LONDON (ShareCast) - (Sharecast News) - Greencoat UK Wind reported 1,476GWh of zero-carbon electricity generation in its first half on Thursday, with net cash generation from the group and wind farm special purpose vehicles coming in at £103.6m.
The FTSE 250 company said the acquisition of the remaining 50% interest in the Braes of Doune wind farm increased net generating capacity to 1,209MW as at period end on 30 June.

During the six months, the company issued further shares, raising £198m, as it declared total dividends of 3.59p per share for the first half.

Outstanding borrowings totalled £940m as at 30 June, equivalent to 28% of its gross asset value.

Its unaudited net asset value at period end was £2.47bn, or 125.2p per share, as the board announced a quarterly dividend of 1.795p per share for the period from 1 April to 30 June.

"We are pleased to report another solid performance and continued strong cash generation as we deliver against our simple, low risk strategy," said chairman Shonaid Jemmett-Page.

"During the period we acquired the remaining 50% of the Braes of Doune wind farm, increasing our net generating capacity to over 1.2GW."

Jemmett-Page said the board was also "pleased" with the "strong support" shown by both existing and new investors in February's oversubscribed share placing.

"Gearing remains conservative at 28% of GAV, and the group is fully-funded to execute our commitments to acquire Windy Rig, Twentyshilling and Glen Kyllachy, as each commences commercial operation later this year, which will add a further 130MW of generating capacity to our portfolio of high quality assets."

At 0922 BST, shares in Greencoat UK Wind were up 0.45% at 136.01p.

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