Gas soared as the Beast from the East hit and Britain shivered, but Stephen Lilley, Greencoat’s chief executive, said while a nice bonus, investors need to look at the five-year trend of wind speeds, not one week’s prices.
January was windy and February on trend, he added.
Greencoat raised £340mln in new equity last year and is now looking for assets to buy to bulk up further a portfolio of 29 onshore and offshore UK assets.
In 2017, Greencoat made ten new investments or around 25% of wind assets that came onto the market, but that was exceptional, said Lilley.
Debt currently is about 19% of asset value, but the company has leeway to gear up to 40% if necessary.