Q3 Update, NAV and Dividend Announcement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

GREENCOAT UK WIND PLC 

(the "Company")

Q3 Update, Net Asset Value and Dividend Announcement

Q3 Update

Lucinda Riches, Chairman of Greencoat UK Wind, said: "The third quarter has been a busy and productive period for Greencoat UK Wind. We have increased our investment in Kype Muir Extension, a high quality windfarm at a price accretive to NAV, and refinanced both our RCF and near-maturing term debt with our existing set of supportive lenders. The migration to a common terms arrangement further enhances our debt platform, and our ability to conduct a competitive refinancing with our existing lenders is testament to the attractiveness of the Company's credit.

We continue actively to progress selective disposal opportunities, with a view to reducing the Company's gearing and providing flexibility for further capital allocation."

Further Investment in Kype Muir Extension Wind Farm

The Company is pleased to announce that, together with another fund managed by Schroders Greencoat LLP, it has acquired the remaining 50.1% in Kype Muir Extension wind farm from OnPath Energy.

The Company made a further investment of £14.25 million from available cash in Kype Muir Extension with its additional interest acquired by the exercise of certain existing shareholder rights. The Company's overall interest in the windfarm has increased to 66% and the acquisition was accretive to NAV. The Company's net generating capacity now stands at 2,017MW.

Refinancing  

The Company also completed a £725 million refinancing of its debt facilities during the quarter. The refinancing was conducted with the Company's existing set of lenders. The process also involved migrating all lenders to a Common Terms Agreement, offering the Company a consistent set of terms and a strong platform for future debt placements.

The Company has reduced the size of its Revolving Credit Facility ("RCF") to £400 million (down from £600 million), of which £300 million was drawn at 30 September. The margin on the renewed RCF has fallen from 1.75% to 1.5% and it now matures in October 2027.

The Company has also refinanced £325 million of term loans that were due to mature between November 2024 and May 2026. In addition, the Company placed a further £100 million of term debt, with proceeds used to fund the reduction in drawn RCF. The £425 million of new term loans mature between September 2029 and September 2031, reflecting the Company's ability to borrow over the medium to long term.

The weighted average cost of the Company's debt is 4.68% (30 June 2024: 4.63%). The Company's next maturing term debt facility falls due in November 2026.

Net Asset Value and Dividend Announcement

The Company announces that its unaudited Net Asset Value as of 30 September 2024 is £3,600 million (158.6 pence per share).

The Company's September 2024 Factsheet is available on the Company's website, www.greencoat-ukwind.com.

The Company also announces a quarterly interim dividend of 2.5 pence per share with respect to the quarter ended 30 September 2024.

Dividend Timetable

Ex-dividend date           14 November 2024

Record date                  15 November 2024

Payment date                29 November 2024

For further information, please contact:

Greencoat UK Wind PLC                                                                  020 7832 9425

Stephen Lilley

Matt Ridley

Ocorian Administration (UK) Limited               Company Secretary             028 9693 0219

Josh Finlay                                          

Headland                                             020 3805 4822

Stephen Malthouse

Rob Walker

Charlie Twigg

[email protected]

Disclaimer

This announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, New Zealand, South Africa or Japan. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not contain or constitute an offer for sale of, or the solicitation of an offer or an invitation to buy or subscribe for, Ordinary Shares to any person in the United States, Australia, Canada, New Zealand, South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

The Company will not be registered under the US Investment Company Act of 1940, as amended. In addition, the Ordinary Shares referred to herein have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or under the securities laws of any state of the United States and may not be offered or sold in the United States or to or for the account or benefit of US persons absent registration or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable State securities laws. The offer and sale of Ordinary Shares referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of any state, province or territory of Australia, Canada, New Zealand, South Africa or Japan. Subject to certain exceptions, the Ordinary Shares referred to herein may not be offered or sold in Australia, Canada, New Zealand, South Africa or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, New Zealand, South Africa or Japan. There will be no public offer of the Ordinary Shares in the United States, Australia, Canada, New Zealand, South Africa or Japan.