Investment manager

Greencoat UK Wind PLC updates agreement with investment manager

Greencoat UK Wind PLC (LSE: UKW) has announced a review and extension of its investment management agreement with Greencoat Capital.

Key changes include an additional tier to the cash fee structure which will see the renewable energy investment firm pay a reduced charge of 0.7% above a net asset value of £3bn.

The deal will run for four years, retroactive to April 2022. The notice period will increase to one year if the stock trades below net asset value for six months or more on average, while the change of control clause will limit the remaining duration of the agreement to two. years.

Greencoat Capital has been the investment manager of the renewable energy fund since its IPO in 2013.

Over that period it has delivered a total shareholder return of around 150%, including 59.7p per share in dividends.

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