Exercise of Clyde Option and proposed placing to raise up to £118.8 million

Greencoat UK Wind plc (the "Company" or "UKW"), the leading listed renewable infrastructure fund, invested in operating UK wind farms, today announces its intention to exercise its option to increase its shareholding in the Clyde wind farms ("Clyde") to 28.2% for a consideration of £114.2 million and to raise up to £118.8 million through a placing (the "Placing") of new ordinary shares in the capital of the Company (the "Placing Shares") by way of a non pre-emptive issuance to institutional investors pursuant to the terms and conditions set out in the Appendix to this announcement.

GLIL Infrastructure LLP will also be exercising its option to increase its shareholding in Clyde to 21.7% at the same time.

The net proceeds of the Placing will be used to fund the purchase of UKW's further Clyde shareholding which will complete on 30 May 2018.

Summary of the Placing

•  Under the terms of the Placing, UKW intends to place up to 101,576,695 new Ordinary Shares in the capital of the Company, under the authority granted at the Company's annual general meeting on 30 April 2018 at an issue price of 117p per Placing Share:
  • The issue price of 117p represents a discount of 2.6% to the closing share price on 4 May 2018 (adjusted for the 1.69p per share dividend) and a premium of 3.9% to the last reported NAV (ex-dividend) of 112.6p per share (as at 31 March 2018)
  • The Placing is expected to be accretive to the net asset value per share of the Company, after costs.
• RBC Europe Limited (trading as RBC Capital Markets) is acting as bookrunner ("RBC" or "Bookrunner") to the Company and Kepler Partners LLP is acting as placing agent in relation to the Placing.
• The Placing will be made on a non pre-emptive basis to institutional investors and launched immediately following this announcement.
• The number of the Placing Shares will be determined at the close of the bookbuild for the Placing, expected at 11am on Friday, 18 May 2018 but may close earlier or later at the absolute discretion of the Company and Bookrunner.
• The Placing Shares will not qualify for the Q1 dividend.
• The Placing Shares are to be issued under the Company's general authority to issue shares for cash, i.e. outside of the share issuance programme implemented on 28 September 2017 (the "Share Issuance Programme"), which has now closed.
• The Placing Shares will be issued fully paid and will rank pari passu with the Existing Shares.
• The Appendix to this announcement (which forms part of the announcement) sets out the terms and conditions of the Placing.