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Greencoat UK Wind net asset value slips amid lower power prices

ALN

Greencoat UK Wind PLC on Thursday said net asset value fell in the first half of 2023, amid higher interest rates and lower power prices.

The London-based renewable infrastructure fund, focused on UK wind farms, said net asset value on June 30 was 165.8 pence per share, down by 0.8% from 167.1p per share on December 31.

This was attributed to ‘an increase in discount rates and lower short term power prices offset by higher short-term inflation and valuation gains from recent and committed investments’, the company explained.

Pretax profit fell by 88% to £65.5 million from £551.6 million a year prior. This was driven by an unrealised movement in the fair value of investments of negative £132.6 million, swung from £258.8 million a year before. Additionally, investment income fell to £238.0 million, down from £323.4 million.

Greencoat declared an interim dividend of 4.38p per share, up 13% from 3.86p per share during the same period in 2022.

Chair Lucinda Riches said: ‘The outlook for the group is extremely encouraging. We operate in a mature and growing asset class and with our market leading position and self funding business model, we are well-placed to capitalise on NAV accretive investment opportunities and continue delivering superior returns to shareholders.’

Shares in Greencoat were up 1.9% at 148.06p each in London on Thursday midday.

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