Greencoat UK Wind PLC (LSE:UKW, FRA:3GC)'s (LON:UKW) Stephen Lilley talks to Proactive London about their 'solid' half year performance for the six months ended 30 June 2021.
During the period the firm acquired the remaining 50 per cent of Braes of Doune wind farm, increasing net generating capacity to over 1.2GW. Lilley also mentions the strong support shown by both existing and new investors in February's oversubscribed share placing.
Portfolio generation for the period was 20 per cent below budget at 1,476GWh. Low wind resource was partially offset by high power prices, which were above budget as a result of high gas and carbon prices. Net cash generated by the Group and wind farm SPVs was £103.6 million, providing cover of 1.5x dividends paid during the period. Full year dividend cover is forecast to be 1.7x.