Greencoat UK Wind Regulatory News (UKW)

24 FEBRUARY 2021

Greencoat UK Wind PLC

Acquisitions

Greencoat UK Wind PLC ("UKW" or the "Company") is pleased to announce that it has acquired the remaining 50% interest in Braes of Doune wind farm from Funds managed by the infrastructure team of the international business of Federated Hermes for a consideration of £48.1m.

Braes of Doune is located in Stirlingshire, Scotland and comprises 36 Vestas V80 2MW turbines, with a total capacity of 72MW. The wind farm was commissioned in June 2007 and receives 1 ROC per MWh. UKW now owns 100% of the wind farm, having acquired its original 50% stake at IPO in March 2013.

The Company is also pleased to announce that it has entered into an agreement with Banks Renewables Limited ("Banks Renewables") to acquire a 49.9% interest in Kype Muir Extension wind farm for a headline consideration of £51.4m, to be paid once the wind farm is fully operational (target Q4 2022). UKW will also provide construction finance of up to £47m, with first utilisation expected in July 2021.

Kype Muir Extension is located in South Lanarkshire, Scotland and will comprise 4 Nordex 3.6MW turbines plus 11 Nordex 4.8MW turbines, with a total capacity of 67.2MW. The wind farm is subsidy free and will benefit from a 15 year fixed power price agreement with a utility.

Following its recently completed share placing, raising gross issue proceeds of £198m, and following its acquisition of the incremental interest in Braes of Doune, the Company intends to repay £160m of its revolving credit facility ("RCF"), reducing borrowings under the RCF from £400m to £240m. Together with £700m of term debt, total borrowings will be £940m, equating to 28% of Gross Asset Value.

Stephen Lilley of Greencoat Capital LLP commented: "We are delighted to acquire the remaining 50% of Braes of Doune, a high quality, ROC-accredited asset, in which we have been invested since March 2013. We are also excited to be partnering with Banks Renewables on Kype Muir Extension and look forward to acquiring 49.9% of the project in Q4 2022."

For further information, please contact:

Greencoat UK Wind PLC 020 7832 9425

Stephen Lilley

Laurence Fumagalli

Tom Rayner

Headland Consultancy 020 3805 4822

Stephen Malthouse

Rob Walker

Charlie Twigg

Notes to Editors:

Greencoat UK Wind PLC ("UKW") is the leading listed renewable infrastructure fund, which has invested in 38 operating UK wind farms with net generating capacity of 1,209MW (including the incremental acquisition of 50% of Braes of Doune). The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (7.18p for 2021) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of gearing.

UKW is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over £6 billion of assets under management. UKW is governed by a strong and experienced independent board.

UKW is incorporated in England and Wales and is a UK Investment Trust.

For more information about UKW, please visit http://www.greencoat-ukwind.com

For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com