Q4 Update, NAV, Dividend and Asset Divestments
LEI: 213800ZPBBK8H51RX165
29 January 2025
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.
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.
Asset Divestments
On 23 December 2024, the Company made its first disposal, divesting of 40% interests in Dalquhandy and Douglas West onshore wind farms to Fuyo General Lease Co. Ltd. at the prevailing NAV of £41 million.
Divestment proceeds were used to repay the Company's Revolving Credit Facility ("RCF") and fund further share buybacks. Drawings under the RCF as at 31 December 2024 were £270 million and overall gearing was 39.7%.
The Board and the Investment Manager continue to pursue selective disposals to reduce gearing further, as well as generate further capital to deploy to the advantage of the Company's shareholders.
Share Buyback Programme
The share buyback programme continues to progress with £19.7 million returned to shareholders in the quarter, taking the cumulative amount returned via the programme to 31 December 2024 to £89.9 million.
The Company's December 2024 Factsheet is available at https://www.greencoat-ukwind.com/investors/report-and-publications/2024.
For further information, please contact:
Greencoat UK Wind PLC 020 7832 9425
Stephen Lilley
Matt Ridley
Ocorian Administration (UK) Limited Company Secretary 028 9693 0219
Josh Finlay
Headland 020 3805 4822
Stephen Malthouse
Rob Walker
Charlie Twigg
ukwind@headlandconsultancy.com
Disclaimer
This announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, New Zealand, South Africa or Japan. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
This announcement does not contain or constitute an offer for sale of, or the solicitation of an offer or an invitation to buy or subscribe for, Ordinary Shares to any person in the United States, Australia, Canada, New Zealand, South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful.
The Company will not be registered under the US Investment Company Act of 1940, as amended. In addition, the Ordinary Shares referred to herein have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or under the securities laws of any state of the United States and may not be offered or sold in the United States or to or for the account or benefit of US persons absent registration or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable State securities laws. The offer and sale of Ordinary Shares referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of any state, province or territory of Australia, Canada, New Zealand, South Africa or Japan. Subject to certain exceptions, the Ordinary Shares referred to herein may not be offered or sold in Australia, Canada, New Zealand, South Africa or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, New Zealand, South Africa or Japan. There will be no public offer of the Ordinary Shares in the United States, Australia, Canada, New Zealand, South Africa or Japan.
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