Greencoat UK Wind PLC (LSE:UKW) investment co-manager Stephen Lilly visits the Proactive London studio to speak with Thomas Warner after the renewable infrastructure fund published half year results for the period to 30 June 2023 that revealed a first-half year-on-year dividend hike of 13.5%.
Lilly gives a brief overview of how Greencoat has been performing recently, highlighting the £204 million of net cash generated over the six months, backed by 2.1 terawatt hours of production, with net asset value remaining largely flat. Lilly attributed the results to various factors, including future power prices, inflation, and the value of assets acquired by the business.
He emphasised that he believes concerns regarding the fund's debt position and inflation are unfounded, as the company's stability and return on investment remained strong. He also highlights the importance of understanding the combination of dividends and reinvestment in achieving a healthy return, and reiterates that he believes Greencoat UK Wind is "in a very health position" and aims to continue its successful trajectory as a major player in the growing renewable energy sector.
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Greencoat UK Wind PLC is a renewable infrastructure fund, invested in United Kingdom wind farms. The Company's objective is to provide investors with an annual dividend that increases in line with retail price index (RPI) inflation while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow. The Company invests in United Kingdom wind farms, predominantly with a capacity of over 10 megawatts (MW) and maintains a balanced exposure to power prices. The Company's portfolio comprises interests in approximately 45 operating wind farms totaling 1,610MW capacity. The Company's portfolio includes Andershaw, Bin Mountain, Braes of Doune, Carcant, Church Hill, Crighshane, Deeping St Nicholas, Douglas West, Drone Hill and various others. The Company's investment manager is Schroders Greencoat LLP.