United Kingdom

United Kingdom

Greencoat's expanded portfolio ups income

UK: Wind investment firm Greencoat's income increased in 2017 as it acquired stakes in an additional ten projects.

Greencoat's 2017 acquisitions include 80% of the 12.3MW Red House project in the east of England
Greencoat's 2017 acquisitions include 80% of the 12.3MW Red House project in the east of England

The investment group acquired interests in ten new UK wind farms last year and also increased its stake in the 350MW Clyde project.

Greencoat invested a total of £507.4 million (€576.7 million) and increased its net generating capacity from 420MW to 694MW.

Its portfolio generated 1,457GWh last year and raised £80.1 million, the company said. Both figures were up from 2016’s electricity generation of 978.1GWh and £49 million net cash generation.

The company’s total income for the year was £81.74 million, up 3.5% from £78.93 million in 2016.

Its operating profit also inched up year-on-year from £67.48 million to £67.68 million, while £340 million raised through a share issuance programme announced in September meant the company’s market capitalisation reached £1.26 billion, Greencoat said. It is the first time its market value surpassed £1 billion.

However, the company’s annual profit fell 2.4% from £61.35 million to £59.86 million in line with an increase in financing expenses

Tim Ingram, chairman of Greencoat UK Wind added: "Wind remains the most mature and widely deployed renewable energy technology in the UK, and the group is well-placed to continue to take advantage of the abundant pool of operating wind assets in the UK.

"Although only limited new onshore wind capacity is expected to be installed in the near term, there is a very large existing market of onshore and offshore wind farms that we expect to be available for investment."

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