Greencoat UK Wind’s investments generated 451.4GWh during the first six months of 2016, 3% below budget.
The renewable energy infrastructure fund said low wind resources during the period were the reason for the figure.
Greencoat said that net asset value stood at £629.4m at the end of June.
Net cash generation – for the group and wind farm special purpose vehicles – was £30.9m in the first six months of the year.
The fund added that during the first half of 2016 it acquired the 20MW Screggagh wind farm in Northern Ireland and took an interest in the 350MW Clyde wind farm in South Lanarkshire.
The acquisitions increased Greencoat’s portfolio to 19 wind farm investments, with a net generating capacity to 420MW.
The fund also completed a share offering that raised £100m during the period.
Greencoat UK Wind chairman Tim Ingram said the proceeds of the share offer’s first tranche have partly paid down the fund’s acquisition facility, leaving it “well placed to take advantage of our attractive pipeline of growth opportunities”.
Image: Clyde wind farm (SSE)
