Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in operating 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 and the prudent use of gearing.

2017 Highlights

Performance in line with expectations

• The Group's investments generated 1,457GWh of electricity, in line with budget. 
• Net cash generation (Group and wind farm SPVs) was £80.1 million.

High quality acquisitions and oversubscribed equity raising

• Acquisition of interests in 10 further wind farms and an additional interest in Clyde increased the portfolio to 29 wind farm investments, net generating capacity to 694MW and GAV to £1,409.0 million as at 31 December 2017.
• Issuance of further shares raising £340 million in October 2017. 

Dividends and returns

• The Company has declared total dividends of 6.49 pence per share with respect to the year and is targeting a dividend of 6.76 pence per share for 2018 (increased in line with December 2017 RPI).
• NAV growth of 2.6 pence per share (adjusting for dividends).

Key Metrics

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

We are pleased to report another year of solid, consistent performance, demonstrating the strength of our simple and transparent model. We have delivered a total shareholder return of 8.4% and NAV growth (adjusted for dividends) of 2.6p in 2017, and have again increased our target dividend by RPI, to 6.76p per share for 2018.

Our significant £340m capital raising in October helped to drive our market capitalisation comfortably beyond the £1bn milestone, demonstrating the size and scale we have achieved since we listed in 2013.

2017 was a busy year on the acquisition front. Whilst maintaining a disciplined approach to acquisitions, we were delighted to acquire interests in 10 new windfarms and increase our investment in the Clyde wind farm, growing our net generating capacity from 420MW to 694MW.

Looking ahead, wind remains the most mature and widely deployed renewable energy technology in the UK, and the Group is well placed to continue to take advantage of the abundant pool of operating wind assets in the UK. I remain confident that we will continue to meet our objectives of dividend growth in line with RPI and capital preservation in real terms.