LONDON, UK: Greencoat UK Wind (UKW) has agreed to acquire Andershaw wind farm from Statkraft UK Limited for a total consideration of £121 million (including cash and working capital).

Andershaw is a 35MW wind farm located 2 miles south of Douglas in South Lanarkshire and comprises 11 Vestas V117 3.3MW turbines. The wind farm was commissioned in February 2017, has a load factor of 34.8% and benefits from 0.9 ROCs per MWh.

The wind farm has entered into a power purchase agreement with Statkraft until 2037 who will also provide management services to the wind farm.

The acquisition will be funded using the Company’s revolving credit facility and gearing will increase to £1,050m of outstanding debt, equating to 30% of Gross Asset Value.

Shonaid Jemmett-Page, Chairman of UKW, commented: “We are delighted to announce the acquisition of Andershaw wind farm. This transaction grows our portfolio to 39 wind farms with a generating capacity of 1,244MW. Our pipeline of potential acquisitions remains healthy and we look forward to adding further attractive growth opportunities in due course as we continue to play our role in helping to decarbonise the UK economy.”

Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in 39 operating UK wind farms with net generating capacity of 1,244MW, following the completion of the Andershaw acquisition.

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

UKW provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.

UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £6 billion of assets under management. UKW is governed by a strong and experienced independent board.

UKW is incorporated in England and Wales and is a UK Investment Trust. www.greencoat-ukwind.com