Greencoat UK Wind (UKW)

Sector:

Investment Firms

Index:

FTSE 250

135.00p
   
  • Change Today:
    -0.100p
  • 52 Week High: 151.70
  • 52 Week Low: 127.30
  • Currency: UK Pounds
  • Shares Issued: 2,284.76m
  • Volume: 641,926
  • Market Cap: £3,084.43m

Greencoat UK Wind leads 25pc investment in London Array wind farm

By Josh White

Date: Monday 24 Jul 2023

LONDON (ShareCast) - (Sharecast News) - Greencoat UK Wind announced on Monday that, together with other funds managed by Schroders Greencoat, it agreed to acquire a 25% stake in the London Array offshore wind farm from Orsted.
The FTSE 250 company said the landmark transaction would amount to a total consideration of £717m for the 25% stake, combining investments from itself and other participating funds.

For Greencoat UK Wind itself, the transaction represented a total investment of £444m, comprising an equity investment of £394m, translating to a 13.7% net stake, and a further loan investment of £50m.

It said London Array, commissioned in May 2013, stood as one of the UK's most significant renewable energy projects.

With a total capacity of 630MW, the wind farm boasted 175 Siemens 3.6MW turbines, resembling other prominent wind farms such as Rhyl Flats and Walney.

As of the acquisition, the wind farm was owned by a consortium consisting of RWE at 30%, CDPQ at 25%, Masdar at 20%, and now with the new agreement, Greencoat UK Wind at 25%.

The wind farm's operations are overseen by RWE, and its green credentials had earned it two Renewable Obligation Certificates (ROCs) per megawatt-hour (MWh) generated.

In securing the acquisition, Greencoat UK Wind said it used £640m of new term loan commitments from both existing and new lenders on 29 June.

Additionally, the company prepaid £150m of term loans that were scheduled to mature in November and December, while £200m was drawn under the company's revolving credit facility.

At the end of the second quarter on 30 June, Greencoat UK Wind reported a cash balance of £499m, with no outstanding amount drawn under the revolving credit facility.

The completion of the London Array investment was expected to take place on 31 July.

"We are delighted to invest in London Array," said chairman Lucinda Riches.

"The transaction was originated and negotiated on a bilateral basis and reflects the company's ability to continue to generate significant shareholder value through selective off-market investments."

Greencoat UK Wind said it would report its half-year results on 27 July.

Reporting by Josh White for Sharecast.com.

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UKW Market Data

Currency UK Pounds
Share Price 135.00p
Change Today -0.100p
% Change -0.07 %
52 Week High 151.70
52 Week Low 127.30
Volume 641,926
Shares Issued 2,284.76m
Market Cap £3,084.43m

UKW Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
24.64% above the market average24.64% above the market average24.64% above the market average24.64% above the market average24.64% above the market average
3.65% below the sector average3.65% below the sector average3.65% below the sector average3.65% below the sector average3.65% below the sector average
Price Trend
34.38% below the market average34.38% below the market average34.38% below the market average34.38% below the market average34.38% below the market average
60.12% below the sector average60.12% below the sector average60.12% below the sector average60.12% below the sector average60.12% below the sector average
Income
80.60% above the market average80.60% above the market average80.60% above the market average80.60% above the market average80.60% above the market average
31.86% above the sector average31.86% above the sector average31.86% above the sector average31.86% above the sector average31.86% above the sector average
Growth
24.52% below the market average24.52% below the market average24.52% below the market average24.52% below the market average24.52% below the market average
20.52% below the sector average20.52% below the sector average20.52% below the sector average20.52% below the sector average20.52% below the sector average

What The Brokers Say

Strong Buy 2
Buy 3
Neutral 1
Sell 0
Strong Sell 0
Total 6
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

UKW Dividends

  Latest Previous
  1st Interim 4th Interim
Ex-Div 16-May-24 15-Feb-24
Paid 31-May-24 29-Feb-24
Amount 2.50p 3.43p

Trades for 13-Jun-2024

Time Volume / Share Price
10:20 4,000 @ 134.67p
10:20 1 @ 134.70p
10:20 5 @ 135.00p
10:19 3,700 @ 134.85p
10:18 688 @ 135.00p

UKW Key Personnel

Chair Lucinda Riches

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