Greencoat UK Wind’s plants generated 6% less electricity last year than in 2015 due to weak winds in Britain.
The listed fund’s 19 wind farm investments produced 978.1 gigawatt-hours of power, reflecting average wind speeds across the UK that were 6% below the long term mean, it said.
Greencoat generated £49m in net cash during the year, compared with £48.3m last time.
Net generation capacity rose to 420MW from just over 300MW following the acquisition of two wind farm interests for £223.5m.
The investor in onshore wind issued new shares in May and November, raising £100m and £147m respectively.
Total dividends for the year were 6.34 pence and are expected to be 6.49 pence in 2017.
“We are pleased to report the continued good performance of our portfolio and demonstrate the robustness of the company’s business model in a dynamic environment,” chairman Tim Ingram said.
“We have delivered a total shareholder return of 17.4% and NAV growth -adjusted for dividends- of 4.1 pence in 2016 and again increased our target dividend by RPI to 6.49p per share for 2017.”
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