24 March, 2014
GREENCOAT UK WIND PLC
Final Results announcement for the period from 4
December 2012 to 31 December 2013
Greencoat UK Wind PLC is the leading renewable infrastructure
fund, solely and fully 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 (6p for 2013, 6.16p for 2014)
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 portfolio leverage.
· The Company raised proceeds of £260 million by
issuing 260,000,000 ordinary shares in an oversubscribed Initial
Public Offering on 27 March 2013 and acquired a seed portfolio of
interests in six wind farms (126.5 MW).
· The Group increased its portfolio to ten wind
farms (184.0 MW) in October and November 2013 using its acquisition
· On 18 December 2013, the Company raised
proceeds of £83 million by issuing 80,975,610 ordinary shares,
repaying acquisition debt.
· The Group's investments generated 291.5 GWh of
electricity in the period, 7.6 per cent. above budget.
· Net cash generation after fees, costs and
expenses, was £21.6 million in the period.
· The Company paid an interim dividend of 1.5
pence per share for the period 27 March to 30 June2013 and paid a
further interim dividend on 21 February 2014 of 3 pence per share
in relation to the period 1 July to 31 December 2013.
· The target dividend for 2014 is 6.16
Key Metrics as at 31 December 2013
Dividends paid with respect to the period
Dividends paid with respect to the period per share
NAV per share
NAV growth (adjusting for dividends)
Total return (NAV)
6.5 per cent.
Annualised total return (NAV) (not seasonally adjusted)
8.7 per cent.
(1)£10.2 million of which was paid after 31 December
Greencoat UK Wind PLC was designed for investors from first
principles to be simple, transparent and low risk.
• The Group is invested solely in
operating UK wind farms.
• Wind is the most mature and largest
scale renewable technology.
• The UK has a long established and stable
regulatory regime, high wind resource and over £40 billion of wind
farms in operation in the short to medium term.
• The Group is structured to be the
preferred partner of utilities, who own the significant majority of
UK wind assets and who need to recycle capital.
• The Group is wholly independent and thus
avoids conflicts of interests in its investment decisions.
• The UK-based, independent Board is
actively involved in key investment decisions and in monitoring the
efficient operation of the assets, and works in conjunction with
the most experienced investment management team in the
• The Group only invests in wind farms
that have an appropriate operational track record (or price
• Low leverage (including no asset level
leverage) is important to ensure a high level of cash flow
stability and higher tolerance to downside sensitivities.
• The Group invests in sterling assets and
thus does not incur currency risk.
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