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Greencoat UK Wind higher as it reports rise in fourth quarter net asset value, hike in 2019 target dividend

The wind farm investor announced a quarterly interim dividend of 1.69p per share for the quarter ended 31 December 2018 and an increase in the target dividend for 2019 to 6.94p per share
Wind turbine
In early morning trading, Greencoat UK Wind shares were 3.9% higher at 134.40p

Greencoat UK Wind PLC (LON:UKW) saw its shares rise on Friday as the wind farm investment group revealed that its unaudited net asset value increased to £1,392.8mln, or 123.1p per share as of 31 December 2018.

The FTSE 250-listed firm said this represents an increase of 8.1p per share for the fourth quarter - in addition to dividends paid of 1.69p – with 6.7p of the rise attributable to amending the assumed asset life from 25 to 30 years on a conservative basis, following a third party technical assessment of its portfolio.

READ: Greencoat UK Wind adds more capacity in Scotland with Douglas West purchase

The company added that, during the fourth quarter, generation was on budget and power prices were above budget. However, it noted, generation for the full year was 6% below budget due to low wind resource, although cash generation was on budget owing to higher power prices.

The company also announced a quarterly interim dividend of 1.69p per share for the quarter ended 31 December 2018 and an increase in the target dividend for 2019 to 6.94p per share, in line with the Retail Prices Index for December 2018.

Greencoat UK Wind said it will release its annual results for the period to 31 December 2018 on Thursday 28 February 2019.

In early morning trading, Greencoat UK Wind shares were 3.9% higher at 134.40p.

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