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United Kingdom

Greencoat fund plans more UK wind investment

Wind-power investment fund Greencoat UK Wind is to pump more money into the purchase of British wind farms.

Greencoat has a stake in the Braes of Doune wind farm
Greencoat has a stake in the Braes of Doune wind farm

The group, which posted its maiden half-year report on Monday, has already bought a seed portfolio of interests in six wind farms with a net capacity of 126.5MW.

The fund, which floated on the London Stock Exchange in March, has spent £251.1 million of the £260 million raised, and while it did not specify how much it will invest over the next half, Greencoat said that any new acquisitions would be funded through debt.

Chairman Tim Ingram commented: "We remain confident that the outlook for investment in UK wind farms is very encouraging. There is continuing strong investment in the construction of new wind farms and there should be a plentiful supply of operating wind farms to purchase at an attractive yield.

"We are currently actively evaluating and performing due diligence on a number of good opportunities."

Assets bought by the company include the wind farms, Tappaghan and Bin Mountain in Northern Ireland and Carcant on the Scottish borders.

The net assets held by the group increased from £254.8 million to £263 million from 27 March 2013 to 30 June.

As a result, there will be a total dividend of £3.9 million or 1.5 pence per share for the first half, with the fund targeting a full-year dividend of six pence per share.

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