23rd Feb 2015 09:19
LONDON (Alliance News) - Greencoat UK Wind PLC Monday said it would pay a total dividend of 6.16 pence for 2014 and expects to increase it by 1.6% in 2015, after it reported growth in net asset value of 2.5 pence a share.
The renewable infrastructure fund which is solely invested in operating UK wind farms said its investments generated 564.6 gigawatts of electricity in 2014, in line with expectations, while net cash generation after fees, costs and expenses was GBP32.4 million.
The company now has a portfolio of 16 wind farms after investing in a further six farms in 2014. That meant its net generating capacity stood at 271.5 megwatts at the end of that year, and its gross asset value was GBP591.2 million.
"We expect a significant number of further investment opportunities for the group as utilities and developers continue to seek to recycle their capital. We are currently evaluating a number of potential opportunities for further investment, and will invest selectively, providing the terms are attractive for our shareholders," Greencoat said in an outlook statement.
"Power prices were lower than forecast in 2014 owing to lower gas prices. The long term power price forecast is also lower but to a lesser degree. The forecast is updated each quarter and the most recent quarterly update is reflected in our reported NAV," it added.
Greencoat said it's targeting a dividend of 6.26 pence in 2015, an increase in line with the Retail Price Index and its stated dividend policy. It cited the strength and stability of its cash generation.
Greencoat UK Wind shares were down 0.3% at 103.73 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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