for Greencoat #OnshoreWind #WindFarm https://t.co/1qPv7zWbww pic.twitter.com/D43vxKqPlF

— Wescott Group Ltd (@LtdWescott) March 8, 2018 ]]>
Fri, 27 Jul 2018 08:15:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/201724/greencoat-uk-wind-well-placed-to-take-advantage-of-attractive-pipeline-201724.html
<![CDATA[RNS press release - Half Year Report, NAV & Dividend Announcement ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180727070004_13733426/ Fri, 27 Jul 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180727070004_13733426/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180719144602_13724619/ Thu, 19 Jul 2018 14:46:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180719144602_13724619/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180716092558_13718849/ Mon, 16 Jul 2018 09:25:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180716092558_13718849/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180716092138_13718847/ Mon, 16 Jul 2018 09:21:38 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180716092138_13718847/ <![CDATA[RNS press release - Notice of Results, NAV and Interim Dividend ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180711070005_13713061/ Wed, 11 Jul 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180711070005_13713061/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180601070005_13662651/ Fri, 01 Jun 2018 07:00:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180601070005_13662651/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180525113001_13655970/ Fri, 25 May 2018 11:30:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/4098/LSE20180525113001_13655970/