Greencoat UK Wind PLC (LSE:UKW, FRA:3GC) said its half-year performance was “solid” with “continued strong cash generation”.
The renewables infrastructure fund increased its net generating capacity to over 1.2GW, having acquired the remaining 50% of Braes of Doune wind farm.
“Gearing remains conservative at 28% of gross asset value (GAV) and the group is fully funded to execute our commitments to acquire Windy Rig, Twentyshilling and Glen Kyllachy as each commences commercial operation later this year, which will add a further 130MW of generating capacity to our portfolio of high-quality assets,” noted chairman Shonaid Jemmett-Page.
In the six months to 30 June, the firm’s investments generated 1,476GWh of zero-carbon electricity at 20% below budget, while net cash generation was £103mln and a share issue raised £198mln. The net asset value (NAV) was £2.4bn or 125.2p per share.
The FTSE 250 company declared total dividends of 3.59p per share in the period and had £940mln outstanding borrowings as at 30 June 2021, equivalent to 28% of GAV.