Greencoat UK Wind PLC today announces the half year results for the period to 30 June 2022.

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 that 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 cash flow.

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.

Highlights

• The Group's investments generated 2,175GWh of renewable energy.
• Net cash generation (Group and wind farm SPVs) was £328.8 million.
  • Acquisition of Twentyshilling increased the portfolio to 44 operating wind farm investments and net generating capacity to 1,460MW as at 30 June 2022.
  • Agreement to acquire a net 12.5 per cent stake in Hornsea 1 offshore wind farm, with the transaction expected to complete in Q3 2022.
• The Company declared total dividends of 3.86 pence per share with respect to the period.
• £900 million outstanding borrowings as at 30 June 2022, equivalent to 20 per cent of GAV.

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

We are pleased to report another solid performance and continued strong cash generation as we deliver against our simple, low risk strategy.

During the period we acquired the remaining 50 per cent of Braes of Doune wind farm, increasing our net generating capacity to over 1.2GW. We were also pleased with the strong support shown by both existing and new investors in February's oversubscribed share placing.

Gearing remains conservative at 28 per cent of GAV and the Group is fully funded to execute our commitments to acquire Windy Rig, Twentyshilling and Glen Kyllachy as each commences commercial operation later this year, which will add a further 130MW of generating capacity to our portfolio of high quality assets.