Greencoat UK Wind PLC ("UKW") is pleased to announce that it has acquired Brockaghboy wind farm from ERG Power Generation SpA ("ERG") for a total consideration of approximately £163 million.

Brockaghboy is located approximately 30 miles east of Londonderry in Northern Ireland and has a capacity of 47.5MW. Brockaghboy was originally developed by TCI Renewables Limited ("TCI") and constructed by ERG with support from TCI. The wind farm is accredited to receive 0.9 ROCs per MWh from August 2017 and was fully commissioned in February 2018. The forecast net load factor is 40.5%.

Tim Ingram, Chairman of UKW, commented:

We are very pleased with this latest acquisition. 2017 was a busy year for us and it is great to start 2018 with the acquisition of a 100% ownership stake in a brand new, good sized, very high load factor wind farm, from very experienced developers. The secondary market remains active and there are several wind farms that we now expect to be acquired by others in the near future: as with all our acquisitions, price discipline is paramount.

Laurence Fumagalli of Greencoat Capital added:

Brockaghboy is another great example of UKW's expertise delivering execution certainty and efficiency for both buyer and seller.

The acquisition was funded by UKW's revolving credit facility (£100 million) plus an increase in UKW's term debt facility with Commonwealth Bank of Australia (£50 million) plus reinvestment of portfolio cash (approximately £13 million). The new tranche under the term debt facility has a term of 7 years. Following the acquisition, UKW's total borrowings amount to £415 million £150 million under the term debt facility plus £265 million under the revolving credit facility), equivalent to 27% of Gross Asset Value (gearing limit 40%).