GREENCOAT UK WIND PLC
(the “Company”)
Q4 Update, Net Asset Value, Dividend and Asset Divestments
Net Asset Value and Dividend Announcement
| Net Asset Value / Net Asset Value per share | £3,409 million / 151.2 pence |
| Dividend per share | 2.5 pence |
The Company announces that its unaudited Net Asset Value as of 31 December 2024 is £3,409 million (151.2 pence per share), a decrease of 7.4 pence per share from NAV at 30 September 2024.
The Company declares a quarterly interim dividend of 2.5 pence per share with respect to the quarter ended 31 December 2024, taking the total FY 2024 dividend to 10 pence per share. The Company also announces an increase in the target dividend for 2025 to 10.35 pence per share in line with the Retail Prices Index for December 2024 of 3.5 per cent.
Dividend Timetable
Ex-dividend date 13 February 2025
Record date 14 February 2025
Payment date 28 February 2025
Energy Yield Review
The movement in NAV was primarily the result of a revision to energy yield estimates across the Company’s portfolio. The Board and the Investment Manager periodically review the portfolio’s energy yield estimates (P50), and decided to harmonise the data set used in long term wind speed correlation in conjunction with an expert third party. This has also added a number of recent years to the correlation data with lower than long term average UK wind speeds and this serves to bring the long term average down.
As a result, the long term generation forecast is expected to be 2.4% lower, with a resulting NAV decrease of 6.5 pence per share.
Since IPO, the Company has delivered 1.8x dividend cover and, with its revised generating budget, remains on course to generate (on average) dividend cover of 1.9x over the next 5 years. This would deliver over £1 billion in excess cashflow over the next 5 years for allocation to the advantage of its shareholders.
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