Renewable power investment firm Greencoat UK Wind’s underlying value has risen to £360.3 million after spending £90.6m on new developments.
A 51.6% stake in four UK windfarms was bought in August from AES including two in Scotland the 22MW North Rhins array in Dumfries and Galloway, and the 28.6MW Drone Hill farm in the Borders.
The total consideration of £90.6m was funded through reinvestment of cash resources and an acquisition debt facility alongside Swiss Life as minority partner.
Tim Ingram, chairman of Greencoat UK Wind PLC, said: “The company continues to deliver on its investment objectives: stable and growing dividends; and real net asset value growth.”
Operational performance was in line with management expectations, and a dividend of 3.08p per share for the period from January 1 to June 30 was paid on August 29.
The company’s net asset value increased to £360.3m at September 30, while net installed capacity increased from 226.4MW to 271.5MW.
The company’s share price slipped back 0.38p to 107.50p yesterday.
UK domiciled Greencoat UK Wind, which invests in onshore and offshore wind arms, was the first renewable infrastructure fund to list on the London Stock Exchange main market.