Actualización de la política de disposición de energía eólica y asignación de capital
GCP Infraestructura Inversiones Limitada
("Infraestructura de GCP" o la "Empresa")
Código LEI 213800W64MNATSIV5Z47
Onshore Wind Disposal and Capital Allocation Policy Update
26 de abril de 2024
Onshore Wind Disposal
GCP Infra is pleased to announce it has disposed of its interest in loan notes secured against Blackcraig Wind Farm (the "Project"). The disposal occurred at a 6.4% premium to the valuation of the Project as at 31 March 2024.
The Project is a 52.9MW onshore wind farm located in Dumfries and Galloway, Scotland. The Project benefits from Renewable Obligation Certificate (ROC) subsidy support and has been operational since May 2018. The Company originally acquired the senior secured loan notes in 2017 from the UK Green Investment Bank. As an alternative to receiving repayment in full on the senior loan notes, the Company rolled over its senior secured loan notes into an equity-like interest in the Project in July 2018.
The disposal has generated net cash proceeds of c. £31 million. The net cash proceeds will be used to prepay drawings under the Company's revolving credit facility. Following such prepayment expected in the coming weeks, the Company's net debt position will be c.£45 million. Further, the disposal has reduced the Company's exposure to equity-like interests in the onshore wind sector.
Capital Allocation Policy Update
The Board of Directors of the Company adopted a capital allocation policy as part of its 2023 Annual Report and Accounts, reconfirming its intentions to prioritise a material reduction in leverage, as well as reducing equity-like exposures and exposures in certain sectors, as well as facilitating the return of capital to shareholders. The Board set a conditional target of releasing £150 million (c. 15% of the portfolio) from disposals or refinancings, to materially reduce leverage and return at least £50 million to shareholders before the end of the calendar year 2024.
This disposal represents a positive first step in facilitating the Company's execution on its capital allocation policy, materially reducing leverage while decreasing equity exposure across the portfolio. The Board and Gravis Capital Management Limited (the "Investment Adviser") continue to focus on additional opportunities for refinancings or disposals within the portfolio, in order to achieve the targets, set out in the capital allocation policy.
Andrew Didham, presidente de GCP Infra, comentó:
"This disposal reinforces the Company's commitment to its capital allocation policy, prioritising the reduction of leverage in the first instance, through a significant repayment of revolving credit facilities. It will further benefit the risk adjusted return of the portfolio, reducing equity-like exposure and exposure to electricity price movements."
Para más información, por favor póngase en contacto con:
Gravis Capital Management Limited Felipe Kent gilberto max
| 44 0 20 3405 8500 |
RBC Capital Markets Mateo Coakes elizabeth evans
| 44 0 20 7653 4000 |
Stifel Nicolaus Europa limitada Edward Gibson Watt Jonathan Wilkes-Verde
| 44 0 20 7710 7600 |
Buchanan / Pluma helen tarbet Sarah Gibbons-cocinera henry wilson | 44 0 20 7466 5000 |
Notas al editor
Acerca de GCP Infra
GCP Infra es una sociedad de inversión de tipo cerrado y miembro del FTSE-250, sus acciones se negocian en el mercado principal de la Bolsa de Valores de Londres. El objetivo de la Compañía es proporcionar a los accionistas distribuciones regulares, sostenidas y a largo plazo y preservar el capital a largo plazo generando exposición a la deuda de infraestructura del Reino Unido y activos relacionados y/o similares.
La Compañía apunta principalmente a inversiones en proyectos de infraestructura con ingresos a largo plazo, respaldados por el sector público y basados en la disponibilidad. Siempre que sea posible, las inversiones se estructuran para beneficiarse de una protección parcial contra la inflación. GCP Infra cuenta con el asesoramiento de Gravis Capital Management Limited.
GCP Infra ha sido galardonado con la Marca de Economía Verde de la Bolsa de Valores de Londres en reconocimiento a su contribución a resultados ambientales positivos.
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