(Alliance News) - Greencoat UK Wind PLC on Thursday declared a higher dividend for 2019, and targets a further payout increase for 2020, though net asset value dipped.
As at December 31, the FTSE 250-listed renewable infrastructure fund reported a net asset value of 121.4 pence per share, down 1.4% from 123.1p the same date the year before.
However, net assets increased by 32% to GBP1.84 billion from GBP1.39 billion the prior year.
Net generating capacity increased to 979 megawatts from 836 megawatts the prior year, following new investments in Stronelairg, Dunmaglass and Tom nan Clach.
Greencoat's portfolio at the end of 2019 consists of 35 wind farms, bringing the fund's power generation to 2,385.0 gigawatt hours, 11% below budget due to low wind.
Power generation was still up 11% from 2,140.3 gigawatt hours reported for 2018.
Greencoat declared a total dividend of 6.94 pence per share, up 2.7% from 6.76p in 2018, and is targeting a payout of 7.10p in 2020.
"2019 represented another significant year of growth for Greencoat UK Wind. During the year, we made nearly GBP600 million of investments and raised over GBP500 million of new equity," said Chair Tim Ingram.
"Our portfolio is now providing sufficient electricity to power nearly 1 million homes and reducing carbon dioxide emissions by approximately 1.2 million tonnes per annum through displacing thermal generation. We were pleased to announce the acquisition of Slieve Divena II last week and our pipeline of acquisition opportunities remains very healthy," Ingram added.
Shares in Greencoat were down 0.8% at 142.40 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Greencoat UK Wind (UKW)