Greencoat breaks wind generation budget in first half

The FTSE 250 company said net cash generation from across the group and wind farm special-purpose vehicles was £39.2m in the six months to 30 June.

It said the acquisition of Langhope Rig and Bishopthorpe increased the portfolio to 21 wind farm investments, with net generating capacity improving to 452 MW and gross asset value rising to £984.7m.

The firm declared total dividends of 3.245p per share with respect to the period.

It had £175m outstanding borrowings as at 30 June, equivalent to 18% of its gross asset value

“We are pleased to report the continued good performance of our portfolio, with good cash generation, over budget production, an increase in the dividend and strong dividend cover,” said Greencoat chairman Tim Ingram.

“During the period, we added two high quality wind farm investments to the portfolio.”

Ingram highlighted the March acquisition of Langhope Rig and the June purchase of Bishopthorpe.

“These acquisitions continue to demonstrate the group's ability to source and execute transactions on terms that we consider to be advantageous to shareholders.”

Greencoat said its unaudited net asset value as at 30 June was £809.7m, or 109.8p per share.