18th Jan 2019 07:58
LONDON (Alliance News) - Greencoat UK Wind PLC on Friday upped its annual payout following an increase in net asset value per share over 2018.
The mid-cap company, which invests in UK wind farms, reported NAV of GBP1.39 billion as at December 31, or 123.1 pence per share.
As at the end of 2017, Greencoat's NAV was GBP1.14 billion, or 111.2p a share.
Greencoat declared a dividend of 1.69p per share for the final quarter of 2018, taking the total payout for the year to 6.76p per share, up from 6.49p paid the year prior.
For 2019, the company is targeting a dividend of 6.94p per share.
During the quarter, Greencoat said power generation was on budget and power prices were above budget, while generation for the full year was 6% below budget, due to low wind resource.
Cash generation for 2018 was on budget owing to higher power prices, the company noted.
Greencoat UK plans to publish its 2018 results on February 28.
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