Media 

Greencoat UK Wind PLC: Announcement of half year results and interim dividend

19 August, 2013

GREENCOAT UK WIND PLC

(the "Company")

 

Half-yearly Results to 30th June 2013 and initial dividend announcement

 

Highlights

  • Successful fund raise completed on 27 March, raising initial capital of £260 million, the maximum fund raise
  • Funds raised fully invested in the 126.5 MW portfolio of six unlevered UK wind farms, with an average five year operating track record
  • Good operating performance achieved in the period with asset availability, power generation, income and cash flow all in line with management expectations
  • Substantial progress made on future asset acquisitions with a strong pipeline of opportunities
  • Interim dividend of 1.5 pence per share, equivalent to 6.0 pence per share annual dividend target  in line with policy announced at time of IPO

 

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

"Immediately after our successful fundraising and listing on the stock exchange, we completed the acquisition of the assets we targeted to seed our investment portfolio.

We are pleased to report a good performance of that portfolio during the first three months of trading, with all key performance measures in line with our expectations.

We have now put in place a solid platform to deliver further growth whilst ensuring sustainable returns to our investors.

We anticipate substantial growth in the UK wind farm market, providing further investment opportunities. We believe our approach of maintaining no leverage at the asset level and ability to act independently positions us competitively in the market to acquire operational assets and makes us an attractive partner for utility vendors."