Highlights
· The Group's investments generated 2,088GWh of renewable electricity.
· Net cash generation (Group and wind farm SPVs) was £204.0 million.
· Acquisition of Dalquhandy wind farm increased the portfolio to 46 operating wind farm investments and net generating capacity to 1,652MW as at 30 June 2023.
· Agreed to acquire a net 13.7 per cent stake in London Array offshore wind farm, with the transaction expected to complete on 31 July 2023.
· The Company declared total dividends of 4.38 pence per share with respect to the period.
· Aggregate Group Debt was £2,000 million as at 30 June 2023, equivalent to 34 per cent of GAV.
Commenting on today's results, Lucinda Riches, Chairman of Greencoat UK Wind, said:
"I am pleased to report another strong performance in the first half, extending our track record of attractive dividends and returns. Cash generation was strong and dividend cover for the period was 2.1x. Since IPO, the Company has increased its dividend in line with RPI every year with excess cash generation being reinvested to drive NAV growth above RPI, now delivering returns to investors of 10%.
"We continue to leverage our scale and financial strength to grow the portfolio with high quality investments including that of Dalquhandy in the period. Looking ahead to the remainder of the year, we already have a strong pipeline of additions to our portfolio through our investment in London Array and completing on our committed investments, South Kyle and Kype Muir Extension. These investments will add 355MW of net generating capacity increasing the portfolio to over 2GW.
"The outlook for the Group is extremely encouraging. We operate in a mature and growing asset class and with our market leading position and self funding business model, we are well placed to capitalise on NAV accretive investment opportunities and continue delivering superior returns to shareholders."
Net Asset Value
The Company announces that its unaudited Net Asset Value as at 30 June 2023 is £3,843.9 million (165.8 pence per share). The Company's June 2023 Factsheet is available on the Company's website,
http://www.greencoat-ukwind.com.
Dividend Announcement
The Company also announces a quarterly dividend of 2.19 pence per share in respect of the period from 1 April 2023 to 30 June 2023.