£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:
-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
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
Registered in England and Wales with company number 08318092
Registered as an investment company under section 833 of the Companies Act 2006
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)
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.
Stephen Lilley - 0207 832 9425
Tom Rayner - 0207 832 9400
Laurence Fumagalli - 0207 832 9422
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 published this content on 28 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 11:53:03 UTC.