Greencoat UK Wind PLC today announces the half year results for the period to 30 June 2020. 

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 and the prudent use of gearing.

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 1,494GWh of electricity.
• Net cash generation (Group and wind farm SPVs) was £71.0 million.
• Acquisition of Slieve Divena II increased the portfolio to 36 operating wind farm investments and net generating capacity to 998MW as at 30 June 2020.
• Agreement to acquire South Kyle, a 235MW subsidy free wind farm, expected to become operational in 2023.
• The Company declared total dividends of 3.55 pence per share with respect to the period.
• £627 million outstanding borrowings as at 30 June 2020, equivalent to 26 per cent of GAV.

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

I am pleased to report another good performance, which reflects the continued delivery of our simple, low risk and proven strategy. The cash generative nature of our portfolio has enabled us once more to increase our dividend in line with RPI.

During the period we invested £51 million into Slieve Divena II wind farm which increased our generating capacity to nearly 1GW. In addition, we announced a £320 million commitment to acquire South Kyle wind farm once it has been commissioned, expected to be in 2023.

The pipeline of acquisitions remains healthy and with gearing at 26 per cent of GAV, we are well placed to take advantage of the attractive growth opportunities available to us.

NAV

The Company announces that its unaudited Net Asset Value as at 30 June 2020 is £1,822.7 million (120.1 pence per share). The Company's June 2020 Factsheet is available on the Company's website, www.greencoat-ukwind.com.