Greencoat sees decent NAV growth in fourth quarter

The FTSE 250 company said that represented an increase of 8.1p per share for the fourth quarter, in addition to the 1.69p in dividends paid, with 6.7p of that growth attributable to amending the assumed asset life from 25 to 30 years on a conservative basis, following a third party technical assessment of the portfolio.

During the quarter, generation was said to have been on budget, with power prices above budget.

Generation for the full year was 6% below budget, however, due to low wind resource, but cash generation was on budget owing to higher power prices.

“The company also announces a quarterly interim dividend of 1.69p per share with respect to the quarter ended 31 December, and an increase in the target dividend for 2019 to 6.94p per share, increased in line with the retail price index for December,” the board announced in its statement.