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Greencoat UK Wind recorded an increase in profits of £9.1 million for the first six months of the year and said it “remains encouraged by the outlook for investment opportunities” despite cuts to onshore wind subsidies in recent months.
The renewable infrastructure fund said in its H1 results that its net cash generation of £29.2 million is in line with expectations and up from £20.1 million at the same time last year.
The group’s investments were recorded as generating 10 per cent above budget for the first six months of the year due to higher than expected wind conditions, generating 408.0GWh.
Greencoat UK Wind’s chairman Tim Ingram said: “We are pleased to report the continued good performance of our UK operating wind portfolio, with overall performance in line with our expectations during the first half of 2015.”
The fund said it was not “significantly affected by the closure of the Renewables Obligation for new onshore wind farms from March 2016, and remain encouraged by the outlook for investment opportunities” but has made a small valuation adjustment following the Budget, which the company said “demonstrates our prudent approach.”
Ingram said: “We anticipate continued substantial growth in the UK wind farm secondary market, providing further value enhancing investment opportunities for the company from an anticipated market of approximately £60 billion.
The company said it entered into longer term financing and refreshed its acquisition facility, ahead of potential new acquisitions.
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