Greencoat UK Wind to buy two Scottish wind farms for a combined £104mln
Windy Rig and Twentyshilling, in Dumfries & Galloway, will produce 81 megawatts of power
Company
LON:UKW
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in operating UK wind farms. The fund is a constituent of the FTSE 250 and has a market capitalisation of approximately c.£3.2bn.
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Windy Rig and Twentyshilling, in Dumfries & Galloway, will produce 81 megawatts of power
The farm, designed to have a capacity of 48.5 megawatts, will be realised near Inverness without subsidies
Caoimhe Giblin will join Greencoat as a non-executive director on September 1
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"I am pleased to report another good first-half performance, which reflects the continued delivery of our simple, low risk and proven strategy," said Tim Ingram, Greencoat's chairman
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Greencoat struck a deal with Belltown Power last October to buy the latter’s 75% stake in Tom nan Clach
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Currently the FTSE 250 group is invested in 34 operating UK wind farms with net generating capacity of 950Mw.
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The FTSE 100 closed 32.86 points higher at 7,218.16 on Thursday, just easing off its late afternoon high of 7,235
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Shares in the wind power specialist are trading near to an all-time high
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Chairman of renewables group Greencoat UK Wind PLC, Tim Ingram, said on Tuesday that the firm expected most of its future investments to come from the “£50bn pool of UK Wind farms accredited under the ROC regime”, but what are ROCs and why
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Cash generation was on target at £117.3mln, allowing the company to pay a 6.76p a share dividend
The UK's premier share index closed down around 32 points at 7,074
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In a trading update, the education firm said revenues from continuing operations would be over £8mln, while profits were expected to be in line with expectations
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Following the receipt of the proceeds and completion of the Stronelairg and Dunmaglass acquisitions, the company said it should have £794mln of outstanding debt
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The more UK-company focused FTSE 250 gained over 147 points to close at 18,972
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May said should no revised deal be ready for a vote by 27 February, a further amendable motion would be tabled
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The 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
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The wind farm investor 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
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Douglas West will be subsidy free and cost £45mln to construct, which will be paid out of UK Wind’s cash flow
The FTSE 250 wind farm investor said it acquired the wind farms for £87mln, including the prepayment of existing project finance debt facilities
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The Vestas V112 turbines are capable of generating 39.1 megawatts of electricity
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Gearing stands at around 23% of general asset value (GAV). Over the medium term, Greencoat would expect gearing to be between 20% and 30% of GAV
In London, FTSE 100 added over 38 points to finish at 7,701 - that was up on the week too, marginally - by 0.29%.
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Jefferies reckons the key focus for BT's quarterly results will be on the business and public sector division following a poor performance last year
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UKW said, after the transactions, it will have outstanding borrowings of £245mln under its Revolving Facility Agreement and £150mln under its Long Term Facility Agreement, equivalent to around 23% of gross asset value
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Footsie closed around nine points at 7,778 but it was still up 0.70% on the week - its eighth weekly gain in a row.
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The UK blue-chip benchmark closed around 11 points higher at 7,334..
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The wind power specialist will pay £114.2mln to be funded by a placing at 117p to raise up to £118.8mln
FTSE 100 closed 1.39 points lower at 7,565, while FTSE 250 went the other way
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Brockaghboy, near Londonderry in Northern Ireland, was only commissioned last month
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The premier UK blue-chip exchange added around 45 points at 7,203, while FTSE 250 also stormed higher, up 193 points at 19,968.
Gas prices soared as the Beast from the East hit and Britain shivered, but Stephen Lilley, Greencoat’s chief executive, said while a nice bonus, investors need to look at the five-year trend of wind speeds, not one week’s prices.
Greencoat’s portfolio generated 1,457GWh of electricity over the past year or enough for 620,000 homes
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Also featured: Dechra Pharmaceuticals, HemoGenyx, PCG Entertainment, Chariot Oil & Gas Limited, Provident Financial, Hiscox, Collagen Solutions, Summit Therapeutics and Conroy Gold
Greencoat is already targeting a 6.76p dividend for 2018, a 4.1% increase
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The five wind farms have a weighted average net load factor of 25%
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At around 3.55pm, the UK blue chip index was up 5 points to 7,498
The renewable infrastructure fund group said the proceeds of the programme will be used to pay down the company's Facility Agreement enabling it to “pursue further attractive investment opportunities”
The government of Tanzania has given Petra the go-ahead to resume diamond exports and sales from the Williamson mine.
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Greencoat has been sensible in its approach to developing the portfolio
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