In its results statement for 2019, the renewable infrastructure fund said its investments generated 2,386-gigawatt hours (Gwh) of electricity during the year. This was below budget owing to weather conditions while power prices were also below budget.
Despite this, net cash generation clocked in at £127.7mln, enabling the company to pay out £93.2mln in dividends (6.94p per share); the company is targeting dividend payments in the current year of 7.1p.
The group' net asset value at the end of 2019 stood at £1,842.8mln, which is equivalent to 119.7p (on an ex-dividend basis) per share, down from 121.4p at the end of 2018.
The total shareholder return for the year was 25.4% and since the company listed in March 2013 has been 115.1%.
As at the end of 2019, the group had £600mln of debt outstanding, equating to 25% of its gross asset value (GAV) with average gearing during the year of 26%. Over the medium term, the board expects gearing will continue to be between 20% and 30% of GAV.
The board expects in the foreseeable future that the majority of future investments will continue to be made from UK wind farms accredited under the ROC (renewable obligation certificates) regime.
"2019 represented another significant year of growth for Greencoat UK Wind. During the year, we made nearly £600 million of investments and raised over £500 million of new equity,” said Tim Ingram in his last results statement as chairman of Greencoat.
"Our portfolio is now providing sufficient electricity to power nearly one million homes and reducing carbon dioxide emissions by approximately 1.2 million tonnes per annum through displacing thermal generation.
"We were pleased to announce the acquisition of Slieve Divena II last week and our pipeline of acquisition opportunities remains very healthy," he added.
With Jemmett-Page succeeding Ingram as chairman of the company, non-executive director Caoimhe Giblin will succeed Jemmett-Page as chairman of the audit committee following this year's annual general meeting of the company.