08 November, 2013
GREENCOAT UK WIND PLC
Investment in Middlemoor and
Lindhurst Wind Farms
Increases Greencoat UK
Wind's net generating capacity to 184.0MW
The Board of UKW is pleased to announce that it has acquired a
49% interest in both Middlemoor and Lindhurst Wind Farms from RWE
Innogy for a total headline consideration of £70.6 million. The
acquisition was funded through reinvestment of UKW's cash resources
and its acquisition debt facility.
Middlemoor Wind Farm is located in Northumberland, England and has
a total installed capacity of 54MW (net 26.5MW) and a forecast net
load factor of 28.6%. It was commissioned in September 2013
and, consequently, will be subject to an adjustment mechanism that
will assess energy production over a two-year period and would
adjust the acquisition price accordingly.
Lindhurst Wind Farm is located in Nottinghamshire, England and has
a total installed capacity of 9MW (net 4.4MW) and a forecast net
load factor of 30.4%. It has operated since October
Following these acquisitions, UKW will have investments in ten wind
farms in the UK with a net generating capacity of 184.0MW.
Tim Ingram, Chairman, said "We are delighted to acquire further
high quality, utility constructed and operated wind farms and
continue to expand our investment portfolio. Since listing, we have
invested £134.2 million (including cashflow reinvestment) in adding
57.5MW of net capacity."
Hans Bünting, CEO of RWE Innogy said: "I am delighted with the
progress of the Greencoat UK Wind Fund and the addition of two more
RWE projects. This continues to demonstrate the quality and
attractiveness of our projects. Together with Greencoat UK Wind we
are continuing to progress one of our key strategic objectives of
opening up our projects to investors and raising additional capital
for the progression of renewable energy in Europe via attractive
As stated at the time of the IPO, the Company has made prudent use
of leverage to finance the acquisition of investments. The UKW
Board is actively considering refinancing some or all of the
acquisition debt facility (being £130.0 million in total) through
an issue of equity. A further announcement giving full details of
any such issue will be made in due course.
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