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Greencoat surpasses operation estimates

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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