Greencoat UK Wind : NAV report - Dec 2022

December 2022 Factsheet

Greencoat UK Wind PLC (the "Company") is the leading listed

renewable infrastructure fund, invested in UK wind farms.

Key Statistics

as at 31 Dec 2022 (unaudited)

Listing	Index Inclusion
LSE Main Market since Mar 2013	FTSE 250
Investment Manager	Number of shares in issue
Schroders Greencoat LLP	2,318,089,989
Gross Asset Value ("GAV")	Aggregate Group Debt
£5,653m	£1,780m
Net Asset Value ("NAV")	NAV per share
£3,873m	167.1p
Market capitalisation	Share price
£3,523m	152.0p
Target dividend	Dividend payment dates
8.76p for 2023	May, Aug, Nov, Feb

Operational

and Financial

Highlights

• 2022 dividend cover of 3.2x
• 2022 generation 5% below budget reflecting low wind in H2
• High power prices in 2022 + forward curve remains high over 2023-2026
• Clarity in relation to Electricity Generator Levy:

• 1. 45% of annual average power revenue above index linked £75/MWh
  1. CFDs excluded
  1. £10m annual allowance
• 12.1p increase in NAV per share over Q4:
• 1. +20p from updated power price assumptions

• 1. -8preflecting Electricity Generator Levy
• 8.0% blended portfolio discount rate (unlevered):
• 1. 10% equivalent levered discount rate

• 1. 9% net return to investors o inflation linked
• 13.4% increase in target dividend to 8.76p for 2023, in line with Dec RPI
• Aggregate Group Debt of £1,780m (31% of GAV), comprising £900m term debt + £200m drawn RCF + £680m share of Hornsea 1 debt
• £161m cash + £400m available under RCF (£600m facility)

Investment Objective

Investment Policy

The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow.

The substantial majority of the investment portfolio will be operating UK wind farms. The Company intends to maintain a balanced exposure to power prices. Aggregate Group Debt will not exceed 40% of GAV at drawdown.

Greencoat UK Wind PLC (LON: UKW)
20 Fenchurch Street
London EC3M 3BY
http://www.greencoat-ukwind.com
Registered in England and Wales with company number 08318092	1
Registered as an investment company under section 833 of the Companies Act 2006

Portfolio

December 2022 Factsheet

The portfolio comprises interests in 45 operating wind farms totaling 1,610MW:

• Diversified geographical mix across England, Scotland, Wales and Northern Ireland
• Ownership stakes from 12.5% to 100%
• Weighted average net load factor 36.2%
• Weighted average age 7 years

In addition, the Company has made the following commitments:

Kype Muir Extension	£51m	34MW	Q2 2023
South Kyle	£320m	235MW	Q2 2023
Total	£371m	269MW

Operating Portfolio (by value)

Investment Manager

Contact

Details

The Company's Investment Manager is Schroders Greencoat LLP, which is authorised and regulated by the FCA. Schroders Greencoat LLP has a highly experienced investment management team led by Stephen Lilley and Laurence Fumagalli.

Stephen Lilley 020 7832 9425 [e-mail] Fumagalli 020 7832 9422 [e-mail]

Greencoat UK Wind PLC currently conducts its affairs so that its Ordinary Shares (the "Shares") can be recommended to retail private investors in accordance with the Financial Conduct Authority ("FCA") rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company is a UK plc and has been approved as an investment trust and, accordingly, the Shares are excluded securities for the purposes of the FCA's restrictions (which apply to non-mainstream investment products) as they are shares in an investment trust.

Greencoat UK Wind PLC (LON: UKW)
20 Fenchurch Street
London EC3M 3BY
http://www.greencoat-ukwind.com
Registered in England and Wales with company number 08318092	2
Registered as an investment company under section 833 of the Companies Act 2006