The renewable infrastructure fund said in its H1 results that its net cash generation of £20.1 million for the period is in line with expectations following power generation of 250.7 GWh from its wind farm portfolio.
“We are pleased to report the continued good performance of our UK operating wind portfolio, with overall performance in line with our expectations during the first half of 2014,” said Greencoat UK Wind chairman Tim Ingram in a statement.
The company’s net generating capacity increased to 226.4 MW last month with the acquisition of the Kildrummy and Maerdy wind farms, bringing its gross asset value to £498.4 million.
“We anticipate continued substantial growth in the UK wind farm market, providing further investment opportunities for the company,” Ingram added.
The company identified its key risks and uncertainties as being changes to government policy on renewable energy; a decline in the market price of electricity; a lower than expected turbine life-span or reduced wind resources.
However, the company is not concerned over the outcome of the upcoming Scottish independence vote despite 23% of its capacity being based north of the border, saying it will not have a significant impact on cash flow.
Greencoat added that it believes the outlook for investment in UK wind farms to be “very encouraging”.
“The group is specifically structured to be the independent partner of choice for utility owners seeking to recycle capital into the development and construction of new energy generation assets,” the company explained.
“Given that the large majority of both onshore and offshore wind farms owned by utilities, this is of particular benefit to the group,” it added.