Greencoat UK Wind ramps up the profits and dividend in 2017
Greencoat UK Wind, the renewable infrastructure fund that owns nine wind farms in Scotland, yesterday revealed that its operating profit edged up to £67.68 million in 2017 from £67.48 min the previous 12 months.
The group said it was targeting a dividend of 6.76p for 2018 after announcing a payout of 6.49p for last year. Total dividends last year rose to £57.3m from £38.8m.
Greencoat UK Wind raised £340m in October taking its market capitalisation comfortably above £1bn, and said yesterday that its investments last year had generated 1,457GWH of electricity, in line with budget.
The year saw the acquisition of interests in ten further wind farms and an additional interest in the Clyde wind farm, as net cash generation came in at £80.1m.
Tim Ingram, chairman of Greencoat, said the significant significant capital raising in October had demonstrated the “size and scale we have achieved since we listed in 2013.
“2017 was a busy year on the acquisition front. Whilst maintaining a disciplined approach to acquisitions, we were delighted to acquire interests in 10 new windfarms and increase our investment in the Clyde wind farm, growing our net generating capacity from 420MW to 694MW.
“Looking ahead, wind remains the most mature and widely deployed renewable energy technology in the UK”.