8% dividend yield Buying these UK dividend shares could provide a £1,600 second income.

The dividend yields on these UK shares soar above the FTSE 100 and FTSE 250 averages. Here’s why Royston Wild thinks they’re worth a close look.

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Investing in FTSE 100 and FTSE 250 shares can be a formidable way to build a passive income. Established market positions and solid balance sheets give many of these companies the strength to pay a sustainable dividend. And right now, many top UK blue chips offer stunning dividend yields.

Recent gains mean the average yield on FTSE 100 stocks has dropped to 3.5%. The corresponding reading for FTSE 250 shares, meanwhile, has slipped to 3.3%.

I think I can do better than this, and am looking at the following three FTSE 250 stocks to turbocharge my passive income. Their market-beating dividend yields and dividend growth projections can also be seen below.

A £1,600 second income

The average yield for these shares comes in at a mammoth 8%. If broker forecasts prove accurate, a £20,000 lump sum invested equally across these stocks would give me a £1,600 passive income over the next 12 months.

I’m confident that they will provide a steadily rising dividend in the coming years, too. Here’s why I’d buy them if I had spare cash to invest today.

Power up

Renewable energy stock NextEnergy Solar Fund could be considered by investors seeking reliable dividend income. That’s even though keeping solar panels up and running can be expensive, earnings-denting business.

The fund can expect revenues to remain stable regardless of economic conditions. Electricity demand remains broadly unchanged even during downturns, after all.

On top of this, NextEnergy Solar receives UK government subsidies that are linked to inflation, which in turn provides cash flows with added protection.

I think the company could be a great way for investors to capitalise on the green energy revolution.

Banking star

Investing in Georgia today is riskier than it’s been for many years. The unfolding political crisis in the country threatens to undermine the country’s bright economic outlook.

But on balance, I think the risks of such turmoil are baked into Bank of Georgia’s rock-bottom valuation. Today the bank trades on a forward price-to-earnings (P/E) ratio of just 3.7 times.

With it also offering that near-6% dividend yield, I think Bank of Georgia offers terrific value right now.

This is another FTSE 250 share with considerable growth potential, in my opinion. Regional rival TBC Bank‘s near-16% profits jump last quarter (as announced last week) illustrates this point.

Property giant

HICL Infrastructure mainly invests in public sector-related assets. This leaves it vulnerable to changes in government policy and legal changes.

But, I believe it’s another great way to achieve a reliable passive income. The contracted rents it receives from its portfolio of 100+ assets provides a steady stream of revenue that it can then distribute to shareholders.

HICL’s focus on key infrastructure like hospitals, schools, railways, and roads provides another layer of strength. These assets remain in high demand at all points of the economic cycle.

Please Note.

Any article is to inform your thinking, not lead it. Only you can decide the best place for your money and any decision you make will put your money at risk. Information or data included above may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.