Greencoat UK Wind NAV grows amid 'significant period of growth'

24th Feb 2022 10:16

(Sharecast News) - Renewable infrastructure fund Greencoat UK Wind said on Thursday that both its net asset value and market capitalisation had grown in what was "another significant period of growth".

Greencoat stated its net asset value had increased to £3.09bn, or 133.5p on a per-share basis, from £2.22m at the end of 2020 as its market capitalisation grew to £3.25bn from £2.44bn.

The FTSE 250-listed firm also hiked its full-year dividend to 7.18p from 7.10p a year earlier as it returned £148.0m in dividends throughout the year.

In 2021, Greencoat invested £570.0m in high-quality assets and raised £648.0m of new equity as its portfolio grew to surpass 1.4 gigawatts of installed capacity. It also commissioned its first three subsidy-free wind farms, complementing its two CFD investments.

Carbon dioxide emissions were reduced by 1.7m tonnes and the number of homes powered by the fund increased from 1.2m to 1.5m.

Chairman Shonaid Jemmett-Page said: "2021 represented another year of robust performance and sustained strong cash generation, building on our well-established track record.

"We continue to see an attractive pipeline of projects, both onshore and offshore, and remain strongly positioned to deliver more value-accretive acquisitions to further enhance returns for our shareholders."

As of 1035 GMT, Greencoat shares were up 1.0% at 141.80p.