Greencoat UK Wind has reported an increase in net asset value (NAV) in the first half of 2022, compared to the second half of 2022.
NAV for the first half of this year was £3.6m compared to £3.1m in the second half of 2021.
The group’s operating portfolio was valued at £4.2m, compared with £3.9m in the corresponding period of 2021.
Portfolio generation for the period was 2175 gigawatt-hours, 1% above budget.
Net cash generated by the group and wind farm SPVs was £328.8m, above budget due to high power prices, primarily reflecting high gas prices.
During the period, the Greencoat invested £50m million to acquire the Twentyshilling wind farm from Statkraft, increasing net generating capacity to 1460MW.
During the period, the Group also provided a further £18m of construction finance to the Kype Muir Extension wind farm project (target commissioning in the fourth quarter of 2022).
In the third quarter of 2022, Greencoat expects to complete on its £400m investment in the Hornsea 1 offshore wind farm, through reinvestment of cash flow alongside a “modest utilisation” of its revolving credit facility, increasing generating capacity to 1610MW.
Shonaid Jemmett-Page, Chairman of Greencoat UK Wind, said: “We are pleased to report another solid performance, with continued strong cash generation as we deliver against our simple, low risk strategy and build on our well-established track record.
“During the period we acquired Twentyshillling wind farm and were delighted to announce our investment in Hornsea 1, the world’s largest offshore wind farm.
“Upon completion of this investment in Q3 2022, we will have grown our portfolio to 45 operating wind farms and increased our net generating capacity to over 1.6GW, which underlines the size and scale the Group has attained since listing in 2013.
“We continue to see an attractive pipeline of investments, both onshore and offshore, and remain well positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns.”