Greencoat UK Wind PLC (LON:UKW) 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 cash flow and the prudent use of gearing.
· The Group’s investments generated 1,145GWh of electricity.
· Net cash generation (Group and wind farm SPVs) was £67.5 million.
· Acquisition of 3 further wind farms increased the portfolio to 35 operating wind farm investments, net generating capacity to 979MW and GAV to £2,443.1 million as at 30 June 2019.
· Acquisition of the 45MW Douglas West subsidy free wind farm project, expected to become operational in 2021.
· Issuance of further shares raising £505.7 million in the period.
· The Company declared total dividends of 3.47 pence per share with respect to the period.
· £575 million outstanding borrowings as at 30 June 2019, equivalent to 24 per cent of GAV.
Commenting on today’s results, Tim Ingram, Chairman of Greencoat UK Wind, said:
“I am pleased to report another good first half performance, which reflects the continued delivery of our simple, low risk and proven strategy. The solid performance and cash generative nature of our portfolio has enabled us once more to increase our dividend in line with RPI whilst maintaining strong dividend cover.
“During the period we made three high quality investments, including a £452 million investment in Stronelairg and Dunmaglass wind farms and £145 million in Tom nan Clach, which have grown our generating capacity to 979MW. We were also pleased to raise over £500 million from existing and new shareholders, and we are grateful for their continued support.
“The pipeline of acquisitions remains healthy and with gearing at 24 per cent of GAV, we are well placed to take advantage of the attractive growth opportunities available to us.”
The Company announces that its unaudited Net Asset Value as at 30 June 2019 is £1,868.1 million (123.2 pence per share). The Company’s June 2019 Factsheet is available on the Company’s website, www.greencoat-ukwind.com.
The Company also announces a quarterly dividend of 1.735 pence per share in respect of the period from 1 April 2019 to 30 June 2019.
Ex-dividend date: 8 August 2019
Record date: 9 August 2019
Payment date: 23 August 2019
As at 30 June 2019:
|Market Capitalisation||£2,138.9 million|
|Share price||141.0 pence|
|Dividends with respect to the period||£47.8 million|
|Dividends with respect to the period per share||3.47 pence|
|NAV per share||123.2 pence|
Details of the conference call for analysts and investors:
There will be a conference call at 9.00am today for analysts and investors. To register for the event please notify Headland, either by email to email@example.com or by telephone on +44 (0)20 3805 4822.
Presentation materials will be posted on the Company’s website, www.greencoat-ukwind.com, from 9.00am.