Greencoat UK Wind PLC today announces the final results for the year to 31 December 2020 as below. These results were approved by the Board of Directors on 24 February 2021.

Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in UK wind farms. The Company's aim is to provide investors with an annual dividend 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 cashflow and the prudent use of gearing.

The Company provides investors with the opportunity to participate directly in the ownership of UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions.

2020 Highlights

Generation

• The Group's investments generated 2,952GWh of zero carbon electricity.
• Net cash generation (Group and wind farm SPVs) was £145.2 million.

High quality acquisitions and oversubscribed equity raises

• Investments in Slieve Divena II, Walney and Humber Gateway increased the portfolio to 38 operating wind farm investments and net generating capacity to 1,173MW as at 31 December 2020.
• Agreement to acquire Kype Muir Extension and South Kyle subsidy free wind farm projects, expected to become operational in 2022 and 2023 respectively.
• Issuance of further shares raising £400 million.

Dividends and balance sheet

• The Company has declared total dividends of 7.1 pence per share with respect to the year and is targeting a dividend of 7.18 pence per share for 2021 (increased in line with December 2020 RPI).
• £1.1 billion outstanding borrowings as at 31 December 2020, equivalent to 33 per cent of GAV.

Key Metrics

Subsequent events

On 19 February 2021, the Company issued 151 million new shares at a price of 131 pence per share, raising gross proceeds of £198 million. Proceeds from the Placing were used to acquire the remaining 50% of the Braes of Doune wind farm, announced on 23 February 2021, and the remainder will be used to repay or reduce borrowings under the Company's revolving credit facility to allow the Company to fund its strong pipeline of acquisition opportunities, including £162 million of previously announced committed acquisitions over the next 12 months.

Following the Braes of Doune acquisition, the Company has outstanding net gearing of 28% of Gross Asset Value, of which £700m is fixed rate term debt.

Commenting on today's results, Shonaid Jemmett-Page, Chairman of Greencoat UK Wind, said:

We are pleased to report another good performance, building on the track record we have established since coming to market in 2013. Our simple, low risk and proven strategy has enabled us to grow the portfolio through the acquisition of high-quality assets and to increase our dividend in line with RPI, once more.

With the support of shareholders through equity issuance carried out during the year, 2020 was an active investment year as we added three new assets to our portfolio to take our generation capacity to approximately 1.2GW. Alongside these ROC-accredited assets, we were also able to secure agreements to acquire two subsidy free wind farms after they become operational.

The pipeline of potential acquisitions remains healthy and we look forward to adding further attractive growth opportunities in due course as we continue to play our role in helping to decarbonise the UK economy.