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Greencoat UK Wind has revealed it sees “further opportunities for investments” following the government’s recent pledge to reach net-zero emissions by 2050.
The renewable infrastructure investment fund published its half-yearly results today (26 July), which show its portfolio of 35 windfarms generated 1,145GWh of electricity in the first six months of 2019.
Net-cash generation for the group was £67.5 million during the first half of the year and the company declared total dividends of 3.47 pence per share with respect to the period.
The results also noted that Greencoat acquired three windfarms between January and June, bringing net generating capacity to 979MW.
In the attached report, chairman Tim Ingram highlighted the recent move by the British government to reduce emissions to net-zero by 2050, which he said goes much further than previous legislation.
“The target is to have installed 30GW of total offshore wind capacity by 2030 (up from 8GW today),” writes Ingram.
“The company is therefore investing in a mature and growing market, and for the board believes that there should continue to be further opportunities for investments that are beneficial to shareholders.”
But Ingram adds Greencoat will “maintain a strictly-disciplined approach” to acquisitions.
In April, Greencoat UK Wind placed an order with Vestas for the 13 turbines that will make up the 47MW Douglas West onshore windfarm in Scotland.
Douglas West will be one of the first windfarms in the UK to be built without any subsidies and the first to feature the V136 turbine model.
“I am pleased to report another good first half performance, which reflects the continued delivery of our simple, low risk and proven strategy,” said Ingram.
“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,” he added.
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