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15 October 2026 Greencoat UK Wind The Next Phase of Delivery
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2 Our core investment proposition remains unchanged. What is evolving is how we deliver it. By broadening our investment toolkit, we can access a wider range of attractive opportunities within UK wind, extend the life of our portfolio and deliver a stronger, higher value portfolio for our shareholders, while maintaining our disciplined approach to capital allocation. Lucinda Riches C.B.E Chairman, Greencoat UK Wind PLC “
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UKW’s Business Model and its Relevance Session 1 | Section 1 | Greencoat UK Wind – Capital Markets Event 3
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4 Enduring, differentiated and consistently delivered UKW’s Business Model • Scaled, diversified portfolio of operating UK wind assets • Strong cash generation allows a growing dividend, a strong balance sheet and self-funded re- investment • Disciplined capital allocation, focused on long-term value creation How it is delivered • Dividend increased with inflation • 1.7x average annual dividend cover • Over £1.5bn returned to shareholders in dividends • £1.1bn reinvested in the portfolio • 8.6% annualised NAV total return (1) T rack record since IPO • A permanent capital vehicle for UK renewable infrastructure • Focused exposure to the growing UK wind market • A dividend policy targeting sustainable, well-covered and inflation-linked distributions • Reinvestment to deliver enduring shareholder value What UKW offers (1) The NAV total return shown relates to the period since IPO to 30 June 2026 and may not be representative of future returns Past performance is not a reliable indicator of future results. Projections are based on certain assumptions, dividends are subject to portfolio performance, market conditions and Board approval. Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections
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5 UKW has built scale and evidenced the proposition Past performance is not a reliable indicator of future results From First Mover to Established Market Leader 0 500 1,000 1,500 2,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Cumulative net capacity (MW) Cumulative net MW Acquisition Partial disposal Proof of concept Building scale Resilience
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6 Past performance is not a reliable indicator of future results Note: All figures from IPO to 30 June 2026 UKW’s Design A self-sustaining business model in action Equity Total renewable electricity produced Total net cash generation 49 Wind farms £1.5bn Total reinvestment 37.4 TWh £2.6bn £1.1bn Total capacity of 1,942 MWDebt Total dividends paid
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7 Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections Why Reinvestment is Important Reinvestment protects the portfolio from erosion Cashflow from fixed life assets eventually erodes Without reinvestment, dividends become unsustainable This is why UKW was designed around reinvestment 0 100 200 300 400 500 600 700 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Net cash generation (£m) Existing portfolio
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8 Reinvesting to Grow Cashflows Self-generated capital supports long-term dividend cover Self-generated capital is invested to grow cashflows over time Dividend cover maintained over the long term 0 100 200 300 400 500 600 700 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Net cash generation (£m) Existing portfolio Reinvestment Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections
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(1) As at 30 June 2026 (2) After payment of £1.3bn of inflation linked dividends (3) Schroders Greencoat estimates of future UK wind market size Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections. When referring to risk-adjusted returns, execution, construction, operational and market risks remain. 9 What Matters in T oday’s Market UKW already possesses all the key attributes to succeed Scale £5bn Gross Asset Value spread across 49 assets; FTSE 250 constituent (1) Self-funding £0.9-1.4bn P otential self-generated capital(2) over five years (2027–31) Market opportunity £200bn Value of overall UK wind market expected to double by mid-2030s (3) Risk adjusted returns 10.5% Projected long-term annual return to investors A scaled, high-quality portfolio of UK wind assets Combined with a durable balance sheet Large opportunity set within existing portfolio and across wider market Reinvestment relies on existing, not new, capabilities
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10 Past performance is not a reliable indicator of future results. Projections are based on certain assumptions and models. Actual results may be materially lower or higher than those illustrated Range of outcomes determined by sensitivities on generation volumes and realised power prices UKW’s Self-funding Model £0.9–1.4bn of potential self-generated capital over 2027–31 £3.3-4.0bn £2.2-2.7bn £1.3bn £0.9-1.4bn 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 EBITDA Net cash generation CPI-linked dividends Self-generated capital £bn (2027-31 cumulative)
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Opportunities to Broaden Sources of Return Session 1 | Section 2 | Greencoat UK Wind – Capital Markets Event 11
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12 A Broader T oolkit to Strengthen Delivery More investment routes and more management levers Same market, more options Investment opportunity Return driver Operational assets Resource, O&M expertise and power prices Project management expertiseConstruction assets Technical and asset insightLife extension Repowering Development and execution Existing skill set Scaled gradually
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What Characterises These Opportunities Four investment routes, assessed on a common framework Opportunity Yield profile NAV effect Levered return Revenue profile Operational asset Construction asset Life extension Repowering One framework, four opportunities Each investment opportunity is tested against yield profile, NAV effect, return and cashflow contracting 13
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What Characterises These Opportunities Operational assets: the yielding core Opportunity Yield profile NAV effect Levered return Revenue profile Operational asset High Depreciating Base case of 10–11%, varies by revenue composition Fixed and variable Operational assets Income from day one with NAV depreciating over time with returns determined by entry price and revenue mix 14 Expected returns are illustrative management estimates, depend on assumptions regarding power prices, inflation, construction outcomes, financing costs and operational performance, and are not guaranteed. Appreciating NAV effect refers to early years of investment only.
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What Characterises These Opportunities Construction assets: near-term yield traded for higher returns Opportunity Yield profile NAV effect Levered return Revenue profile Construction asset Zero, then high Appreciating Base case +50–200 bps Highly fixed Construction assets No yield during build, but NAV appreciates up to the point of operations. Enhanced returns compensate for management of construction risk 15 Expected returns are illustrative management estimates, depend on assumptions regarding power prices, inflation, construction outcomes, financing costs and operational performance, and are not guaranteed. Appreciating NAV effect refers to early years of investment only.
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What Characterises These Opportunities Life extension: enhanced returns from assets we already own Opportunity Yield profile NAV effect Levered return Revenue profile Life extension High Appreciating Base case +300–500 bps Variable Life extension Continuous yield, low to no capex and NAV appreciation on extension. An incremental return source, from sites UKW already owns 16 Expected returns are illustrative management estimates, depend on assumptions regarding power prices, inflation, construction outcomes, financing costs and operational performance, and are not guaranteed. Appreciating NAV effect refers to early years of investment only.
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What Characterises These Opportunities Repowering: building value from assets we already own Opportunity Yield profile NAV effect Levered return Revenue profile Repowering Variable across project delivery Appreciating Base case +200–400 bps Highly fixed Repowering Repowering offers long-duration cashflow extension on existing portfolio and third-party assets. It can also be combined with life extension 17 Expected returns are illustrative management estimates, depend on assumptions regarding power prices, inflation, construction outcomes, financing costs and operational performance, and are not guaranteed. Appreciating NAV effect refers to early years of investment only.
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What Characterises These Opportunities Different investments offer different portfolio benefits Opportunity Yield profile NAV effect Levered return Revenue profile Operational asset High Depreciating Base case of 10–11%, varies by revenue composition Fixed and variable Construction asset Zero, then high Appreciating Base case +50–200 bps Highly fixed Life extension High Appreciating Base case +300–500 bps Variable Repowering Variable across project delivery Appreciating Base case +200–400 bps Highly fixed Complementary, not competing An appropriate mix of investments can be tuned to the portfolio’s needs rather than chasing a single return metric 18 Expected returns are illustrative management estimates, depend on assumptions regarding power prices, inflation, construction outcomes, financing costs and operational performance, and are not guaranteed. Appreciating NAV effect refers to early years of investment only.
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Illustrative Construction Asset 19 Past performance is not a reliable indicator of future results Projections are illustrative, are not guaranteed and may differ materially from actual outcomes. Actual outcomes may result in lower returns, lower cashflows, delayed delivery, reduced NAV appreciation or capital loss Growing NAV initially and more fixed cashflow thereafter +50–200 bps Levered return premium to base case, compensating for construction risk Some cash drag Yield profile is subdued through build, then steps up on commissioning Appreciating and highly fixed Positive NAV effect on successful delivery, and contracted revenues increase the portfolio’s fixed-cashflow share NAV per £1 committed Cash yield on investment 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset age (years) 0% 5% 10% 15% 20% 25% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset age (years) Construction period
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Illustrative Operational Asset and Repowering 20 Older assets assessed for repowering and life extension Strong initial cashflows Mature assets come with high cash yields as they repay initial investment over remaining life Sequencing Work required to progress repowering occurs as the asset nears end of life and is balanced against life extensions +200–400 bps Levered return premium to base case on repowering, whilst adding long-term fixed cashflows NAV per £1 committed Cash yield on investment 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset age (years) Mature asset Repowered asset 0% 5% 10% 15% 20% 25% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset age (years) Mature asset Down period Repowered asset Past performance is not a reliable indicator of future results Projections are illustrative, are not guaranteed and may differ materially from actual outcomes. Actual outcomes may result in lower returns, lower cashflows, delayed delivery, reduced NAV appreciation or capital loss
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Illustrative P ortfolio Impact 21 Creating a more sustainable NAV by combining options Improved NAV profile A broader blend of investments sustains NAV, with construction and repowering offsetting run-off More predictable yields Construction and repowering absorb cash early, but lift overall yield and the fixed versus floating mix Balanced investments Curating the mix across investment opportunities delivers the best outcome for NAV, yield, predictability and total return NAV per £1 committed Cash yield on investment 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset age (years) Broader investment portfolio Standard operational assets 0% 5% 10% 15% 20% 25% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Asset age (years) Broader investment portfolio Standard operational assets Past performance is not a reliable indicator of future results Projections are illustrative, are not guaranteed and may differ materially from actual outcomes. Actual outcomes may result in lower returns, lower cashflows, delayed delivery, reduced NAV appreciation or capital loss
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22 The Same Proposition, More Ways to Deliver With more ways to deploy ■ Four routes, compared on price, return and risk Creating a more durable portfolio ■ More ways to add value ■ Longer-lived assets UKW is advantaged ■ Scale ■ Self-generated capital ■ Large target market Past performance is not a reliable indicator of future performance. Investors may get back less than the amount originally invested. Actual project outcomes may result in lower returns, lower cashflows, delayed delivery, reduced NAV appreciation or capital loss Dividend policy and return targets unchanged
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Executing a Broader Set of Opportunities Session 1 | Section 3 | Greencoat UK Wind – Capital Markets Event 23
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24 Evolution With Discipline A broader toolkit within our core skill set Still UK wind Broadening the range of opportunities within UK wind to access a wider set of returns across the cycle Financial discipline retained Unchanged approach to gearing, delivering well-covered dividends and the hurdle any new investment must clear Scaled gradually New investment types are introduced incrementally, and sized so that the operational core continues to dominate Selective and diversified Curated portfolio of investments into multiple projects along the value chain
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25 We Already Have These Capabilities Skills required sit in the team and the wider platform Significant platform experience with investment across a broad range of technologies and stages In Schroders Greencoat 9 Distinct technologies (1) £2.3bn Deployed across construction and development (1) Matt Ridley and Steve Packwood are already experienced in origination, late- stage development and construction and are supported by a wider team with additional depth of expertise In the UKW team >70 Number of projects >1.8GW Projects delivered >£2.5bn Deployed The broader toolkit is a natural extension of UKW’s active management model, built on well-established skills Schroders Greencoat sits at the centre of Schroders’ infrastructure equity pillar which brings together i) Schroders Greencoat’s energy transition teams in Europe and the U.S., ii) a team onboarded by Schroders Greencoat in 2024 focused on renewable infrastructure investments in China, and iii) Schroders Group’s legacy diversified infrastructure equity team based in Paris. The statistics therefore relate to all energy transition related investments across the pillar
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26 Where We See the Opportunities A real and executable pipeline: Onshore CfD construction Opportunity Market size Examples Onshore CfD construction AR5 to AR7 supported projects create a steady pipeline of shovel-ready onshore schemes, with AR8 to follow c.3.8GW of supported onshore pipeline (1) YTD, UKW has reviewed or priced over 350MW, with c.100MW remaining in advanced consideration (1) Department for Energy Security and Net Zero, 3.8GW across AR5 to AR7
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27 Where We See the Opportunities A real and executable pipeline: Life extensions Opportunity Market size Examples Life extensions A growing population of UK wind farms are more than 20 years old; extension is the lowest- cost route to enhance value 5.4GW more than 20 years old by 2030 (1) Over 20 assets in the UKW portfolio, representing more than 800MW, could be suitable for life extension (1) Digest of UK Energy Statistics (DUKES): renewable sources of energy, including both onshore and offshore assets
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28 Where We See the Opportunities A real and executable pipeline: Repowering Opportunity Market size Examples Repowering Older sites rebuilt with modern turbines, potentially lifting output materially from the same footprint 4GW of onshore capacity more than 20 years old by 2030 (1) Willow portfolio (96MW) is among a number of sites actively being assessed for repowering (1) Digest of UK Energy Statistics (DUKES): renewable sources of energy
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29 Where We See the Opportunities A real and executable pipeline: Operating assets Opportunity Market size Examples Operating assets Continued trading of operating assets where pricing and portfolio fit are compelling 2-3GW traded annually in the UK market (1) YTD, UKW has reviewed over 250MW of operational opportunities (1) Schroders Greencoat analysis based on publicly disclosed transactions
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Revenue Management – Our Approach Balanced exposure to fixed and merchant cashflows, actively managed 30 Past performance is not a reliable indicator of future results Projections are illustrative, are not guaranteed and may differ materially from actual outcomes A balanced book by design Inflation linked CfDs and ROCs, alongside PPAs and short-term hedges underpin the dividend, while a balanced long-run mix keeps meaningful exposure to power price upside T arget fixed proportion of portfolio cashflow Next five years, straight average >60% fixed / contracted <40% floating Life of portfolio, NPV basis ~50% fixed / contracted ~50% floating Fixes and PP As layered onto assets Short-dated fixes protect near-term cover. Longer-term PPAs extend visibility across the cycle New investments add longer-term fixed cashflows Construction and repowering investments arrive contracted (e.g. CfDs or PPAs), lifting the fixed share Merchant volumes hedged year-to-date PP A expiry by period (% of generation volume) 20% 25% 30% 35% - 200 400 600 800 1,000 Summer 26 Winter 26 Summer 27 Winter 27 GWh Merchant volumes hedged % of merchant exposure in period (RHS) 10% 20% 35% 35% 0-2 years (to Dec-28) 2-5 years 5-10 years >10 years
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31 How Investments Compete for Capital Every pound of self-generated capital competes Return Cashflow P ortfolio impact Past performance is not a reliable indicator of future performance. Investors may get back less than the amount originally invested. Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections Risk-adjusted return measured against the operational asset base case Effect on dividend cover, and whether the cashflow is fixed or merchant Effect on NAV profile, asset age and concentration of portfolio
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The Future of UKW Session 1 | Section 4 | Greencoat UK Wind – Capital Markets Event 32
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33 Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections T oday’s P ortfolio, Before Reinvestment Existing portfolio cashflows, split fixed and floating NAV Would decline steadily as assets deplete without replacement Cashflow and dividend cover Would weaken over time as assets reach end of life and self-generated capital remains uninvested Asset age Average portfolio age would rise year on year in gradual wind-down Revenue mix Fixed share would fall as ROC and CfD contracts expire (although no recontracting assumed)0 100 200 300 400 500 600 700 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Net cash generation (£m) Existing portfolio - fixed Existing portfolio - floating No reinvestment would not be a steady state. It represents an extended wind-down.
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34 Adding Reinvestment Into Operational Assets The historic approach, applied to today’s cashflows NAV Limited opportunity for value creation Cashflow and dividend cover Preserved with cashflows from new assets replacing depleting cashflows from existing assets Asset age Maintenance of portfolio age requires acquisition of younger assets Revenue mix Broadly unchanged, but dependent on acquiring sufficient fixed cashflows Reinvestment into operational assets alone can deliver the proposition 0 100 200 300 400 500 600 700 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Net cash generation (£m) Existing portfolio - floating Existing portfolio - fixed New portfolio (100% Operational) - floating New portfolio (100% Operational) - fixed Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections
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35 Using the Broader T oolkit A balanced portfolio of investments NAV More scope for value creation Cashflow and dividend cover Bolstered longer-term, with minimal cash drag from short-dated construction activities Asset age Portfolio refreshed with new assets via construction and repowering Revenue mix Construction and repowered assets add long-dated fixed revenues Enhances NAV growth, extends the portfolio’s cash-generating life and increases share of fixed cashflows 0 100 200 300 400 500 600 700 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Net cash generation (£m) Existing portfolio - fixed Existing portfolio - floating Broader toolkit - fixed Broader toolkit - floating Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections
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36 Stronger, more visible and higher quality earnings (1) Operational only assumes investment into a 10-year-old asset with 75% fixed cashflows in first 10 years and 100% floating cashflows in last 10 years of a 30-year operational life (2) Illustrative NAV per share under the broader toolkit Past performance is not a reliable indicator of future performance. Investors may get back less than the amount originally invested. Projections are based on assumptions and models that may not reflect actual future outcomes. Actual results may differ materially, and investors should not place undue reliance on these projections. P erformance Metrics of the Broader T oolkit Optionality Investments compete for capital across a broader opportunity set and across the value chain Longer-duration cashflows A younger and growing portfolio, delivering improved cash generation Today 2031 2045 Operational only (1) 10 yrs 14 yrs 19 yrs Broader toolkit 10 yrs 13 yrs 13 yrs More ways to fix cashflows Greater exposure to new CfDs, alongside PPAs and active short- term hedging Enhanced NAV Growth Improved NAV profile, with valuation gains from appreciating investments Fixed cashflows in 2045 c.30% Operational only (1) c.50% Broader toolkit Levered IRR Operational (1) 10–11% Construction +50–200 bps Life extension +300–500 bps Repowering +200–400 bps NAV per share (2) 2027 2033 2039 2045 Portfolio Age
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37 The next phase of delivery Conclusion Broader choices ■ Multiple ways to invest ■ Each competes for capital An even more durable portfolio ■ Longer-duration cashflows ■ More ways to add value A market-leading company ■ Scaled ■ Self-funding
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Repowering and the Future of Existing Wind Farms 38 Session 2 | Fireside chat
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39 Repowering and Life Extension Opportunity across UK onshore fleet, and our own portfolio Scale A growing number of UK onshore wind farms are more than 20 years old, creating a steady stream of extension & repowering opportunities The decision Depends on remaining viable life alongside turbine technology, lease and planning, and the economics of each route What it delivers More energy from the same site, NAV appreciation, and, from CfD Allocation Round 7, access to 20- year contracts for repowered onshore projects Case study: Willow Our acquisition of the EDF minority stake shows how we access this opportunity inside the existing portfolio c.25% of current UK onshore fleet will be over 20 years old by 2030 (1) >800MW of UKW's portfolio could be suitable for life extension in due course 25-40% potential uplift to output from repowering (2) 19.3MW net addition, with optionality on repowering (1) Digest of UK Energy Statistics (DUKES): renewable sources of energy (2) Assumes no additional/spare grid capacity and increase in load factor from 25% to 31-35%
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40 Repowering Economics and Delivery Value created in stages, and delivering it takes a broad technical skill set Stages of Repowering Operate Existing project continues to generate High current yield Existing cash generation funds optionality Develop Land, planning, grid, design Selective at-risk spend Small, staged spend before any commitment Construct Turbine, BoP and financing execution Capital intensive Self-financed at lower than new- build cost Repowered Operations Increased output, extended duration, contracted cashflow Long-duration yield Long-life contracted cashflow profile The work required Wind & layout Re-model energy yield, wake losses, noise and shadow flicker Civil infrastructure Revised access road, array cable & foundation layout Grid Confirm connection capacity and possibility to increase T urbine & supply Technology selection, procurement, and installation T ransition Sequence decommissioning, outages, construction and commissioning Planning and Leases Obtain planning and secure (in advance) lease extensions where required The skills to deliver already sit within the team Past performance is not a reliable indicator of future results. Projections are illustrative and may differ materially from actual outcomes.
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41 Willow: A Live Case Study Immediate yield and long-dated optionality Stage Headline What it means Acquire Buying the remaining 20% of a portfolio we have operated since 2017 £10.5m acquisition price 19.3MW net acquired across 5 assets – Bicker Fen, Glass Moor, Red House, Red Tile and Deeping St Nicholas Operate Immediate additional cash generation from five sites we already operate and understand Expected mid- teens cash yield Low double-digit illustrative unlevered hold- to-life IRR, before repowering upside Extend Life extension and commercial optimisation of a wholly owned portfolio ROCs expire within one to two years, with a further 10- year operating life Full control of commercial and contracting decisions after ROC roll-off Repower Rebuilding with modern turbines if the economics beat extension Replace existing 2.05MW Senvion MM82 turbines UKW decides the timing; EDF retains a 50% participation right Past performance is not a reliable indicator of future results. The outcome described is specific to the circumstances of the case study and may not be representative of the experience of other investors.
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Appendix 42
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43 Contacts Investment Manager Schroders Greencoat LLP 1 London Wall Place London EC2Y 5AU Investor relations john.musk@schrodersgreencoat.com Administrator and Company Secretary Ocorian Administration (UK) Limited Unit 4, The Legacy Building Northern Ireland Science Park Queen’s Road, Belfast BT3 9DT Registrar Computershare Limited The Pavilions Bridgwater Road Bristol BS99 6ZZ Joint Brokers RBC Capital Markets Tom Raynsford T: +44 20 7653 4000 Jefferies International Limited Stuart Klein T: +44 20 7029 8000 Media enquiries Headland Cannon Green 27 Bush Lane London EC4R 0AA ukwind@headlandconsultancy.com
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Glossary 44 O&M – Operations and Maintenance p – Pence (NAV per share) PPA – Power Purchase Agreement RHS – Right-Hand Side (chart axis) ROC – Renewables Obligation Certificate SID – Senior Independent Director TWh – Terawatt Hour UKW – Greencoat UK Wind PLC YTD – Year to Date AR5–AR8 – CfD Allocation Rounds 5 to 8 AUM – Assets Under Management bn – Billion BoP – Balance of Plant bps – Basis Points (100 bps = 1 percentage point) Capex – Capital Expenditure CfD – Contract for Difference CPI – Consumer Prices Index DUKES – Digest of UK Energy Statistics EBITDA – Earnings Before Interest, Tax, Depreciation and Amortisation GW – Gigawatt IPO – Initial Public Offering IRR – Internal Rate of Return m – Million MW – Megawatt NAV – Net Asset Value NED – Non-Executive Director NPV – Net Present Value
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Disclaimer - For Investment Professionals only. By attending this meeting or by reading these slides, you agree to be bound by the following: This presentation has been prepared by Schroders Greencoat LLP (“Schroders Greencoat”). Schroders Greencoat is the exclusive investment manager to Greencoat UK Wind plc (“UKW”). Neither Schroders Greencoat nor UKW or any of their officers, partners, employees, agents, advisers or affiliates makes any express or implied representation, warranty or undertaking with respect to the information nor opinions contained in this presentation. No liability whatsoever (whether in negligence or otherwise) arising directly or indirectly from the use of this presentation is accepted and no representation, warranty or undertaking, express or implied, is or will be made by Schroders Greencoat or UKW or any of their respective directors, officers, employees, advisers, representatives or other agents for any information or any of the opinions contained herein or for any errors, omissions or misstatements. This document and its contents are confidential and are being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. This document and its contents do not constitute or form any part of, and should not be construed as, an offer or invitation or other solicitation or recommendation to purchase or subscribe for any securities. No reliance may be placed for any purpose whatsoever on the information, representations or opinions contained in this document and its contents, which are in draft form and subject to updating and verification, and no liability is accepted for any such information, representations or opinions. This document and its contents do not constitute either advice or a recommendation regarding any securities. By accepting receipt of this document you will be taken to have represented, warranted and undertaken that: (i) you are (a) a Professional Investor (as defined for the purposes of the Financial Services and Markets Act 2000) or a person who falls within Articles 49(2)(a) to (d) or 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 or are a person to whom interests in the Fund may otherwise lawfully be offered whether under such Order or otherwise; or (b) if you are receiving the offer in circumstances under which the laws or regulations of a jurisdiction other than the UK would apply, that you are a person to whom interests in the Fund may be lawfully offered under that other jurisdiction’s laws and regulations; (ii) you have read and agree to comply with the contents of this disclaimer; and (iii) you will treat and safeguard as strictly private and confidential all the information contained herein and take all reasonable steps to preserve such confidentiality. This presentation is not intended for distribution in or into the United States (the “U.S.”) or to “U.S. Persons”, as such term is defined in Regulation S (“U.S. Person”). This presentation does not constitute an offer of securities in the U.S. or any other jurisdiction. Securities may not be offered or sold directly or indirectly in or into the U.S. or to, or for the account or benefit of, any U.S. Persons, except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) for offers and sales of securities that do not involve any public offering contained in Section 4(a)(2) of the U.S. Securities Act and analogous exemptions under state securities laws. In particular, please note that interests in UKW have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and UKW has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act of 1940, as amended (the “U.S. Investment Company Act”). This presentation includes certain indicative figures, statements and estimates with respect to UKW which are included for purely illustrative purposes on the basis of certain hypothetical scenarios. Such information reflects various assumptions concerning anticipated results and is subject to significant business, economic and competitive uncertainties and contingencies, many of which are or may be beyond the control of UKW and its advisers. This presentation may also include target returns for UKW, including total return targets and proposed dividend policies (the “target returns”). The target returns, and the cash flows intended to support them, are in all cases targets based on illustrative scenarios and are not profit forecasts or projections. Target returns are based on Schroders Greencoat’s beliefs and estimates regarding the returns that may be achievable on future investments and strategies that UKW intends to pursue, including assumptions regarding holding periods and exit dates, and amount and cost of leverage, but by their nature they are aspirational only. These target returns are not a guarantee, forecast, projection or prediction of performance, which is dependent upon a number of factors within and outside the control of UKW, Schroders Greencoat and their advisers and representatives. Such figures, statements, estimates and target returns, and any financial modelling and analysis which may have been conducted to produce such information, do not account for all potential risks, uncertainties or variables that may impact the outcomes, and the assumptions underlying them are hypothetical and by their nature aspirational. Accordingly, there is no assurance that such figures, statements, estimates or target returns will be realised. The actual results may vary from those set out herein, and those variations may be material. Past performance is no guarantee of future returns. All investments are subject to risk, including the loss of the principal amount invested. The value of shares and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. You should always seek expert legal, financial, tax and other professional advice before making any investment decision. 45 Disclaimer
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Thank Y ou 46