Greig Cameron
Deputy Business Editor
Greencoat UK Wind has said its assets outperformed expectations with
operations in Scotland among the biggest contributors.
The investment fund said generation in the period between April and
December last year was 7.6% ahead of target. Within that the 36-turbine
Braes of Doune wind farm near Stirling, of which Greencoat owns 50%, was
the biggest contributor as it generated 65.1 gigawatt hours (GWh) against
an expectation of 57.3.
The smaller Carcant facility, which has three turbines near Heriot in the
Scottish Borders, generated 14.5 GWh compared to the budgeted 12.2 GWh.
Other assets across Wales, Northern Ireland and England all performed close
to or above expectations in the period.
Greencoat said: “Deviations from budget lie within reasonable statistical
parameters.”
The fund said it generated net cash of £21.9 million between March 27 and
the end of December.
The annual results document published yesterday listed income of almost
£26.9m in the period between December 4, 2012 and the end of 2013 with
pre-tax profits coming in at £18.2m.
Greencoat listed on the main market in London at the end of March last year
at 100p per share and raising £100m in order to acquire its initial
portfolio of assets.
Tim Ingram, chairman, said: “We are pleased to report the strong
performance of our portfolio.
“We came to the market a year ago with a clear, independent and high
quality proposition and since listing we have delivered what was said on
the tin.”
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