Acquisitions added a further three wind farms to the portfolio in the year just gone, taking it to 32 separate investments generating 2,003GWh of electricity (6% down on expectations).
Chairman Tim Ingram said: "Our pipeline of acquisition opportunities remains very healthy and we continue to expect the majority of future investments to be made from the £50bn pool of UK Wind farms accredited under the ROC regime."
Cash generation was on target at £117.3mln, allowing the company to pay a 6.76p a share dividend (representing a yield of just under 5%). The pay-out was 1.6-times covered by net profits and the plan is to declare a 6.94p divi for 2019.
The company aims to match increases in the dividend to retail price inflation. Greencoat’s target return to investors is an IRR net of fees and expenses of 8-9%.
The net asset value as at December 31 was 123.1p, up 11.8p from the same time last year.
"Today's results represent another year of consistent delivery with performance in line with expectations, achieving strong NAV growth of 11.8p,” said chairman Ingram.
“With our continuing strong cash flow and robust dividend cover, we confidently target a dividend of 6.94 pence per share with respect to 2019, again increased in line with RPI.”