Greencoat UK Wind PLC today announces the final results for the year to 31 December 2022 as below.

These results were approved by the Board of Directors on 22 February 2023.

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 cashflow.

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.

2022 Highlights

Generation

• The Group’s investments generated 4,362GWh of sustainable electricity.
• Net cash generation (Group and wind farm SPVs) was £560.1 million.

High quality investments

• Acquisition of Twentyshilling and a net 12.5 per cent stake in Hornsea 1 increased the portfolio to 45 operating wind farm investments and net generating capacity to 1,610MW as at 31 December 2022.

Dividends and balance sheet

• The Company has declared total dividends of 7.72 pence per share with respect to the year and is targeting a dividend of 8.76 pence per share for 2023 (increased in line with December 2022 RPI).
• Aggregate Group Debt of £1,780 million as at 31 December 2022, equivalent to 31 per cent of GAV.

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

2022 was another significant year for the Company, as we continue to build on our well-established track record. Our simple, low risk, and proven strategy has enabled us to increase our dividend once more, and to target a dividend of 8.76p per share for 2023, a 13.4% increase reflecting December’s RPI.

The year represented another significant period of growth, with £1.2 billion invested in high quality assets, increasing our portfolio generating capacity to 1.6GW. This underlines the size and scale that the Group has attained since listing.

We continue to see an attractive investment pipeline, both onshore and offshore, and remain strongly positioned to deliver more value-accretive acquisitions to further enhance returns for our shareholders.