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LONDON (Alliance News) - Greencoat UK Wind PLC on Friday said its portfolio's electricity generation was below budget in the first half of 2018 hurt by lower wind speeds.
The renewable infrastructure fund, which solely invests in UK wind farms, reported a net asset value per share as at June 30 of 114.1 pence, up from 111.2p as at December 31.
The fund's share price at the end of the period was 125.2p, reflecting a 9.8% premium to Greencoat's NAV. The stock was trading 0.1% higher on the day Friday at 126.50p per share.
The fund will pay an interim dividend of 3.38p per share, up from 3.25p for the same period the year before.
Greencoat said its 21 investments generated 951 gigawatt hours of electricity during the six month period, which was 6% below budget, mainly due to lower wind speeds in May and June. The prior year, the company generated 626.6 gigawatt hours of electricity from its 21 investments.
Net cash generation was GBP67.4 million for the period.
During the half year, Greencoat invested GBP277 million in two acquisitions, bringing its portfolio to 30 wind farm investments and increasing net generating capacity to 785 megawatts.
In March, the company purchased the Brockaghboy wind farm in Northern Ireland, which generates 47.5 megawatts while in May, Greencoat increased its shareholding in the Clyde wind farms to 28%.
"We are pleased to report continued solid performance of our portfolio, with good cash generation, an increase in the dividend and strong dividend cover," said Chairman Tim Ingram.
