Media 

Greencoat UK Wind PLC: Half year results

28 July, 2016
GREENCOAT UK WIND PLC

 

Greencoat UK Wind Half Yearly Results 2016

 

The Board of Greencoat UKW Wind PLC ("UKW"), is pleased to announce that it has entered into an agreement to acquire Screggagh Wind Farm for a total consideration of c. £27 million.

 

Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, 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 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.

 

 

Highlights

• The Group's investments generated 451.4GWh, 3 per cent. below budget owing to low wind resource.

• Net cash generation (Group and wind farm SPVs) was £30.9 million.

• Acquisition of an interest in Clyde wind farm and the acquisition of Screggagh wind farm increased the portfolio to nineteen wind farm investments, net generating capacity to 420MW and GAV to £874.4 million as at 30 June 2016.

• Issuance of further shares raising £100 million.

• The Company declared total dividends of 3.17 pence per share with respect to the period.

• £245 million outstanding borrowings at 30 June 2016, equivalent to 28 per cent. of GAV.

 

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

"We are pleased to report the continued steady performance of our portfolio, with good cash generation, an increase in the dividend and strong dividend cover.

 

"During the period, we added two high quality wind farm investments to the portfolio. Clyde, which at 350MW is one of the UK's largest wind farms, and Screggagh, a 20MW wind farm in Northern Ireland, reflect our ability to select the best investments and efficiently process a wide range of transaction type and scale.

"We were also pleased with the strong support shown by both existing and new investors to the Share Issuance Programme we launched in April.  With the proceeds of the first tranche having partly paid down our acquisition facility we are well placed to take advantage of our attractive pipeline of growth opportunities."

 

 

NAV

The Company announces that its unaudited Net Asset Value as of 30th June 2016 is £629.4 million (104.5p per share).

Dividend Announcement

The Company also announces a quarterly dividend of 1.585p per share in respect of the period from 1 April 2016 to 30 June 2016.

Dividend Timetable

Ex-dividend date 4 August 2016

Record date 5 August 2016

Payment date 26 August 2016 

 

 

Key Metrics

As at 30 June 2016:

Market Capitalisation £689.9 million

Share price 114.5 pence

Dividends with respect to the period £17.6 million

Dividends with respect to the period per share 3.17 pence

GAV £874.4 million

NAV £629.4 million

NAV per share 104.5 pence