Greencoat UK Wind investments generate 2,175-gigawatt hours in H1

28th Jul 2022 10:07

(Sharecast News) - Renewable infrastructure fund Greencoat UK Wind said on Thursday that its investments had generated 2,175-gigawatt hours of renewable energy in the six months ended 30 June, generating £328.8m in net cash for the group.

Greencoat UK Wind said its unaudited net asset value was £3.55bn, or 153.6p per share, at the end of the half, up from £3.1bn in the second half of the previous trading year.

The FTSE 250-listed group stated its operating portfolio was valued at £4.19bn, compared to £3.9bn at the same time in 2021.

Greencoat UK Wind added that during the period, it spent £50.0m to purchase the Twentyshilling wind farm from Statkraft, increasing net generating capacity to 1,460 megawatts, and also set aside an additional £18.0m in construction financing for its Kype Muir Extension wind farm project.

Chair Shonaid Jemmett-Page said: "We are pleased to report another solid performance, with continued strong cash generation as we deliver against our simple, low-risk strategy and build on our well-established track record.

"We continue to see an attractive pipeline of investments, both onshore and offshore, and remain well positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns."

As of 1030 BST, Greencoat UK Wind shares were up 0.45% at 155.10p.

Reporting by Iain Gilbert at Sharecast.com