Greencoat UK Wind's generation 11% below budget in 2019
The Bishopthorpe wind farm in Lincolnshire. Source: BayWa r.e. renewable energy GmbH
February 27 (Renewables Now) - Greencoat UK Wind Plc (LON:UKW), a renewable infrastructure fund managed by Greencoat Capital LLP, on Thursday said its portfolio generated 2,385 GWh in 2019, which was 11% below budget due to low winds.
Net cash generated by the group and wind farm special purpose vehicles (SPVs) amounted to GBP 127.7 million (USD 164.4m/EUR 150.2m), which provided cover of 1.4x dividends paid during the year.
As at end-December 2019, the group’s portfolio comprised 35 operating wind farms with a total net generating capacity of 979 MW and a gross asset value (GAV) of about GBP 2.443 billion.
Net asset value (NAV) per share, ex-dividend, fell to GBP 1.197 per share from GBP 1.214 per share on December 31, 2018, mainly because of a downward adjustment to the long-term power price estimates used.
Greencoat UK Wind declared total dividends of GBP 0.0694 per share for the full year. The fourth-quarter distribution of GBP 0.01735 per share will be paid on February 2, 2019. For 2020, the fund's goal is a dividend of GBP 0.071 per share.