Yorkshire wind farm operator sees net asset value drop after lowering energy generation forecast

The firm, which is based in Ireland, said the movement was as a result of the “revision to energy yield estimates” across its portfolio.

A statement from the company said: “The board and the investment manager periodically review the portfolio's energy yield estimates, and decided to harmonise the data set used in long term wind speed correlation in conjunction with an expert third party.

“This has also added a number of recent years to the correlation data with lower than long term average UK wind speeds and this serves to bring the long term average down.”

Greencoat UK Wind part-owns the Sixpenny Wood wind farm, in East Yorkshire, as well as holding 38 per cent interest in the Humber Gateway wind farm, five miles off the Yorkshire coast.

The firm also owns a small percentage of the Hornsea 1 wind farm, located 80 miles off the Yorkshire coast.

The company declared a quarterly interim dividend of 2.5 pence per share for the final quarter of 2024, taking its total FY 2024 dividend to 10 pence per share. The firm’s update comes after recent forecasts from industry consultancy Cornwall Insights projected that the Government would miss its revised targets for developing new solar and wind power by 2030.

Cornwall Insight said the UK is set to miss clean power targets for offshore, onshore and solar by 32 gigawatts (GW), enough to power tens of millions of homes. Onshore wind has been boosted by changes in policy, but growth is 10GW short of the 27-29GW goal, the research forecast.

Offshore wind comes closest to the target, with predictions it will miss targets by 6GW.

Tom Musker, modelling manager at Cornwall Insight, said: “Renewables are set for substantial growth over the next five years, as the country strives to meet its clean power ambitions.

“However, despite promising progress, the gap between this growth and Government targets underscores the urgent need to address both the operational and investment barriers slowing renewables growth.”

Energy Secretary Ed Miliband said he did not recognise Cornwall Insight’s analysis. He argued that grid operator the National Energy System Operator has provided the Government with independent advice about reaching clean power by 2030.

“It’s really challenging. But it’s doable and it’s absolutely the right thing for the country,” he said.