Greencoat UK Wind : NAV report - Mar 2021

March 2021 Factsheet

Greencoat UK Wind PLC (the "Company") is the leading listed renewable infrastructure fund, invested in UK wind farms.

Key

Statistics

as at 31 Mar 2021 (unaudited)

Operational

and Financial

Highlights

Listing	Index Inclusion
LSE Main Market since Mar 2013	FTSE 250
Investment Manager	Number of shares in issue
Greencoat Capital LLP	1,975,291,746
Market capitalisation	Share price
£2,540.2m	128.6p
Gross Asset Value ("GAV")	Aggregate Group Debt
£3,353.9m	£940.0m
Net Asset Value ("NAV")	NAV per share
£2,413.9m	122.2p
Premium to NAV	Target IRR
5.2%	8-9%
Target dividend	Dividend payment dates
7.18p with respect to 2021	May, Aug, Nov, Feb

• Q1 generation 12% below budget reflecting low wind
• Material increase in short term power prices
• £198m equity issue
• £48m acquisition of further 50% stake in Braes of Doune (now 100% owned)
• Dividend of 1.775p per share with respect to Q4 2020 paid on 26 Feb 2021
• NAV per share maintained at 122.2p over the quarter:

• 1. -2pincreased corporation tax rate (modelled over the medium term) o +1p increase in short term power prices
     o +0.5p accretive equity issue
     o +0.5p other quarterly movement
• Total gearing 28% of GAV, cash balances £82.2m, £160m available RCF commitments

Investment Objective

Investment Policy

The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (7.18p with respect to 2021) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cashflow and the prudent use of gearing.

• The substantial majority of the portfolio will be operating UK wind farms
• The portfolio will be invested in both onshore and offshore wind farms, with the amount invested in offshore wind farms being capped at 40% of GAV at acquisition
• The Company will generally avoid using non-recourse debt at wind farm level; total acquisition debt and term debt will not exceed 40% of GAV at drawdown

Greencoat UK Wind PLC (LON: UKW)
27-28 Eastcastle Street
London W1W 8DH
http://www.greencoat-ukwind.com
Registered in England and Wales with company number 08318092	1
Registered as an investment company under section 833 of the Companies Act 2006

Portfolio

March 2021 Factsheet

The portfolio comprises interests in 38 operating wind farms (1,209MW) plus 1 wind farm under construction (45MW). Key characteristics of the portfolio:

• Diversified geographical mix across England, Wales, Scotland and Northern Ireland
• Ownership stakes from 24.95% to 100%
• Weighted average net load factor 35.0%
• Weighted average age 7 years

In addition, the Company has committed £533m to acquire 5 further wind farms totaling 398MW over the period 2021-2023, as each enters into operation.

Operating Portfolio (by value)

Investment Manager

Contact

Details

Greencoat Capital LLP is the Investment Manager for the Company and is authorised and regulated by the FCA. Greencoat Capital LLP has a highly experienced investment management team led by Stephen Lilley and Laurence Fumagalli.

Investment Managers	Public Relations
Stephen Lilley - 0207 832 9425	Tom Rayner - 0207 832 9400
[e-mail]	[e-mail]
Laurence Fumagalli - 0207 832 9422
[e-mail]

Greencoat UK Wind PLC currently conducts its affairs so that its Ordinary Shares (the "Shares") can be recommended to retail private investors in accordance with the Financial Conduct Authority ("FCA") rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company is a UK plc and has been approved as an investment trust and, accordingly, the Shares are excluded securities for the purposes of the FCA's restrictions (which apply to non-mainstream investment products) as they are shares in an investment trust.

Greencoat UK Wind PLC (LON: UKW)
27-28 Eastcastle Street
London W1W 8DH
http://www.greencoat-ukwind.com
Registered in England and Wales with company number 08318092	2
Registered as an investment company under section 833 of the Companies Act 2006