Greencoat UK Wind discusses achievements since London listing
Greencoat UK Wind listed on London Stock Exchange in March 2013. The Company, backed by its two cornerstone investors, SSE and Department for Business, Innovation and Skills, was the first of its kind; providing investors with exposure to UK wind generation through a premium listed vehicle.
By providing investors with the opportunity to invest in operating wind farms, the objective was to deliver them a sustainable and growing return on their investment by way of an attractive and inflating dividend and capital preservation.
Since listing, the Company has delivered on these objectives and its strategy, achieving the following key milestones:
- Paid or declared eleven dividends equivalent to 21.7p; a total of £95.7 million; increasing the dividend by RPI every year to provide a sustainable and growing income stream
- Grown Net Asset Value per ordinary share by c. 8% for the period since listing to 30 September 2016. Preserving capital on a real basis by reinvesting excess cashflow generated in additional operating UK wind farms and through prudent use of portfolio leverage
- Made 13 additional wind generation asset investments growing net generating capacity to 420MW and Gross Asset Value of £891.7 million across a portfolio of 19 wind farms (from 126.5 MW and £254.8 million at the time of IPO)
- Delivered an operational performance across the portfolio in line with management expectations
- Furthermore, the Company recently launched its fifth follow-on fundraise (anticipated to complete by the end of November)
Commenting Stephen Lilley, Partner, Greencoat Capital, said:
“We are very pleased with the progress we have achieved since listing on the London Stock Exchange. Our aim was to provide investors with a compelling investment proposition and we have been delighted with the reception we have received.”
Tim Ingram, Chairman, Greencoat UK Wind , added:
“As the first of its kind, we recognised the importance of having a simple, transparent and low risk proposition. A portfolio of high quality assets, acquired and managed by the most experienced team in the sector. We believe that this approach has and will continue to serve our investors well. The future opportunities for UKW are exciting and we look forward to building on the success achieved to date.”
Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in nineteen operating UK wind farms with net generating capacity of 420 MW. The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation (6.34p for 2016) while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow and the prudent use of portfolio leverage.
UKW is managed by an experienced team of senior executives from Greencoat Capital LLP, the specialist renewable energy and resource efficiency asset manager, and overseen by a strong and experienced independent board.
UKW is incorporated in England and Wales and is a UK Investment Trust.
For more information about UKW, please visit http://www.greencoat-ukwind.com
For more information about Greencoat Capital LLP, please visit http://www.greencoat-capital.com