That represented a 2.9p increase over the first half of the year; during the period, the fund also declared dividends of 3.38p, split equally between the first and second quarters. On an ex-div basis, the NAV per share rose to 112.4p from 109.6p.
In the first half of 2018, the group's investments generated 951-gigawatt hours (GWh) of electricity and £67.4mln (net) of cash.
Despite a strong first quarter, portfolio generation for the period was 6% below budget, mainly due to lower wind speeds in May and June, but thanks to higher-than-expected wholesale electricity prices net cash was in line with expectations.
At the end of June, the group had outstanding borrowings of £395mln, equivalent to 23% of the gross asset value, of which £150mln is fixed-rate debt.
Greencoat H1 revenues +85%, pre-tax profit +91%, on higher electricity prices, NAV +1%— Mike van Dulken (@Accendo_Mike) July 27, 2018
"We are pleased to report continued solid performance of our portfolio, with good cash generation, an increase in the dividend and strong dividend cover,” said Tim Ingram, the chairman of Greencoat.
"During the period, we invested a further £277 million, increasing net generating capacity to 785MW. Acquiring Brockaghboy, a 47.5MW wind farm in Northern Ireland, and exercising our option to increase our shareholding in the Clyde wind farms demonstrates the breadth of investment opportunities available to us given our scale.
"We were also pleased with the strong support shown by both existing and new investors in May's oversubscribed share placing. With gearing at 23% of GAV, we are well placed to take advantage of the attractive pipeline of growth opportunities available to us," Ingram added.