Greencoat UK wind fleet outperforms

Greencoat owns a chunk of Braes of Doune in Scotland

Greencoat owns a chunk of Braes of Doune in Scotland

Investment fund Greencoat UK Wind increased its portfolio to ten wind farms totalling 184MW last year after raising £343m ($565m), according to its first set of annual financial results.

The one year old group – the first renewable infrastructure fund to list on the London Stock Exchange – said its wind assets performed better than expected.

“The portfolio outperformed budgeted generation in the period by 7.6% producing 291.5GWh of power,” said chairman Tim Ingram in a statement.

During the last quarter, Greencoat made four additional investments using a three-year acquisition debt facility.

It subsequently raised additional equity to pay down part of that facility and refresh the group's capacity to make further acquisitions.

Future investments will mostly be in operating UK wind farms with a capacity of over 10MW, the fund said.

Greencoat ended 2013 with a net profit of £18.2m ($30.1m).

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