In comparison to the second half of 2022, the first half of 2022, ending June 30, showed a rise in Greencoat UK Wind’s net asset value (NAV).
NAV for the first half of this year, which ended on December 31, was £3.6 million as opposed to £3.1 million in the second half of 2021.
In the first half of 2022, the group’s operating portfolio was valued at £4.2 million, up from £3.9 million in the second half of 2021.
The period’s portfolio generation was 2175 gigawatt hours, which was 1% more than expected.
Due to high power costs, which mostly reflect high gas prices, the group and wind farm SPVs’ net cash generated was £328.8 million, exceeding forecast.
The Twentyshilling wind farm was purchased by the Greencoat from Statkraft for £50 million during that time, bringing its net producing capacity to 1460 MW.
Additionally, the Group gave the Kype Muir Extension wind farm project an additional £18 million in construction financing throughout the time (target commissioning in the fourth quarter of 2022).
Greencoat anticipates completing its £400 million investment in the Hornsea 1 offshore wind farm in the third quarter of 2022 by reinvestment of cash flow and a “modest utilisation” of its revolving credit line, boosting producing capacity to 1610 MW.
The Chairman of Greencoat UK Wind, Shonaid Jemmett-Page, said “We are pleased to report another solid performance, with continued strong cash generation as we deliver against our simple, low risk strategy and build on our well-established track record.”
“During the period we acquired Twentyshillling wind farm and were delighted to announce our investment in Hornsea 1, the world’s largest offshore wind farm.”
“Upon completion of this investment in Q3 2022, we will have grown our portfolio to 45 operating wind farms and increased our net generating capacity to over 1.6GW, which underlines the size and scale the Group has attained since listing in 2013.”
“We continue to see an attractive pipeline of investments, both onshore and offshore, and remain well positioned to deliver more value-accretive acquisitions and extend our track record of strong shareholder returns.”