Greencoat UK Wind announces Half Year results for 2015

Highlights

• The Group's investments generated 408.0 GWh of electricity, 10 per cent. above budget owing to high wind resource.
• Net cash generation (Group and wind farm SPVs) was £29.2 million.
• The Company declared total dividends of 3.13 pence per share in relation to the period.
• NAV growth of 0.2 pence per share (adjusting for dividends).

Commenting on today's results, Tim Ingram, Chairman of Greencoat UK Wind, said:

We are pleased to report the continued good performance of our UK operating wind portfolio, with overall performance in line with our expectations during the first half of 2015.

The Company's aim is to provide investors with an attractive and inflating dividend alongside real capital preservation. The announcement of our sixth dividend, together with Net Asset Value growth during the period, emphasises the Company's continued delivery on its commitment to shareholders. The small valuation adjustment required as a result of changes announced in the Budget further demonstrates the prudent approach we take towards investing and running our business.

We anticipate continued substantial growth in the UK wind farm secondary market, providing further value enhancing investment opportunities for the Company from an anticipated market of approximately £60 billion. As an investor in up and running UK wind farms, we are not significantly affected by the closure of the Renewables Obligation for new onshore wind farms from March 2016, and remain encouraged by the outlook for investment opportunities.

The Board is also pleased to announce that the Company has entered into longer term financing and refreshed its acquisition facility, ahead of potential new acquisitions.