Greencoat UK Wind PLC today announces the half year results for the period to 30 June 2024.

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 2,654GWh of renewable electricity.
• Net cash generation (Group and wind farm SPVs) was £165.4 million.
• The Company declared total dividends of 5 pence per share with respect to the period and paid an additional £29 million of dividends with respect to 2023.
• The Company bought back 32 million of its own shares at an average cost of 140 pence per share.
• Aggregate Group Debt was £2,329 million as at 30 June 2024, equivalent to 39 per cent of GAV.

Commenting on today's results, Lucinda Riches, Chairman of Greencoat UK Wind, said:

We are pleased to have delivered a resilient performance, extending our sustained track record of growing our dividend at least in line with RPI since our listing in. Dividend cover was robust at 1.5x despite lower than usual wind and portfolio availability during the period and net cash generation remained strong at £165.4 million. We are also pleased to have returned an extra £82 million of capital to investors through share buybacks and additional dividends since October 2023.

The outlook for the Group remains very encouraging. Portfolio returns have been adjusted over the past two years to reflect the macro environment, and are now set to deliver net returns to investors of 10% on NAV. We operate in a mature and growing asset class and, as the market for UK wind assets is expected to grow to threefold over the next decade, we are well placed to capitalise on our leading position, continuing to deliver superior returns and supporting the UK Government's net zero targets.