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Greencoat UK Wind made a pretax profit of £18.2 million in its first year of trading between 4 December 2012 and 31 December 2013.
According to its final results published today, the renewable infrastructure fund is worth £350 million. Its total income and gains for the period was £21.6m.
The company increased its portfolio of windfarms in the period from six to 10, producing 291.5 GWh of – 7.6 per cent over the amount budgeted for.
Tim Ingram, chairman of Greencoat UK Wind, said: “We are pleased to report the strong performance of our portfolio.
“We came to the market a year ago with a clear, independent and high quality proposition and since listing we have delivered what was said ‘on the tin’. We look forward to the future with confidence.”
The first renewable infrastructure fund to list on the London Stock Exchange, the company acquires operating UK wind farms, mainly from utilities, freeing up funds for them to invest in new projects.
The company’s market capitalisation on December 31 2013 was £351.5 million and the Gross Asset Value was £401.1 million.
It paid its first dividend In September 2013 and second in February, both of which were in line with expectation and delivered the 6 pence pro rated dividend that was targeted at listing.
The company has announced a 6.16 pence target dividend for 2014 and says it evaluating a number of potential opportunities for further acquisitions.
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