Greencoat UK Wind PLC (LON:UKW) said portfolio generation to date in 2020 has been strong and is roughly 20% ahead of budget.
More than 30% of the 2020 generation budget has already been produced and forward power prices for the remainder of 2020 are relatively stable. The company's target dividend of 7.1 pence per share is expected to be well covered, the company added.
The company's overall borrowings are equivalent to 25% of gross asset value (GAV), in the middle of its medium-term guidance of between 20 and 30% of GAV, all of which sits at the company level.
Greencoat also revealed that the location of its annual general meeting (AGM), scheduled for 30 April, is to be changed in response to the UK government's advice on “social distancing”.
Specific details will be announced in due course, the investor in wind farms said, but it did reveal that only the formal business set out in the “notice of meeting” will be considered at the AGM; shareholders can vote via proxy form, which need to be submitted to the company no later than 2.00pm on 28 April.