Annual Report
For the year ended 31December 2025
All capitalised terms are defined in the list of defined terms on pages 128 to 130 unless separately defined.
Contents
Summary 1
Section 1: Overview
Chairman’s Statement 4-6
Investment Manager’s Report 7-19
Strategic Report 20-37
Section 2: Governance
Board of Directors 40-42
Report of the Directors 43-44
Directors’ Remuneration Report 45-48
Statement of Directors’ Responsibilities 49
Corporate Governance Report 50-55
Audit Committee Report 56-59
Independent Auditor’s Report 60-67
Section 3: Financials
Financial Statements 70-75
Notes to the Financial Statements 76-107
Section 4: Other Information
Company Information 110
Supplementary Information 111
EU SFDR Disclosures 112-127
Defined Terms 128-130
Alternative Performance Measures 131-132
Cautionary Statement 133
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GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 01
Summary
Highlights
Dividends and reinvestment
NAV
Portfolio performance
Share price and return
Balance sheet management and capital allocation
10.35 pence
Dividends declared with
respect to 2025
(2024: 10.00 pence)
10.70 pence
2026 full year dividend target
3.4 per cent increase over 2025
(2025: 10.35 pence)
1.3x
2025 full year dividend cover
(2024: 1.3x)
12
Consecutive years of RPI, or better,
increase in annual dividend
1.7x
Lifetime dividend cover
since IPO
£1,415 million
Paid in dividends
since IPO
£999 million
Reinvested
since IPO
£2,882 million
NAV as at 31 December 2025
(31 December 2024: £3,409million)
133.5 pence
NAV per share
(31 December 2024: 151.2 pence)
(4.9)%
Annual Total Shareholder Return
(on NAV)
5,403 GWh
Renewable electricity generated in
2025 (2024: 5,484GWh)
2.2 million
tonnes CO
2
emissions avoided during
2025 (2024: 2.2 million)
2.0 million
Homes powered during 2025
(2024: 2.0 million)
98.1 pence
Closing share price on
31 December 2025
(31 December 2024: 127.7 pence)
23%
Average share price discount
to prevailing NAV
(2024: 14%)
(15.1)%
Annual Total Shareholder Return
(on share price)
£181 million
Divestments, at prevailing NAV,
during 2025
£168 million
Reduction in debt principal
during 2025
£109 million
Spent repurchasing 95.4 million
shares during 2025
02 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Section 1: Overview
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 03
GREENCOAT
UK WIND
Section 1: Overview
Chairman’s Statement 4-6
Investment Manager’s Report 7-19
Strategic Report 20-37
Section 1: Overview
04 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Chairman’s Statement
2025 was a challenging year. Electricity generation was 8.5%
below budget, owing to lower wind speeds principally in the
first half of the year, and a fall in near term power prices.
Against these difficult headwinds, the Company continued
to deliver robust financial and operational performance,
with net cash generation of £291million covering the 2025
annual dividend by 1.3x.
Throughout 2025, the Board and Investment Manager
have remained focussed on taking action to improve the
Company’s position. In 2025 the Company delivered:
• A 12th consecutive year of dividend increases in line
with or ahead of RPI;
• Divestments of £181million, all at the prevailing NAV,
taking total disposal proceeds to £222 million in the
previous 14 months;
• Share buybacks of £109million, at an average discount
to NAV of 23per cent, taking the total spent on share
buybacks to £199 million adding 2.1 pence to NAV
pershare;
• A reduction in debt principal of £168million; and
• Asset optimisation initiatives that have added £5million
to NAV, taking the cumulative total to £148 million
since 2016.
Despite these efforts, wider economic and regulatory
factors, along with falling NAVs across the sector, have
weighed on investor sentiment, and the Company’s share
price ended the year at a wide discount to NAV. The Board
and Investment Manager recognise the need to continue to
take further action to protect and build shareholder value.
Market Backdrop
Wind continues to be the most widely deployed renewable
energy technology in the UK, generating 29.7 per cent of
the UK’s electricity in 2025. January 2026 saw the outcome
of Allocation Round 7 (“AR7”) for offshore wind, which offers
20-year CPI linked CFDs to offshore wind farm developments.
Over 8GW of fixed bottom offshore wind projects were
awarded a contract, at strike prices of between £89.50 and
91.20/MWh. This represents approximately 50percent of
the offshore capacity procured under all previous allocation
rounds and is a clear step towards fulfilment of the
Government’s 2030 target. In February 2026, the outcome
of Allocation Round 7 for onshore wind was announced
with 1.3GW of capacity awarded at a clearing price of
£72.24/MWh. We estimate that to construct these projects,
approximately £40 billion of capital will be required.
This comes against a backdrop of increasing demand for
electricity and a focus on energy security. The continuing
decarbonisation of heat and transport, as well as recently
announced investments in UK hosted data centres, are
expected to lead to the requirement for at least 44TWh
of new generation in the next 5 years. This represents
approximately 15 per cent of the UK’s current annual
electrical demand. Crucially, this demand is unlikely to
be met through conventional generation, given that net
production from nuclear and gas is expected to decline over
the next decade as plants retire. Without policy support,
new gas plants are unlikely to be economically viable given
the prices achievable through renewable energy generation.
The Company therefore sees a significant opportunity to
invest in wind farms. Many opportunities can be expected to
derive from secondary sales, some of which will be required
for existing developers and utilities to realise capital to build
new projects, as well as opportunities from new construction
projects themselves.
UKW has made meaningful progress on
capital allocation, despite persistent market
headwinds, and the Board and Investment
Manager remain fully committed to making
the right decisions for shareholders
to maximise long term value
Lucinda Riches C.B.E.
Chairman
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 05
Chairman’s Statement continued
Market Backdrop continued
Despite the favourable outlook for wind assets, NAV returns
across the renewable energy investment trust sector,
including the Company, have suffered against the headwinds
of lower power prices, under-budget generation and
regulatory intervention. Whilst interest rates have started
to fall, longer term gilt rates remain static. There remains
a demand/supply imbalance in the sector, exacerbated by
continued outflows from the UK stock market.
The Board believes that the Company is well positioned
in the sector to navigate the current challenges with its
advantages of scale and robust cash generation.
Capital Allocation
The Board will remain focussed on active portfolio
management, including asset rotation, and the prudent
allocation of capital. In the short term, share buybacks can
be an effective use of capital when buying the Company’s
shares offers a higher return than reinvesting or repaying
debt. However, over the longer term, share buybacks
must be carefully weighed against the Board’s priority of
further strengthening the future cash flows that sustain the
Company’s dividend policy. We must also be mindful of
the Group’s balance sheet noting that, all else being equal,
share buybacks increase gearing levels.
The Board must also consider the future composition and
balance of the Company’s portfolio. Over the next 7years,
59per cent (on average) of the Group’s revenues are fixed
and carry explicit CPI linkage. This ratio will begin to decline
as the Company’s existing wind farms move towards the
end of their respective subsidy periods. The Company’s
aim remains to maintain a balance of fixed and merchant
cashflows to support its dividend policy, return profile and
capital structure.
The Company has historically managed the age and revenue
profile of its assets by reinvesting c.£1billion of excess free
cash flow into new assets.
The Board will remain focussed on active portfolio
management, including asset rotation, and the prudent
allocation of capital. Reinvestment has always been essential
to support the Company’s return targets and dividend policy,
and this remains the case today. In addition, the current
dislocation in the market may create inorganic opportunities
to add to the portfolio.
In assessing investment opportunities, whether organic or
inorganic, the Board will remain disciplined with a clear
focus on long term shareholder value and serving the best
interests of its shareholders.
The Board will pursue the following capital allocation
priorities in 2026:
• Further divestments, building on the £222 million of
disposals to date;
• A reduction in gearing, with the aim of reducing gearing
below 40 per cent;
• Continuation of its share buyback programme; and
• A disciplined return to reinvestment, with an immediate
strategy of generating low cost optionality across
the portfolio. This may also include appraisal of
any additional opportunities that arise as a result
of dislocation in the market and which could offer
enhanced value to shareholders.
Performance
Portfolio electricity generation performance for the year
was 5,403GWh, 8.5 per cent below budget owing to low
wind, notably in the first half. Despite lower than budget
generation, net cash generated by the Group and wind farm
SPVs was £291million.
Declared dividends for the year total 10.35 pence per
share or £227 million in aggregate, with the fourth and final
quarterly dividend of 2.59 pence per share to be paid on
27February 2026. Underlying dividend cover was 1.3x.
With the final dividend of the year, our investors will have
received £1,471 million of dividends since listing – rising
by RPI or more for 12 consecutive years – and c.£1billion
of excess cashflow has been reinvested in the business.
Since IPO, the Company’s strong return profile and capital
structure have delivered aggregate dividend cover of 1.7x
underpinned by strong cashflow generation and a balanced
portfolio revenue profile.
In 2025, the Company’s NAV decreased by 17.8pence per
share to 133.5 pence, with the most significant reduction
resulting from lower power price forecasts driven principally
by falling gas prices over the year. As a result of the decrease
in the Company’s NAV, and the widening discount to NAV,
the shareholder return for the year was -4.9 per cent.
Dividend Policy
Following the outcome of the Renewable Obligation (RO)
Indexation Consultation, which changed the indexation
basis for the RO scheme, the Company has reviewed its
dividend policy.
The principal instrument from which the Company derived
explicit RPI cashflow linkage was the RO scheme, which will
now be indexed to CPI. The Company's CFD investments also
have explicit CPI linkage. The Board therefore determined
that its dividend policy will now be to aim to provide
shareholders with an annual dividend that increases in line
with CPI inflation and, accordingly, the Company will target
a dividend of 10.70 pence per share for 2026, a 3.4 per cent
increase in line with December 2025’s CPI, which continues
to be underpinned by our strong cashflowgeneration.
Section 1: Overview
06 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Chairman’s Statement continued
Health and Safety and the Environment
As a responsible investor in operating wind farms, the
Company takes its health and safety responsibilities very
seriously. We work with our Investment Manager, which in
turn works with the Company’s stakeholders, to promote
the highest standard of health, safety, and environmental
management practices in managing our portfolio of
investments. During 2025, the Company has refined its key
performance indicators and has conducted audits across the
portfolio of operating wind farms. The results of audits are
reviewed by the Board and used to inform any necessary
actions. We continue to engage with the operators of our
wind farm investments to seek improvements wherepossible.
To further emphasise the importance of health and safely
across our portfolio, the Board established an Asset
Operations Committee in February2026 to provide strong
governance over asset performance, with a focus on health
and safety performance and reporting.
Climate Change and Sustainability
As a company investing in wind farms, our strategy and
activities naturally make a positive contribution towards
the worldwide goal of achieving a net zero carbon
emissions economy and limiting global warming to 1.5°C.
The Company also considers the recommendations of the
Taskforce for Climate-related Financial Disclosures (“TCFD”).
Detailed disclosures can be found in the Strategic Report on
pages20 to 37.
The Company is an Article9 fund under the EU Sustainable
Financial Disclosure Regulation (“SFDR”). The Company’s
Investment Policy supports the environmental objective
of climate change mitigation that helps to facilitate the
transition to a low carbon economy. The Company will
continue to provide periodic reporting as required under
Article9 of the SFDR in its Annual Report.
The Board, Governance and Investment Management
Strong governance is a crucial feature of a well-run company.
The Board remains committed to acting in shareholders’
best interests.
The Company conducted its 3-year evaluation of the
Board’s effectiveness using an external specialist consultant.
No material issues were revealed, and a number of
constructive minor recommendations have been adopted to
further enhance the Board’s effectiveness.
This year also saw the full transition of the key personnel
at the Investment Manager involved in managing the
Company. The Board is very pleased with how the transition
was managed and has developed a strong and productive
relationship with Matt and Stephen. The Board also values
the support available to the Company more broadly from
the Investment Manager.
In 2025, the Investment Management fees were changed
from being based on NAV to the lower of NAV and market
capitalisation resulting in a material saving for the Company.
The Board and the Investment Manager continue to work
together to explore all possible incremental actions to
protect and build shareholder value.
Annual General Meeting
At the AGM on 24 April 2025, the Company held a
Continuation Vote as a consequence of trading at an
average discount to NAV of 23per cent over the 12month
period ending 31 December 2024. With a turnout of
66.5 per cent, 89.24 per cent of shareholders voted for
continuation, demonstrating strong support for continuation
of thebusiness.
Given the shares have traded at a discount greater than
10 per cent on average during 2025, a continuation
vote will also be held at the Company’s AGM, which will
take place at 2pm on 19 May 2026 at the office of the
InvestmentManager.
Details of the formal business of the meeting are set out in
a separate circular which is sent to shareholders with the
Annual Report.
On behalf of the Board and the Investment Manager, I thank
shareholders for their continued support of the Company,
which we appreciate and do not take for granted.
Lucinda Riches C.B.E.
Chairman
25 February 2026
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 07
Stephen Packwood and Matt Ridley
Investment Managers
Investment Manager’s Report
Clyde
The Investment Manager
The investment management team provides all the skills and experience required to manage the Group: investment,
ownership, finance and operation. The Investment Manager is authorised and regulated by the Financial Conduct Authority
and is a full scope UK AIFM.
The team is led by Stephen Packwood and Matt Ridley.
As part of a phased succession process from the Company’s founders, Stephen Lilley stepped down on 24 April 2025.
MattRidley was joined by Stephen Packwood as investment managers of the business.
Stephen brings a broad experience in the renewables industry including the development, construction, financing and
operations of renewable energy projects across Europe.
Stephen and Matt are supported by a 130 strong wider team within the Investment Manager covering core competencies
across investment, asset management and finance. The Investment Manager manages over £9.4 billion of assets invested in a
range of renewable energy and energy transition assets in the US, Europe and Asia, on behalf of a broad range of private and
listed funds. The Investment Manager is part of the Schroders Group, an £800 billion asset manager and sits within Schroders
Capital, its £83 billion private markets platform.
Section 1: Overview
08 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Investment Portfolio
As at 31 December 2025, the Group owned investments in a diversified portfolio of 49 operating UK wind farms totalling 1,942MW.
1 Andershaw
2 Bicker Fen
3 Bin Mountain
4 Bishopthorpe
5 Braes of Doune
6 Brockaghboy
7 Burbo Bank Extension
8 Carcant
9 Church Hill
10 Clyde
11 Corriegarth
12 Cotton Farm
13 Crighshane
14 Dalquhandy
15 Deeping St. Nicholas
16 Douglas West
17 Drone Hill
18 Dunmaglass
19 Earl’s Hall Farm
20 Glass Moor
21 Glen Kyllachy
22 Hornsea 1
23 Humber Gateway
24 Kildrummy
25 Kype Muir Extension
26 Langhope Rig
27 Lindhurst
28 Little Cheyne Court
29 London Array
30 Maerdy
31 Middlemoor
32 North Hoyle
33 North Rhins
34 Red House
35 Red Tile
36 Rhyl Flats
37 Screggagh
38 Sixpenny Wood
39 Slieve Divena
40 Slieve Divena 2
41 South Kyle
42 Stronelairg
43 Stroupster
44 Tappaghan
45 Tom nan Clach
46 Twentyshilling
47 Walney
48 Windy Rig
49 Yelvertoft
Investment Manager’s Report continued
28
29
19
12
20
2
4
38
27
23
22
34
30
36
7
32
47
33
43
45
21
18
11
42
5
14
16
46
25
8
17
31
26
24
13
9
3
37
39
40
6
35
49
15
41
48
1
10
44
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 09
Investment Manager’s Report continued
Investment Portfolio continued
Breakdown of operating portfolio by value as at 31 December 2025:
Onshore/Offshore Geography
Onshore (57%)
Offshore (43%)
England (47%)
Scotland (43%)
Northern Ir
eland (8%)
Wales (2%)
Asset Age Turbine Manufacturer
< 5 years (15%)
> 10 years (47%)
5-10 years (38%)
Siemens (38%)
Vestas (29%)
Nordex (16%)
Enercon (9%)
Senvion (4%)
GE (4%)
Assets
Hornsea 1 (14.7%)
London Array (8.4%)
Clyde (7.3%)
Stronelairg (5.5%)
Brockaghboy (3.5%)
Other (30.3%)
Humber Gateway (9.0%)
South Kyle (7.7%)
Walney (6.5%)
Corriegarth (3.8%)
Burbo Bank Extension (3.3%)
Asset Management
The Group operates a sizeable and diverse portfolio of 49 assets with net generating capacity of c.2GW. The Investment
Manager has an experienced and specialist asset management team, which has expanded considerably as the portfolio
has grown. The team focuses on the safe and optimal performance of the Group’s assets, as well as ensuring the delivery
of the Company’s long term investment case. The team continues to move forward several key initiatives to optimise the
performance of the Group’s assets, creating long term value for shareholders. Initiatives include, for instance, lease extensions,
turbine performance upgrades, and revenue and operating cost optimisation. Together these initiatives have, since 2016,
added approximately £148million to NAV.
Section 1: Overview
10 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Investment Manager’s Report continued
Operating and Financial Performance
Portfolio generation in the year was 5,403GWh, 8.5 per cent below budget owing to low wind.
The following table shows wind speed and portfolio generation since IPO:
UK weighted average wind speed
(variation to long term mean)
(1)
Generation
(variation to budget)
2013 (adjusted) +3% +12%
2014 -2% 1%
2015 +5% +15%
2016 -4% -2%
2017 1% -1%
2018 -2% -2%
2019 -6% -7%
2020 +4% -1%
2021 -10% -19%
2022 -3% -3%
2023 -5% -11%
2024 -3% -11%
2025 -7% -9%
(1)
Current year and historical figures updated against an updated 20 year average long term mean.
In H1 2025, average wind speeds in the UK were below the long term average, and, whilst winds speeds normalised during H2,
this has reduced generation in the Company’s portfolio across the year.
The portfolio’s generating budget is a long term (10 years) estimation. The annual standard deviation of wind speed is 6 per cent
and the annual standard deviation of generation is 10 per cent (less than 2 per cent over 30 years).
The Company regularly reviews the portfolio’s energy yield forecasts. At the end of 2024, the Company, in conjunction with an
expert third party, reassessed the portfolio’s energy yield forecasts to incorporate further onsite and offsite data. This resulted in a
2.4per cent reduction in the portfolio’s long term generation expectations, which was reflected in the Company’s Q4 2024 NAV.
The Investment Manager has since assessed whether recent below budget performance could be influenced by the impacts of
climate change, again with the support of an expert third party. The outcome of this work was inconclusive, principally due to the
range of uncertainties in climate modelling. The Investment Manager will continue to explore this body of work as it develops and
will continue to periodically review the portfolio’s energy yield estimates.
Net cash generated by the Group and wind farm SPVs was £290.6 million and dividend cover for the year was 1.3x.
Group and wind farm SPV cash flows
For the year ended
31December 2025
£’000
Net cash generation
(1)
290,648
Dividends paid (227,047)
Net disposals 102,453
Transaction costs (905)
Share buybacks (108,417)
Share buyback costs (713)
Net amounts drawn under debt facilities (40,000)
Upfront finance costs –
Movement in cash (Group and wind farm SPVs) 16,019
Opening cash balance (Group and wind farm SPVs) 155,027
Closing cash balance (Group and wind farm SPVs) 171,046
Net cash generation 290,648
Dividends 227,047
Dividend cover 1.3x
(1)
Alternative Performance Measure defined with comparative information on pages 131-132.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 11
Investment Manager’s Report continued
Operating and Financial Performance continued
The following tables provide further detail in relation to net cash generation of £290.6 million:
Net Cash Generation – Breakdown
(1)
For the year ended
31December 2025
£’000
Revenue 786,087
Operating expenses (227,682)
Tax (80,526)
SPV level debt interest (16,476)
SPV level debt amortisation (49,656)
Other (3,403)
Wind farm cash flow 408,344
Management fee (24,504)
Operating expenses (2,939)
Ongoing finance costs (91,536)
Other 5,771
Group cash flow (113,208)
VAT (Group and wind farm SPVs) (4,488)
Net cash generation 290,648
(1)
Alternative Performance Measure defined with comparative information on pages 131-132.
Net Cash Generation – Reconciliation to Net Cash Flows from Operating Activities
(1)
For the year ended
31December 2025
£’000
Net cash flows from operating activities
(2)
365,398
Movement in cash balances of wind farm SPVs 2,200
Movement in security cash deposits
(3)
5,388
Repayment of shareholder loan investment
(2)
9,198
Finance costs
(2)
(91,536)
Net cash generation 290,648
(1)
Alternative Performance Measure defined with comparative information on pages 131-132.
(2)
Consolidated Statement of Cash Flows.
(3)
Note 11 to the Consolidated Financial Statements.
Humber Gateway
Section 1: Overview
12 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Investment Manager’s Report continued
Transaction Activity and Gearing
In Q3 2025, the Group disposed of 32.7 per cent interests in Andershaw and Bishopthorpe onshore wind farms as well as a
1.95 per cent interest in Hornsea 1 offshore wind farm for £181 million of which £78 million reflected the Group’s decreased
share of limited recourse project finance debt at Hornsea 1. The equity consideration of these transactions represented the
Q2 2025 NAV values of the respective wind farms.
In 2026, the Investment Manager will continue to explore selective disposal opportunities, with the aim of generating further
capital to deploy. The proceeds from such disposals, alongside the expected strong excess cashflow, will be allocated
according to the capital allocation priorities outlined in the Chairman’s Statement on page 5.
The Investment Manager continues to believe that there will be further opportunities for investments that are beneficial to
shareholders in the medium and long term, and that such investment opportunities are necessary to manage the composition
of the portfolio to both balance the mix of fixed and merchant revenues and ensure cash flows are secured for the long term
to meet the Company’s investment objective. Given the current market dynamics, there is potential to further enhance value
for shareholders. Accordingly, the Investment Manager will diligently assess such opportunities to allow a disciplined return
to reinvestment whilst always ensuring that capital is allocated to maximise long term shareholder value.
The Company completed its initial £100 million buyback programme and in February 2025 announced a further £100 million
buyback programme, having now repurchased 87.6 million shares as of 31 December 2025, at an average cost of 112 pence
per share.
As at 31 December 2025, Aggregate Group Debt was £2,126 million, comprising £1,488 million of term debt at Company
level, £230 million drawn under the Company’s RCF plus £408 million being the Group’s share of limited recourse debt in
Hornsea 1. Cash balances (Group and wind farm SPVs) as at 31 December 2025 were £171 million. Year on year, the principal
balance of the Group and wind farm SPV debt has fallen by £168 million, through partial repayment of the RCF, wind farm
SPV project debt amortisation and the effect of disposals.
Gearing as at 31 December 2025 was 42.5 per cent of GAV, with a weighted cost of debt of 4.69 per cent across a spread of
maturities (November 2026 to March 2036):
Facility Maturity date
Loan
principal
£’000
Loan
margin
%
Swap rate/
SONIA
%
All-in rate
%
Fair Value
of Swap
(1)
£’000
RCF 26 Sep 27 230,000 1.5000 3.7500
(2)
5.2500 –
NAB 1 Nov 26 75,000 1.5000 1.5980 3.0980 (1,570)
NAB 1 Nov 26 25,000 1.5000 0.8425 2.3425 (709)
CIBC 14 Nov 26 100,000 1.4000 0.8133 2.2133 (2,926)
Lloyds 9 May 27 150,000 1.6000 5.7360 7.3360 4,471
CBA 4 Nov 27 100,000 1.6000 1.3680 2.9680 (4,339)
ABN AMRO 2 May 28 100,000 1.7500 5.1330 6.8830 3,686
Virgin Money 3 May 28 50,000 1.7500 5.0880 6.8380
(3)
903
Barclays 3 May 28 25,000 1.7500 5.0880 6.8380 1,807
ANZ 3 May 28 75,000 1.7500 5.4750 7.2250 3,340
NAB 26 Sep 29 100,000 1.5500 3.6660 5.2160 296
ANZ 26 Sep 29 75,000 1.6000 3.6412 5.2412 143
AXA 31 Jan 30 125,000 – – 3.0300 –
AXA 31 Jan 30 75,000 1.7000 1.4450 3.1450
(4)
(6,829)
CBA 26 Sep 30 150,000 1.6500 3.6300 5.2800 14
AXA 28 Apr 31 25,000 – – 6.4300 –
AXA 28 Apr 31
115,000 1.8000 3.7500
(2)
5.5500 –
AXA 26 Sep 31 25,000 – – 5.4420 –
CIBC 26 Sep 31 100,000 1.7500 3.6545 5.4045 (159)
Hornsea 1
(5)
31 Mar 36 408,097 – – 3.2202 –
2,128,097 Weighted average 4.69 (1,872)
(1)
Term debt comprises £1,490 million of loan facilities less £2 million relating to the fair value of interest rate swaps held at Holdco level.
(2)
Facility pays SONIA as variable rate.
(3)
Virgin Money debt tranche hedged with Barclays swap.
(4)
AXA debt tranche hedged with an NAB swap.
(5)
Reflecting the fair value of debt at SPV level, which is not included in the Consolidated Statement of Financial Position.
The Investment Manager has held initial discussions with lenders and expects to refinance the £350 million of term debt
tranches maturing between November 2026 and May 2027 in Q4 2026. It is expected that the Group’s average cost of debt
will not increase materially.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 13
Investment Manager’s Report continued
Net Asset Value
The following table sets out the movement in NAV from 31 December 2024 to 31 December 2025:
£’000 Pence per share
NAV as at 31 December 2024 3,409,104 151.2
Net cash generation 290,648 13.2
Dividend (227,047) (10.3)
Depreciation (105,950) (4.9)
Power price (240,780) (10.9)
Inflation 19,286 0.9
SPV budget updates (28,891) (1.3)
REGO updates (17,777) (0.8)
Movements in fair value of debt (41,431) (1.9)
Share buybacks (109,104) 1.3
Other
(1)
(8,740) (0.4)
Outcome of RO Consultation (56,962) (2.6)
NAV as at 31 December 2025 2,882,356 133.5
(1)
Reflects the tax assumptions with respect to Writing Down Allowances being reduced to 14 per cent from 18 per cent in the Government’s
Budget in November 2025.
Reconciliation of Statutory Net Assets to Reported NAV
As at
31December 2025
£’000
As at
31December 2024
£’000
Operating portfolio 4,854,990 5,516,201
Cash (wind farm SPVs) 138,093 135,892
Fair value of investments
(1)
4,993,083 5,652,093
Cash (Group) 32,953 19,135
Other relevant liabilities (17,455) (18,492)
GAV 5,008,581 5,652,736
Aggregate Group Debt
(1)
(2,126,225) (2,243,632)
NAV 2,882,356 3,409,104
Reconciling items – –
Statutory net assets 2,882,356 3,409,104
Shares in issue 2,159,802,191 2,254,109,306
NAV per share (pence) 133.5 151.2
(1)
Includes limited recourse debt of £408 million at Hornsea 1, not included in the Consolidated Statement of Financial Position.
Health and Safety and the Environment
Health and safety is of key importance to both the Company and the Investment Manager.
The Investment Manager is an active member of SafetyOn, the UK’s leading health and safety focused organisation for the
onshore wind industry. The Investment Manager also has its own health and safety forum, chaired by Stephen Packwood,
where best practice from across the portfolio the Investment Manager is reviewed and key learnings from incidents across
the industry are shared.
During the year, routine health and safety audits were conducted across 20 sites by an independent consultant. In addition,
the Investment Manager undertook 45 safety walks across 40 sites. No material areas of concern were identified from all
audits and safety walks performed in the year.
Section 1: Overview
14 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Investment Manager’s Report continued
Health and Safety and the Environment continued
The Investment Manager has taken a structured and collaborative approach to improving emergency response and health and
safety collaboration across its wind farm portfolio. While emergency drills are routinely conducted at individual wind farms,
organising coordinated exercises across multiple assets involving multiple stakeholders such as O&M partners, operators,
control rooms and emergency services is not commonly undertaken. Accordingly, the Investment Manager organised 3 multi
wind farm exercises in 2025 (1 offshore and 2 onshore).
These exercises involved approximately 19 different companies and brought together around 50 – 60 participants. They
were designed to test emergency response coordination, communication protocols, and decision-making under realistic
conditions, while also supporting knowledge sharing and alignment across nearby wind farms.
This programme reflects the Investment Manager’s ongoing commitment to maintaining strong safety standards, promoting
effective collaboration, and continuously improving operational risk management across its renewable energy assets.
Theseexercises have demonstrated the benefits of collaboration between stakeholders particularly regarding response times
and familiarisation with the risks and environments of a wind turbine.
During 2025, the portfolio powered approximately 2.0million homes and avoided the emission of approximately 2.2million
tonnes of CO
2
.
Power Price
Long term power price forecasts are provided by a leading market consultant, updated quarterly, and may be adjusted by the
Investment Manager where more conservative assumptions are considered appropriate. Short term power price assumptions
reflect the forward curve as at 31December 2025.
A discount is applied to power price assumptions in all years to reflect the fact that wind generation typically captures a lower
price than the base load power price. During the year, the portfolio captured an average price of £70.03/MWh versus an
average N2EX index price of £80.68/MWh (13 per cent discount).
In addition to the capture discount, a further reduction is applied to reflect the terms of each PPA. The price of some PPAs
is expressed as a percentage of a given price index, whereas other PPAs include a fixed £/MWh discount to the price index.
Other PPAs pay a fixed £/MWh price for power. The table on the following page sets out the terms of each PPA.
South Kyle
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 15
Investment Manager’s Report continued
Power Price continued
Power ROC
Wind Farm
Ownership
Stake
Net
MW
Net
GWh Offtaker Price Expiry
ROC/
MWh
ROC
end date Offtaker
Price
(Buy Out)
Price
(Recycle) Expiry
Andershaw 67.35% 23.6 65.8 Statkraft 100% + £5.23/MWh fee 28-Feb-37 0.9 28-Feb-37 Statkraft 93.0% 95.0% 28-Feb-37
Bicker Fen 80% 21.3 42.9 EDF 93.5% 31-Mar-27 1.0 31-Jul-28 EDF 93.0% 100.0% 31-Mar-27
Bin Mountain 100% 9.0 16.9 SSE 95% +£2.80/MWh fee 18-Jan-28 1.0 31-Mar-27 SSE/E.On 90% +
£1.44 fee
90.0% 18-Jan-28 &
12-Dec-27
Bishopthorpe 67.35% 11.1 31.2 Axpo 95.0% 31-May-37 0.9 28-Feb-37 Axpo 95.0% 95.0% 31-May-37
Braes of Doune 100% 72.0 160.2 Erova 98.75% 11-Jul-37 1.0 31-Mar-27 Total 98.5% 100.0% 31-Mar-27
Brockaghboy 100% 47.5 133.9 SSE 96% + £2.80/MWh fee 28-Feb-33 0.9 31-Jul-37 SSE 95.0% 95.0% 28-Feb-33
Burbo Bank Extension 15.7% 40.4 146.3 CFD £208.35/MWh + CPI 31-Mar-36 n/a n/a n/a n/a n/a n/a
Carcant 100% 6.0 17.7 Axpo 95.0% 31-Oct-30 1.0 30-Jun-30 Total/E.On 98.5% +
£1.44 fee
100.0% 31-Mar-28 &
12-Dec-27
Church Hill 100% 18.4 29.5 Energia
91.0% 16-Jul-30 1.0 30-Apr-32 Energia 90.0% 90.0% 16-Jul-30
Clyde 28.2% 147.3 457.3 SSE 94.0% 31-Dec-31 1.0 10-Sep-33 SSE 93.0% 94.0% 31-Dec-31
Corriegarth 100% 69.5 209.0 Centrica £4.29/MWh fee 14-May-32 0.9 30-Sep-36 Centrica 95.0% 75.0% 14-May-32
Cotton Farm 100% 16.4 48.0 Sainsbury's £60/MWh fixed 30-Apr-28 1.0 31-Jan-33 Sainsbury's 94.0% 100.0% 30-Apr-28
Crighshane 100% 32.2 49.3 Energia 91.0% 16-Jul-30 1.0 31-May-32 Energia 90.0% 90.0% 16-Jul-30
Dalquhandy 60% 25.2 61.2 BT £65.60/MWh fixed
for 80% volume
£4.15/MWh fee
for 20% volume
31-Dec-32 n/a n/a n/a n/a n/a n/a
Deeping St. Nicholas 80% 13.1 30.0 EDF 93.5% 31-Mar-27 1.0 31-Mar-27 EDF 93.0% 100.0% 31-Mar-27
Douglas West 60% 27.0 71.1 BT £60/MWh fixed 31-Dec-33 n/a n/a n/a n/a n/a n/a
Drone Hill 51.6% 14.8 29.1 Statkraft 100% + £6.08/MWh fee 31-Dec-38 1.0 48273.0 Statkraft 0.9 0.9 31-Dec-38
Dunmaglass 35.5% 33.4 123.1 SSE 95.0% 28-Mar-34 0.9 30-Sep-36 SSE 95.0% 95.0% 28-Mar-34
Earl's Hall Farm 100% 10.3
29.8 Sainsbury's £60/MWh fixed 31-Mar-28 1.0 31-Jan-33 Sainsbury's 94.0% 100.0% 31-Mar-28
Glass Moor 80.0% 13.1 27.0 EDF 93.5% 31-Mar-27 1.0 31-Mar-27 EDF 93.0% 100.0% 31-Mar-27
Glen Kyllachy 100% 48.5 138.3 Tesco £42.79/MWh + CPI
for 50% volume
£1.50/MWh +CPI fee
for 50% volume
22-Dec-36 n/a n/a n/a n/a n/a n/a
Hornsea 1 10.55% 126.6 518.6 CFD £200.14/MWh + CPI 31-Mar-36 n/a n/a n/a n/a n/a n/a
Humber Gateway 37.8% 82.8 316.9 E.On 96.0% 31-Mar-35 2.0 30-Apr-35 E.On 98.5% 100.0% 31-Mar-35
Kildrummy 100% 18.4 52.3 Sainsbury's £60/MWh fixed 15-May-28 1.0 28-Feb-33 Sainsbury's 94.0% 100.0% 15-May-28
Kype Muir Extension 65.5% 44.0 145.7 SSE £55.85/MWh fixed +
CPI for 200GWh
31-Dec-37 n/a n/a n/a n/a n/a n/a
Langhope Rig 100% 16.0 47.0 Centrica £4.05/MWh fee 06-Jan-31 0.9 12874.0 Centrica 1.0 0.8 47854.0
Lindhurst 49% 4.4 10.9 RWE 94.0% 08-Nov-28 1.0 30-Sep-30 RWE 90.0% 90.0% 08-Nov-28
Little Cheyne Court 41% 24.5 58.7 RWE 94.0% 31-Oct-27 1.0 30-Nov-28 RWE 90.0% 90.0%
31-Oct-27
London Array 13.7% 86.4 307.6 Erova 97.95% 31-Dec-40 2.0 31-Dec-32 Constellation 97.6% 100.0% 31-Mar-27
Maerdy 100% 24.0 57.2 Statkraft 100% + £6.08/MWh fee 31-Dec-38 1.0 31-Mar-33 Statkraft 90.0% 92.0% 31-Dec-38
Middlemoor 49% 26.5 61.7 RWE 94.0% 08-Nov-28 1.0 30-Jun-33 RWE 90.0% 90.0% 08-Nov-28
North Hoyle 100% 60.0 172.3 Erova 99.0% 31-Dec-35 1.0 30-Jun-34 Total 98.5% 100.0% 31-Mar-27
North Rhins 51.6% 11.4 37.5 Constellation 97.5% 31-Dec-29 1.0 31-Dec-29 Total 98.5% 100.0% 31-Mar-27
Red House 80% 9.8 21.8 EDF 93.5% 31-Mar-27 1.0 31-Jul-28 EDF 93.0% 100.0% 31-Mar-27
Red Tile 80% 19.7 41.1 EDF 93.5% 31-Mar-27 1.0 31-Jul-28 EDF 93.0% 100.0% 31-Mar-27
Rhyl Flats 24.95% 22.5 70.5 RWE 90.0% 31-Oct-27 1.5 31-Jul-29 RWE 90.0% 90.0% 31-Oct-27
Screggagh 100% 20.0 35.3 Energia 85.0% 31-May-29 1.0 31-Jan-31 Energia 85.0% 85.0% 31-May-29
Sixpenny Wood 51.6% 10.6 25.3 Statkraft 100% + £6.08/MWh fee 31-Dec-38 1.0 31-Mar-33 Statkraft 90.0% 90.0% 31-Dec-38
Slieve Divena 100% 30.0
41.8 SSE 90% + £2.80/MWh fee 17-Nov-28 1.0 30-Nov-28 SSE/EDF 90% +
£2.27 fee
90.0% 17-Nov-28
Slieve Divena 2 100% 18.8 39.7 SSE 95% + £2.80/MWh fee 31-Mar-37 0.9 28-Feb-37 SSE 95.0% 95.0% 31-Mar-37
South Kyle 100% 235.0 622.3 Vattenfall 100% + £2.39/MWh fee
+ CPI
12-Nov-38 n/a n/a n/a n/a n/a n/a
Stronelairg 35.5% 80.9 283.4 SSE 95.0% 31-Jul-37 0.9 31-Mar-38 SSE 95.0% 95.0% 28-Mar-34
Stroupster 100% 29.9 88.4 BT 87.0% 31-Oct-30 0.9 31-Aug-35 BT 92.0% 100.0% 31-Oct-30
Tappaghan 100% 28.5 51.1 SSE 95% + £2.80/MWh fee 18-Jan-28 1.0 30-Jun-29 SSE/E.On 90% +
£1.44 fee
90.0% 18-Jan-28 &
12-Dec-27
Tom nan Clach 75% 30.0 121.1 CFD £110.35/MWh + CPI 31-Dec-34 n/a n/a n/a n/a n/a n/a
Twentyshilling 100% 37.8 125.6 Statkraft 100% + £2.25/MWh fee 31-Dec-39 n/a n/a n/a n/a n/a n/a
Walney 25.1% 92.2 357.6 Total 98.0% 30-Jun-31 2.0 31-Aug-31 Total 98.5% 100.0% 31-Mar-27
Windy Rig 100% 43.2 141.1 Statkraft 100% + £2.25/MWh fee 31-Dec-39 n/a n/a n/a n/a n/a n/a
Yelvertoft 51.6% 8.5
20.6 Statkraft 100% + £6.08/MWh fee 31-Dec-38 1.0 31-Mar-33 Statkraft 0.9 0.9 31-Dec-38
1,942.3
(1)
5,790.5
(1)
(1)
Numbers do not cast owing to rounding.
Section 1: Overview
16 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Investment Manager’s Report continued
Power Price continued
The following table and chart show the assumed power price (post capture discount, pre PPA discount) and also the price
post a representative PPA discount (90per cent of the index price).
£/MWh (real 2024) 2026 2027 2028 2029 2030 2031 2032
Pre PPA discount 60.05 55.55 63.72 66.61 68.76 65.66 59.97
Post representative PPA discount 54.04 49.99 57.35 59.95 61.88 59.10 53.97
2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Pre PPA discount 58.67 58.64 59.28 60.88 61.88 60.57 60.44 59.50 58.40 57.76
Post representative PPA discount 52.81 52.78 53.35 54.79 55.69 54.52 54.40 53.55 52.56 51.99
2043 2044 2045 2046 2047 2048 2049 2050 2051 2052
Pre PPA discount 56.26 56.95 56.46 55.48 55.01 54.74 55.92 55.71 56.22 55.20
Post representative PPA discount 50.63 51.26 50.81 49.93 49.51 49.26 50.33 50.14 50.60 49.68
2053 2054 2055 2056 2057 2058 2059 2060 2061 2062
Pre PPA discount 54.98 55.14 55.33 54.32 52.84 51.16 50.07 48.10 42.93 42.93
Post representative PPA discount 49.48 49.62 49.80 48.89 47.55 46.04 45.06 43.29 38.64 38.64
£/MWh (real 2024)
0
10
20
30
40
50
60
70
80
2062
2026
2027
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
2056
2057
2058
2059
2061
2060
Representative PPA price
Power price
All numbers illustrative.
The portfolio benefits from a substantial fixed revenue base. Over the next 7 years, 59 per cent of the portfolio’s DCF is
comprised of fixed cashflows. Of those fixed revenues, the significant majority are explicitly linked to CPI.
The fixed revenue base means that dividend cover is robust in the face of extreme downside power price sensitivities:
2026 2027 2028 2029 2030
CPI increase (%) 2.4 2.4 2.5 2.5 2.5
Dividend (pence/share) 10.70 10.96 11.23 11.51 11.80
Dividend (£ 000) 230,605 236,139 242,043 248,094 254,296
Dividend cover (x)
Base case 1.7 1.6 1.8 1.9 2.1
£50/MWh 1.5 1.4 1.5 1.6 1.6
£40/MWh 1.3 1.3 1.3 1.3 1.4
£30/MWh 1.2 1.1 1.1 1.1 1.2
£20/MWh 1.0 0.9 0.9 0.9 0.9
£10/MWh 0.9 0.8 0.7 0.7 0.7
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 17
Investment Manager’s Report continued
Power Price continued
The Company’s strategy remains to maintain an appropriate balance between fixed and merchant revenue. To the extent
that merchant revenues were to increase as a proportion of total revenues then new fixed price PPAs and/or power prices
hedges would be entered into. In December 2025 and early 2026, the Group has entered into arrangements to fix power
prices for 2years for approximately 150GWh per annum of offshore wind production. Further fixed price arrangements are
in exploration and are expected to be consummated throughout 2026.
An appropriate revenue balance can also be maintained through the acquisition of new fixed revenue streams (for example,
onshore and offshore CFD assets) or the divestment of merchant revenue assets.
In October 2025, the Government launched a consultation on the potential change to the RO scheme inflation indexation,
from RPI to CPI. On 28 January 2025, the Government published the result of the consultation and from 1 April 2026, the
ROscheme will now be indexed to CPI.
The Board and Investment Manager subsequently updated the Company’s NAV to reflect the outcome of the RO Consultation
and, given that the principal instrument that had linked the Company’s cashflows to RPI is now linked to CPI, the Company
has updated its dividend policy such that it will now aim to provide shareholders with an annual dividend that increases in
line with CPI inflation from 2026.
Inflation
Base case assumptions in relation to inflation are:
• CPI: 2.4 per cent (2026-2027), 2.5 per cent (2028 onwards)
• RPI: 3.1 per cent (2026), 3.2 per cent (2027), 3.5 per cent (2028-2030), then CPIH ( 2.75 per cent (2031 onwards))
The ROC price is inflated annually from 1 April each year based on the previous year’s average CPI. For example, on 1 April
2026, the ROC price will increase by 3.4 per cent (average CPI over 2025).
CFD prices are also inflated annually from 1 April each year. However, in the case of CFDs, the price is inflated based on
January CPI. For example, on 1 April 2026, CFD prices will increase by 3.0 per cent (January 2026 CPI).
Given the explicit inflation linkage of a substantial proportion of portfolio revenue (ROCs, CFDs, certain PPAs) and the implicit
inflation linkage inherent in power prices, there is a strong link between inflation and portfolio return.
Returns
For the 31 December 2025 NAV, the portfolio average unlevered discount rate remains unchanged at 9 per cent. The levered
portfolio IRR remains at 11 per cent. This continues to be materially higher than at IPO 13 years ago, having been revised
upwards significantly in the past 3 years to reflect the new rate climate.
Given that the Company’s ongoing charges ratio is less than 1 per cent, the net return to investors (assuming reinvestment
at NAV) is 10 per cent.
A 10 per cent inflation linked return should continue to be appropriate, given the Company’s cashflow profile, versus other
investment opportunities. The Company’s 12 year track record demonstrates strong historical dividend cover, and projected
dividend cover is robust.
Excess cash generation (dividend cover) is reinvested to drive NAV growth. Therefore, the size of dividend cover is important;
it is not just a question of “covered or not covered”. The Company has structurally higher net dividend cover than its peer
group and this has allowed it to reinvest over time and, in effect, promotes a self-funding model.
Since IPO, aggregate historical dividend cover has been 1.7x and the Group has reinvested £999 million of excess cash
generation to deliver long term NAV growth albeit behind RPI.
Section 1: Overview
18 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Investment Manager’s Report continued
Returns continued
The chart below shows NAV per share versus RPI and CPI:
NAV per share versus RPI and CPI
RPI (rebased to 98)
NAV per share (ex dividend)
Dec
2013
Dec
2014
Dec
2015
Dec
2017
Dec
2016
Pence
Dec
2018
Dec
2019
Dec
2020
Dec
2021
96
100
104
108
112
116
120
124
128
132
136
140
144
148
152
156
160
164
168
172
Dec
2022
Dec
2024
Dec
2023
Dec
202
5
CPI (rebased to 98)
Mar
2013
The chart below shows the Company’s historical dividend per share and dividend cover as well as the target 2026 dividend
per share and expected dividend cover.
Dividend History
Target dividend per share
Above RPI dividend increase
4.50
6.16
6.26
6.34
6.49
6.76
6.94
7.10
7.18
7.72
8.76
10.00
10.35
1.6x
1.7x
1.4x
1.5x
1.6x
1.4x
1.3x
1.9x
3.2x
2.1x 1.3x
1.3x
1.7x
0.00
2.00
4.00
6.00
8.00
10.00
12.00
2013
(1)
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Pence per share
Expected dividend cover assuming base
case portfolio assumptions
10.70
(1)
From 27 March to 31 December 2013.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 19
Returns continued
The chart below shows TSR versus market peers:
Total Shareholder Return vs Market Peers
Greencoat UK Wind
Bluefield Solar
Income Fund
The Renewables
Infrastructure Group
Foresight Solar Fund
Foresight Environmental
Infrastructure Limited
Next Energy
Solar Fund
%
Dec
2020
Dec
2013
Dec
2014
Dec
2015
Dec
2016
Dec
2017
Dec
2018
Dec
2019
Dec
2021
90
110
130
150
170
190
210
230
250
270
290
Dec
2022
Dec
2024
Dec
202
5
Dec
2023
Outlook
The Group expects to continue generating robust cashflow and dividend cover and expects to have c.£1billion of capital
from organic excess cashflow to allocate over the next 5 years to enable it to achieve its objectives. This could be augmented
by further disposals.
Whilst the Group maintains a disciplined approach to acquisitions, the size of the market it operates in is expected to
continue to grow. There are currently approximately 32GW (over £100billion) of operating UK wind farms (16GW onshore
plus 16GW offshore). The Group’s market share is approximately 6.3per cent.
January 2026 saw the outcome of AR7 for offshore wind, which offers 20-year CPI-linked CFDs. In February 2026, the results of
AR7 for onshore wind were announced with a further 1.3GW of capacity awarded at a clearing price of £72.24/MWh. These are
clear steps towards fulfillment of the Government’s 2030 target. We estimate that to construct these projects, approximately
£40 billion of capital will be required, representing a significant market opportunity for the Group. Opportunities to invest
in a range of existing operational assets continue to be presented to the Company; the target universe for the Company
remains significant.
There are also opportunities for the Company to invest in its existing portfolio for example by adding capacity to current
assets, extending the asset lives, performance optimisation and other value add initiatives.
The portfolio’s dividend cover is robust in the face of downside power price sensitivities and remains exposed to significant
upside (power prices, asset life extension, asset optimisation, new revenue streams, interest rate cycle etc). The levered
portfolio IRR is 11 per cent, which implies a net return to investors of 10 per cent (at NAV). This should continue to remain
appropriate versus other investment opportunities.
The Company continues to hold a sector leading position and, as described above, there is no shortage of investment
opportunities. The Board and Investment Manager will therefore continue to closely manage the Company’s capital allocation
policy with a view to maximising long term shareholder value and will assess new investments in this light.
Investment Manager’s Report continued
Section 1: Overview
20 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report
Introduction
The Directors present their Strategic Report for the year
ended 31December 2025. Details of the Directors who held
office during the year and as at the date of this report are
given on pages40 to 41.
Investment Objective
The Company’s aim is to provide investors with an annual
dividend per Ordinary Share that increases in line with CPI
inflation while preserving the capital value of its investment
portfolio in the long term on a real basis through reinvestment
of excess cash flow.
The Company provides investors with the opportunity
to participate directly in the ownership of UK wind farms,
so increasing the resources and capital dedicated to the
deployment of renewable energy and the reduction of
greenhouse gas emissions.
The target return to investors is an IRR, net of fees and
expenses, of 10 per cent. As a result of the Company’s
prospects, strong balance sheet and cash flow generation,
the Board decided to increase the 2026 target dividend
to 10.70pence per share, which represents a 3.4per cent
increase above the target dividend for 2025 and is in line with
December 2025 CPI. The Board reviewed the Company’s
dividend policy in line with the outcome of the RO Indexation
Consultation and determined that the dividend policy will
aim to provide shareholders with an annual dividend that
increases in line with CPI inflation from 2026.
The Board also decided to pay a 2.59 pence per share
dividend for Q4 2025, bringing the 2025 full year dividend
to 10.35pence per share.
Progress on the objectives is measured by reference to the
key metrics on pages35 to 37.
Investment Policy
The Group invests in UK wind farms predominantly with
a capacity of over 10MW. Lower gearing ensures that the
annual dividend is sufficiently protected against lower
power prices. This means that the Group also has the ability
to benefit from power price exposure as it is not required to
enter into long term fixed pricecontracts.
The Group generally uses debt to make additional
investments and may to continue to use short term debt
facilities to make further investments, where appropriate.
The Group will look to repay its short term debt facilities by
refinancing them with longer term debt facilities or in the
equity markets, where in the best interests of shareholders,
in order to refresh its debt capacity. The Group will look
to repay its short term debt facilities with proceeds from
disposing of investments. While debt facilities are drawn,
the Group benefits from an increase in investor returns
because borrowing costs remain below the underlying
return oninvestments.
The Board believes that there is a significant market in which
the Group can continue to grow over the next few years.
Capital Allocation
The Company regularly reviews its capital allocation policy
by considering a range of options to optimise returns to
shareholders over the long term. The Company announced
in January 2026 that it would maintain the annual increase of
its dividend in lined with CPI (rather than RPI), to reflect the
outcome of the RO Indexation Consultation. Accordingly its
annual dividend target for 2026 was set at 10.70 pence per
share, an increase in line with December 2025 CPI of 3.4 per
cent. The dividend with respect to the final quarter of the
year will be 2.59 pence per share, taking the annual dividend
for 2025 to 10.35 pence per share.
On 27 February 2025, the Company announced a further
£100million share buyback programme having completed
the Company’s previous £100 million share buyback
programme on 13February 2025. This brings the Company’s
total commitment to share buybacks to £200million. Through
its second share buyback programme, the Company bought
back 87.6million shares during the year at an average cost
of 112pence per share.
The Company maintains a disciplined approach to
acquisitions and disposals, only transacting when it is
considered to be in the interests of shareholders to do so.
During the year, the Company sold partial interests in 3 wind
farms for £181million. The equity proceeds received were
utilised to pay down debt, support the extended buyback
programme and offer strategic optionality over the medium
term. With the Company’s share price continuing to trade
at a discount to NAV, the alternatives for capital allocation
warrant significantconsideration.
Structure
The Company is a UK registered investment company with
a premium listing on the London Stock Exchange. The
Group comprises the Company and Holdco. Holdco invests
in SPVs which hold the underlying wind farm assets. The
Group employs Schroders GreencoatLLP as its Investment
Manager.
Discount Control
The Articles of Association require a continuation vote by
shareholders if the share price were to trade at an average
discount to NAV of 10per cent or more over a 12 month
period. This vote was put to shareholders at the AGM on
24 April 2025 and the Company received 89.24 per cent
support in continuing in its current form.
During the year, the Company’s shares have traded at an
average discount to NAV of 23per cent. In accordance with
the Company’s Articles of Association, a continuation vote
will be proposed at the 2026 AGM.
Review of Business and Future Outlook
A detailed review of the business in the year together with
future outlook are covered in the Investment Manager’s
Report on pages7 to 19.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 21
Key Performance Indicators
The Board believes that the key metrics detailed on
pages35 to 37, which are typical for investment entities, will
provide shareholders with sufficient information to assess
how effectively the Group is meeting its objectives.
Ongoing Charges
The ongoing charges ratio of the Company is 0.83per cent
of the weighted average NAV for the year to 31December
2025. This is made up as follows and has been calculated
using the AIC recommended methodology.
31December 2025 31December 2024
£’000 % £’000 %
Investment management fee 22,843 0.73% 31,043 0.87%
Directors’ fees 467 0.01% 415 0.01%
Other ongoing expenses
(1)
2,956 0.09% 2,336 0.07%
Total 26,266 0.83% 33,794 0.95%
Weighted average NAV 3,121,620 3,579,180
(1)
Other ongoing expenses do not include £2,096k of management
and administration fees relating to the wind farm SPVs that is
recharged to them, and £152k of other non-recurring costs.
If the Company’s share price trades at 24per cent discount
to its reported NAV, the 2026 ongoing charges ratio is
expected to be 0.73per cent.
The Investment Manager is not paid any performance
or acquisition fees. The reduction in the investment
management fee is due an amendment to the Investment
Management Agreement amending the basis of the
investment management fee calculation to the lower of the
Company’s market capitalisation and NAV, which came into
effect on 1January 2025.
Employees and Officers of the Company
The Company does not have any employees and therefore
employee policies are not required. The Directors of the
Company are listed on pages40 to 41.
Principal Risks and Uncertainties
In the normal course of business, each investee company
has a rigorous risk management framework with a
comprehensive risk register that is reviewed and updated
regularly and approved by its board. The principal risks
identified by the Board to the performance of the Group are
detailed below.
The Board maintains a risk matrix setting out the risks
affecting both the Group and the investee companies.
This risk matrix is reviewed and updated at least annually
to ensure that procedures are in place to identify principal
risks and to mitigate and minimise the impact of those risks
should they crystallise. This risk matrix is also reviewed and
updated to identify emerging risks, such as climate related
risks, and to determine whether any actions are required.
This enables the Board to carry out a robust assessment of
the risks facing the Group, including those risks that would
threaten its business model, future performance, solvency
or liquidity.
The risk appetite of the Group is considered in light of
the principal risks and their alignment with the Company’s
Investment Objective. The Board considers the risk
appetite of the Group and the Company’s adherence to
the Investment Policy in the context of the regulatory
environment taking into account, inter alia, gearing and
financing risk, wind resource risk, the level of exposure to
power prices and environmental and health and safety risks.
As it is not possible to eliminate risks completely, the purpose
of the Group’s risk management policies and procedures
is to reduce risks and to ensure the Group is adequately
prepared to respond to such risks and minimise any impact
should they materialise.
The geographical dispersion of assets within the portfolio
ensures that the portfolio benefits from a diversified wind
resource and spreads the exposure to a number of potential
technical risks associated with grid connections and with local
distribution and national transmission networks. In addition,
the portfolio includes 6 different turbine manufacturers,
which diversifies technology and maintenance risks.
Finally, each site contains a number of individual turbines,
the performance of which is largely independent of other
turbines.
Risks Affecting the Group
Investment Manager
The ability of the Group to achieve the Company’s
Investment Objective depends heavily on the experience
of the management team within the Investment Manager
and more generally on the Investment Manager’s ability to
attract and retain suitable staff. The sustained growth of the
Group depends upon the ability of the Investment Manager
to identify, select and execute further investments which
offer the potential for satisfactory returns.
The Investment Management Agreement includes key person
provisions which would require the Investment Manager
to employ alternative staff with similar experience relating
to investment, ownership, financing and management of
wind farms should any key person cease to be employed
by the Investment Manager. The Investment Management
Agreement ensures that no investments are made following
the loss of key persons until suitable replacements are
found and there are provisions for a reduction in the
investment management fee during the loss period. It also
outlines the process for key person replacement with the
Board’sapproval.
On 27February 2025, the Company announced that Stephen
Lilley would be stepping down from his role as co-head of the
investment management team managing the Company on
24April 2025 following the Company’s 2025 Annual General
Meeting, with Stephen Packwood replacing him. Stephen
Packwood joined Schroders Greencoat in January2025 and
has 21 years’ renewable energy experience, spanning the
development, construction and operational phases across a
range of technologies.
Strategic Report continued
Section 1: Overview
22 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Principal Risks and Uncertainties continued
Risks Affecting the Group continued
Investment Manager continued
The Investment Manager is one of Europe’s leading renewable
investment managers, which employs 130 professionals
and has c.£9.4 billion of assets under management. The
Investment Manager is 77 per cent owned by Schroders
Group PLC, founded over 200 years ago, which manages
over £820billion of assets (as of 31 December 2025) with
over 5,500 staff globally.
Financing Risk
The Group will finance further investments either by
borrowing or by issuing further shares in addition to its cash
resources. The ability of the Group to deliver expected real
NAV growth is dependent on access to debt facilities and
equity capital markets, the latter has become increasingly
challenging given the share price is trading at a discount to
NAV. There can be no assurance that the Group will be able
to borrow additional amounts or refinance on reasonable
terms or that there will be a market for further raising
ofequity.
Investment Returns Become Unattractive
There remains the risk that a higher interest rate environment
could persist, making the listed infrastructure asset class
relatively less attractive to investors. In such circumstances,
it is likely that discount rates would be adjusted to maintain
a suitable premium over increased risk free rates.
Risks Affecting Investee Companies
Regulation
Changes in Government renewable energy policy applied
retrospectively to current operating projects including those
in the Group’s portfolio, could adversely impact the market
price for renewable energy or the value of the green benefits
earned from generating renewable energy.
On 28 January 2026, the UK Government announced the
outcome of the RO Consultation being the change of
indexation of the RO buy-out price to CPI from 1April 2026.
The Board and Investment Manager have reflected the
impact of this in the Company’s NAV and NAV per share as
at 31December 2025 and resolved to update the Company's
dividend policy to aim to increase the dividend by CPI from
2026 onwards. The 2026 target dividend to shareholders
was therefore increased by December 2025’s CPI, which
represented a 3.4 per cent increase to the 2025 dividend.
Electricity Prices
Other things being equal, a decline in the market price of
electricity would reduce the investee companies’ revenues.
The Group’s dividend policy has been designed to withstand
significant short term variability in power prices. A longer
period of power price decline would materially affect the
revenues of investee companies. The Group has 60 per
cent of its cashflows fixed over the next 5 years and the
Investment Manager is actively pursuing opportunities to
further hedge electricity price exposure.
Wind Resource
The investee companies’ revenues are dependent upon
wind conditions, which will vary across seasons and years
within statistical parameters. The standard deviation of
energy production is 10 per cent over a 12 month period
but less than 2 per cent over 30 years). So whilst inter year
wind speeds are variable, there is significantly less variability
over the longer term.
The Group does not have any control over the wind resource
but has designed its dividend policy such that it can withstand
significant short term variability in production relating to
wind. Before investment, the Group carries out extensive due
diligence using relevant historical wind data over a substantial
period of time. The other component of wind energy
generation, a wind farm’s ability to turn wind into electricity,
is mitigated by purchasing wind farms using wind turbines,
where possible, with a proven operating track record.
When acquiring wind farms that have only recently entered
into operation, only limited operational data is available. In
these instances, the acquisition agreements with the vendors
of these wind farms can include a ‘‘wind energy true-up’’ or
an appropriate discount to the purchase price.
Asset Life
In the event that the wind turbines do not operate for the
period of time assumed by the Group or require higher than
expected maintenance expenditure to do so, it could have a
material adverse effect on investment returns.
The Investment Manager performs regular reviews and
ensures that maintenance is performed on all wind turbines
across the wind farm portfolio. Regular maintenance ensures
the wind turbines are in good working order, consistent with
their expected lifespans.
Stroupster
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 23
Strategic Report continued
Principal Risks and Uncertainties continued
Risks Affecting Investee Companies continued
Health and Safety and the Environment
The physical location, operation and maintenance of wind
farms may, if inadequately assessed and managed, pose
health and safety risks to those involved. Inappropriate wind
farm operation and maintenance may result in bodily injury,
particularly if an individual were to fall from height, fall or be
crushed in transit from a vessel to an offshore installation or
be electrocuted. If an accident were to occur in relation to
one or more of the Group’s investments and if the Group
were deemed to be at fault, the Group could be liable for
damages or compensation to the extent such loss is not
covered by insurance policies. In addition, adverse publicity
or reputational damage could follow.
The Board reviews health and safety at each of its scheduled
Board meetings. The Group also engages an independent
health and safety consultant to ensure the ongoing
appropriateness of its health and safety policies.
In February2026, the Board established an Asset Operations
Committee, which, among other matters, discusses and
reviews portfolio health and safety performance. The
Committee’s terms of reference can be found on the
Company’s website.
The investee companies comply with all regulatory and
planning conditions relating to the environment, including
in relation to noise emissions, habitat management and
wastedisposal.
Going Concern
As further detailed in note1 to the financial statements on
page76, the Directors have a reasonable expectation that
the Company and the Group have adequate resources to
continue in operational existence from the date of approval
of this report to at least February2027.
The Board notes that the Group’s Consolidated Statement
of Comprehensive Income showed a loss for the year after
tax of £192million (2024:£55million). As the Company is an
investment entity under IFRS10, the loss after tax has been
caused by a decrease in the Group’s investments at fair value
through profit and loss and the Company’s reported NAV.
This loss after tax does not reflect the trading performance of
the Group or its portfolio during the year. The windfarm SPVs
remain highly cash generative with £291million of net cash
generated in 2025 and the cash position of the Group and its
investee companies is £171million as at 31December 2025.
Accordingly, the Directors continue to adopt the going
concern basis in preparing the financial statements.
Longer Term Viability
As further disclosed on page50, the Company is a member
of the AIC and complies with the AIC Code. In accordance
with the AIC Code, the Directors are required to assess
the prospects of the Group over a period longer than the
12 months associated with going concern. The Directors
conducted this review for a period of 10 years, which is
deemed appropriate, given the long term nature of the
Group’s investments which are modelled over 30 years,
coupled with its long term strategic planning horizon.
In considering the prospects of the Group, the Directors
looked at the key risks facing both the Group and the
investee companies as detailed on pages 21 to 23, focusing
on the likelihood and impact of each risk as well as any
key contracts, future events or timescales that may be
assigned to each key risk. The Directors also tested and are
comfortable that the Company would continue to remain
viable under several robust downside scenarios, including
loss of government subsidies and a significant decline in
long term power price forecasts, both considered principal
risks and uncertainties affecting investee companies.
As a sector focused infrastructure fund, the Group aims to
produce stable and inflating dividends while preserving the
capital value of its investment portfolio on a real basis. The
Directors believe that the Group is well placed to manage its
business risks successfully over both the short and long term
and accordingly, and the Board has a reasonable expectation
that the Group will be able to continue in operation and to
meet its liabilities as they fall due for a period of at least
10years.
The Board does not believe that the lower power prices
projected in the high transition risk scenario, as discussed
on page 34, will diminish the longer term viability of
theCompany.
The Directors have also considered the continuation vote to
be proposed at the Company’s AGM in May 2026, caused
by the Company’s shares trading at 23 per cent average
discount to NAV in line with its Articles of Association.
The Directors believe that the outcome of the shareholder
continuation vote will not impact their opinion of the
Company’s longer term viability.
While the Directors have no reason to believe that the
Group will not be viable over a longer period, they are of the
opinion that it would be difficult to foresee the economic
viability of any company with any degree of certainty for a
period of time greater than 10years.
Section 1: Overview
24 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Directors’ Responsibilities Pursuant to Section172
of the Companies Act2006
The Directors are responsible for acting in a way that they
consider, in good faith, is the most likely to promote the
success of the Company for the benefit of its members.
In doing so, they should have regard for the needs of
stakeholders and the wider society. The Company’s objective
is to provide investors with an annual dividend that increases
in line with CPI inflation while preserving the capital value
of its investment portfolio in the long term on a real basis
through reinvestment of excess cash flow.
The Company provides investors with the opportunity
to participate directly in the ownership of UK wind farms,
so increasing the resources and capital dedicated to the
deployment of renewable energy and the reduction of
greenhouse gas emissions. The Board is also aware of its
responsibility for the risk management of the Group’s
climate related risks and for transparent disclosure of these
risks, appreciating how this is integral to the success of
theCompany.
Key decisions are those that are either material to the
Company or are significant to any of the Company’s key
stakeholders, as defined on pages 54 to 55. The Company’s
engagement with its key stakeholders, including the
Investment Manager, is discussed further in the Corporate
Governance Report. The key decisions and discussions
detailed in the table below were made or approved by the
Directors during the year, with the overall aim of promoting
the success of the Company while considering the impact on
its members and wider stakeholders.
Topic Stakeholder considerations and outcome
Dividends
Shareholders voted 99.90 per cent in favour to approve the Company’s dividend policy at the AGM
on 24 April 2025.
The Board has also announced a target dividend of 10.70 pence per share for 2026, an increase of
3.4per cent from 2025’s dividend of 10.35 pence per share.
Stakeholders influencing and/or impacting considerations:
Shareholders and potential investors.
Divestments
During the year, the Group partially divested interests in 3 wind farms with the proceeds used to repay
the Company’s RCF, support the further share buyback programme and offer strategic optionality over
the medium term.
Following recommendation from the Investment Manager, the Board considered the divestments in
the context of the Company’s capital allocation strategy, the Group’s gearing levels and potential
returns to investors.
Stakeholders influencing and/or impacting considerations:
Shareholders, potential investors, local communities and Investment Manager.
Share Capital
On 26 October 2023, the Company announced the commencement of a share buyback programme
of up to £100 million executed under the authority granted by shareholders at the 2023 AGM.
On 27 February 2025, the Company announced a further £100 million share buyback programme
having completed the Company’s previous £100 million share buyback programme on 13 February
2025. This brings the Company’s total commitment to share buybacks to £200 million. The Board
determined that buying back shares was in the best interests of shareholders and authority to continue
purchasing shares was granted by shareholders at the 2025 AGM. During 2025, 95.4 million shares
were purchased under the above authority at a total cost of £109 million.
During the year, the Company allotted 1,050,009 Ordinary Shares to the Investment Manager to
satisfy the Equity Element of the Investment Management Fee, in accordance with the Investment
Management Agreement. No shares were issued through equity raisings during the year.
Stakeholders influencing and/or impacting considerations:
Shareholders, potential investors and Investment Manager.
Annual review of
service providers
The Board annually reviews the Company’s external service providers and, in particular, the quality
and costs of the services provided and organisational strength where appropriate. It has concluded
that the interests of the Company’s shareholders would be best served by the ongoing appointments
of the Investment Manager, the Administrator and the Company’s other key service providers on the
existingterms.
Stakeholders influencing and/or impacting considerations:
Investment Manager, Administrator and other key service providers.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 25
Strategic Report continued
Topic Stakeholder considerations and outcome
External Board
Evaluation
During the year, a full external review of the effectiveness of the Board and its Committee’s was
conducted by Condign Board Consulting Limited. The independent review concluded that the Board
and its committees were performing well, working closely with a strongly committed Investment
Manager. A number of minor governance changes were made as a result of this review.
Stakeholders influencing and/or impacting considerations:
Shareholders and potential investors.
Strategy session
The Board holds an annual strategy session with the Investment Manager, outside of the scheduled
quarterly Board meetings, to consider the Company’s strategic objectives. The Board believes that the
strategy session held in September 2025 was highly collaborative, and formative to the Company’s
revised capital allocation priorities.
Stakeholders influencing and/or impacting considerations:
Shareholders, potential investors and Investment Manager.
Renewables
Obligation
Consultation
The UK Government published a consultation on potential changes to the inflation indexation in the
RO scheme during the year and the Investment Manager (acting in its capacity as investment manager
of the Company) had submitted its response to the consultation.
On 28 January 2026, the UK Government announced the outcome of the RO consultation being the
change of indexation of the RO buy-out price to CPI from 1 April 2026. The Board and Investment
Manager have reflected the impact of this in the Company’s NAV and NAV per share as at 31 December
2025 and resolved to update the Company’s dividend policy to aim to increase the dividend by CPI
from 2026 onwards. The 2026 target dividend to shareholders was increased by December 2025’s CPI,
which represented a 3.4 per cent increase to the 2025 dividend.
Stakeholders influencing and/or impacting considerations:
Shareholders, potential investors and Investment Manager.
Board Composition
During the year, Taraneh Azad was appointed as a non-executive Director of the Company with effect from 1February 2025.
Following Taraneh’s appointment, the Board now comprises six independent non-executive Directors.
Directors’ Responsibilities Pursuant to Section 172 of the Companies Act 2006 continued
Andershaw
Section 1: Overview
26 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Environmental, Social and Governance
The Group’s approach
The Group invests in wind farms and the environmental
benefits of renewable energy are proven and key to
delivering the Government’s climate change objectives.
As the largest renewable infrastructure fund and one of
the largest owners of wind farms in the UK, the Company
continues to prove the viability of clean energy as a robust
sector for investment.
The Group owns 2GW of installed capacity across 49onshore
and offshore operating wind farms. By dedicating resources
to the deployment of renewable energy, the Group is
playing an active role in reducing the UK’s greenhouse gas
emissions and accelerating a move towards Net Zero for the
whole economy. Since listing, the Group’s operating wind
farms have produced 34.4TWh of clean energy, avoiding
13.7million tonnes of CO
2
.
By the end of 2025, the portfolio was generating sufficient
electricity to power 2.1 million homes
(1)
in the future and
avoiding approximately 2.3million tonnes of CO
2
emissions
per annum in the future through the displacement of thermal
generation
(2)
.
Through acquiring operational wind farms from third parties,
this allows capital to be recycled into further renewable
energy projects.
Both generating renewable electricity and enabling capital
recycling contribute to SDG 7 (ensure access to affordable,
reliable, sustainable and modern energy for all) and SDG 13
(take urgent action to combat climate change and itsimpacts).
Responsible Investment
To sustain the long-term success of the business, the
Company acknowledges and understands the importance of
effective management of ESG matters for all stakeholders.
The Company continues to play an important role in
championing both responsible investment and the
development of the renewable energy sector. This is
achieved through continuous engagement with all industry
stakeholders, including suppliers, O&M partners, industry
associations, policy makers, peers and communities. The
Company transparently shares its ESG approach and results
with investors.
Responsible investing principles have been applied to each
of the investments made, which require the Group to make
reasonable endeavours to ensure the ongoing compliance
of its investee companies with its policies on responsible
investment and ESG matters.
(1)
The number of homes powered is based on the average annual household energy consumption (2.7MWh/annum (OFGEM)), using the
latest reported figures, and reflects the portfolio’s annual electricity generation as at the relevant reporting date.
(2)
The portfolio’s annual CO
2
emissions avoided through the displacement of thermal generation, based on the portfolio’s annual generation
as at the relevant reporting date. The Group assumes that wind generation replaces CCGT in the UK and applies a carbon factor of
0.4tCO
2
/MWh (IEA).
Although the non-executive Board has overall responsibility
for the activities of the Company and its investments, the
day-to-day management of the business is delegated to
the Investment Manager. This includes responsibility for
ESG matters and applies both when investments are being
made and continuously during the life of each wind farm.
The Investment Manager assesses how ESG should be
managed and the Company has developed its ESG policy
in accordance with the Investment Manager’s ESG Policy.
The ESG Policy of the Company is approved annually and
overseen by the Company’s Board.
The Group will continue to lead the way in encouraging
responsible investment to accelerate the development of
the UK’s wind energy sector further and will do this in a way
that maximises returns for our shareholders and creates
benefits for the communities and the natural environment in
which its wind farms operate.
The Investment Manager has representation on the boards
of the operating wind farm companies which oversee
performance, including on ESG matters, and meet quarterly.
From these ongoing reviews, the Investment Manager
reports quarterly to the Company’s Board, with data on
production, wind farm availability, key events and health and
safety performance.
This robust management structure enables the Investment
Manager to oversee ESG issues effectively throughout the
lifecycle of the Group’s wind farms:
Screening
• screening the investment against investment mandate
and restrictions; and
• assessing the ability of the investment to comply
with ESG standards and the Investment Manager’s
ESGPolicy.
Due Diligence
• rigorously assessing ESG risks and opportunities of
the investment based on commitment, capacity, track
record and features of the wind farm and key service
providers; and
• identifying mitigation plans for ESG risks, where
identified.
Investment decision
• identifying and addressing ESG issues in extracts of the
Investment Manager’s Investment Committee papers
that inform investment decisions; and
• determining and costing plans to address ESG issues,
and price into the investment decision process.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 27
Strategic Report continued
Environmental, Social and Governance continued
Responsible Investment continued
Asset Management
• Implementing mitigation plans to address ESG issues
identified during pre-investment due diligence;
• establishing appropriate governance structures;
• complying with all relevant laws and regulations;
• ensuring ongoing monitoring and management of
ESGissues;
• managing impacts on the natural habitat surrounding
the wind farms under management;
• engaging with and supporting the local communities;
and
• performing due diligence on third parties and
ensuring compliance with the Company’s ESG policy;
andensuring business integrity with a focus on avoiding
money laundering, negligent or corrupt practices.
Environment
As one of the largest owners of wind farms in the UK, the
Group is focused on taking actions to support climate
change mitigation through the generation of renewable
energy, whilst minimising the potential impacts that the
operation of wind farms may have on local habitats and
theenvironment.
(3)
Copernicus Climate Change Service (C3S0, January2026).
(4)
UK Government, Clean Power 2030 Action Plan, December2024.
The world continues to face a serious climate challenge.
In 2025, global temperatures were again exceptionally
high at 1.47°C above pre-industrial levels, making it the
third warmest year on record. Importantly, 2025 marked
the first time that the average global temperature over
a three-year period (2023-2025) exceeded 1.5°C above
pre-industrial levels, underscoring the accelerating pace of
global warming
(3)
. The UK Government continues to state
its commitment to acting as a global leader in greenhouse
gas emissions reduction. The Company supports the UK
Government’s commitment to achieve Net Zero by 2050
and to achieve Clean Power by 2030
(4)
through acquiring
operational wind farms and thereby allowing developers and
utilities to recycle their capital into further renewable energy
projects, and by demonstrating the attractive long term
returns in the industry through our prudent management of
wind farms, thereby reducing the cost of capital.
The Group is committed to protecting the local environment
around its wind farms, recognising the potential impact that
wind farms can have on local terrestrial and aquatic wildlife
and landscape.
Glen Kyllachy
Section 1: Overview
28 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Environmental, Social and Governance continued
Environment continued
As such, the Group seeks to protect the local environment
around its wind farms by using robust environmental
management systems. These include policies, periodic risk
assessments, monitoring and regular reporting to the Board
and the boards of each of the wind farm companies. Through
these measures, the Group also ensures compliance with all
applicable laws, regulations and planning permissions as
administered by the Environment Agency, Health Protection
Agency, local authorities, Ofgem, UREGNI or any other
relevant regulatory body, including the data reporting
obligations under Renewable Obligation Order 2009.
The Group’s core activities include:
• maintaining management systems to evaluate the
potential risks and impacts of its activities and avoiding
or mitigating environmental impacts on biodiversity, air
quality, noise and waste management where relevant;
• overseeing implementation of habitat management
plans at its wind farms;
• undertaking additional environmental impact
assessments or undergoing regular monitoring as
required;
• seeking to work with partners who uphold good
industry standards – from operational managers and key
contractors whose management systems comply with
the requirements of ISO 14001:2015 (environmental
management systems); and
• reporting regularly to the Board and the boards of each
of the wind farm companies.
The Company also recognises the importance of a circular
economy in achieving Net Zero targets and in reducing
the environmental impact associated with renewable
energygeneration.
A grant programme to support academic and non-profit
research into improving the recyclability of wind turbine
blades was established. One funded project, Added-value
Coatings led by the University of Edinburgh, investigated
converting decommissioned blade materials into powders
for use in protective surface coatings. The research
demonstrated that these recycled powders can be used in
coatings that protect wind turbines and other infrastructure
from erosion and corrosion, potentially extending their
service life. The project confirmed this approach is technically
viable, cost-effective, and has strong commercial potential.
The project was completed in 2024.
The second project is led by Imperial College and aims to
develop a practical way to assess blade fatigue accumulation
over time so the industry can make better decisions about
whether blades should be repaired, reused, or recycled. The
research can estimate a blade’s condition and remaining
value at retirement by combining fast damage prediction
models with realistic blade loading simulations. The end goal
is a decision-support tool that helps the wind industry assess
sustainable and credible end-of-life options for different
blade designs and wind farms. The project is ongoing and is
expected to conclude in the spring of 2027.
CASE STUDY
Habitat Management Plans at Corriegarth
In collaboration with a third part consultant, Surrey
Wildlife Trust Ecology Services and the University of
Surrey, the Company funded a research project to
demonstrate how artificial intelligence and satellite
data can be used to map and monitor the progress and
results of habitat management plans.
The map illustrates the machine learning step of the habitat
identification process, where the Random Forest Regression
model uses satellite and field survey data to classify areas of
Blanket Bog and Degraded Blanket Bog across the Corriegarth
site for 2025.
Blanket Bog
Degraded Blanket Bog
The research project was implemented at Corriegarth
and consisted of integrating ecological field surveys
with machine learning techniques and multi-temporal
satellite imagery, delivering robust and repeatable
habitat maps. These methods enabled accurate
identification of both intact and degraded peatland
areas, provided reliable assessments of habitat
condition, and established a strong foundation for
evidence-based environmental management.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 29
Strategic Report continued
Environmental, Social and Governance continued
Social
Supporting worker safety and fair employment on oursites
Worker safety is a top priority for the Group. The Group
also recognises the need for people to be paid fairly for the
work they do and to have appropriate working conditions. In
prioritising these elements, it supports the local communities
in which its wind farms operate, ensuring the long term
viability of its operations.
The Group achieves this through a range of activities,
including:
• complying with all applicable laws relating to
employment, occupational health and safety, human
rights, prevention of human trafficking and modern
slavery, public safety and security and community
matters, including the Wind Turbine Safety Rules;
• implementing health and safety best practices through
wind farm specific health and safety policies, project
management, contractual arrangements, staff training
and stakeholder education;
• assessing and monitoring health and safety practices
through wind farm specific risk identification and
prevention activities; and
• reporting on key health and safety data regularly, with
escalation and rapid response procedures in place in
case of emergency.
During the year, these activities included:
• 589 regular safety checks carried out by the operations
and maintenance service providers at all wind farms;
• safety walks by the Investment Manager’s team at
40wind farms;
• independent health and safety audits by accredited
professionals at 20 wind farms and 2 O&M partners;
• HV audits at 4 wind farms; and
• Emergency Response Plan exercises at 5 wind farms.
The Group’s focus on prevention arises out of a culture of
transparent reporting, collaboration, and best practice.
Identifying both hazards and analysing the causes of
incidents is a key risk mitigant.
On 5 February 2026, the Board established an Asset
Operations Committee, which amongst other things,
discusses health and safety performance and issues across the
wind farm portfolio. Details of the committee can be read in
the Corporate Governance report on pages50 to 55 and its
terms of reference can be found on the Company’s website.
As a member of Renewable UK, the UK’s leading wind
energy trade association, the Company is keen to work with
other stakeholders to develop the industry further including
on health and safety. In addition, the Investment Manager is
an active member of SafetyOn, the UK’s leading health and
safety focused organisation for the onshore wind industry.
With the increase in offshore wind capacity in the Company’s
portfolio, the Investment Manager also became a member
of G+ in April2023, to help ensure industry best practice for
offshore wind assets.
Maerdy
Section 1: Overview
30 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Environmental, Social and Governance continued
Social continued
Supporting the communities around our wind farms
It is important that the wind farms are truly part of the
community. The Group’s approach aids long term support by
local communities for wind farms in the UK, which ultimately
enables the continued growth of the industry.
The Group cares about the communities around its wind
farms and engages with local communities to ensure
respect for land and access rights and that its wind farms are
managed in accordance with planning permissions.
The Group holds regular dialogue with community funds
and provides financial support to local groups through
community benefit schemes that fund local projects.
These funds help deliver a range of services, from improving
local amenities and infrastructure to aiding educational
projects for local schools.
In 2025, the Group provided £6.7 million to community
funds. Clyde also celebrated a landmark achievement of
providing over £20 million of funding since 2012 through
local and regional community benefit funds to over 1,000
community projects across Scotland’s southern uplands.
Health and safety is an integral part of the Group’s culture;
the safety of all those affected by the portfolio’s operations
is paramount.
Governance
The Board and the Investment Manager believe in the value
of embedding robust governance practices and oversight of
ESG matters relevant to the Company. This is important for
maintaining the confidence of investors and in continuing
to deliver on our promise of long term returns. Material
governance matters considered include the adherence of
suppliers to responsible business standards, the diversity
and experience of its Board, and the robust management of
data integrity and security.
Ensuring key service providers adhere to our expectations
of responsible business practices
As the renewables sector expands, demand for raw
materials, resources and labour to support this development
continue to grow, and the sustainability risks present in this
global supply chain evolve. We strive to ensure our high ESG
standards and values are consistently applied across the
supply chain supporting our investments.
In 2024, the Investment Manager updated its Supplier Code
of Conduct to ensure that its suppliers adhere to its definition
of good governance and align with the OECD Guidelines
for Multinational Enterprises and the UN Guiding Principles
on Business and Human Rights. The Investment Manager’s
team rolled out the updated Code of Conduct to key service
providers to the Company and in 2025 all of the Group’s key
service providers either adopted the Code or demonstrated
equivalent commitments.
CASE STUDY
Health and safety in the Group
In June 2025, the Investment Manager carried out an
immersive training day for over 10 of the Group’s key
O&M partners, to reinforce the importance of Health and
Safety in higher risk asset environments due to inherent
hazards, such as working with electricity systems and
at heights. Using realistic accident reenactments and
discussion-based learning between facilitators, partners
management and staff, the session showed how stress,
project delivery pressure and a poor safety culture that
tolerates shortcuts can trigger serious accidents.
The Group’s O&M partners found the day highly valuable.
The health & safety training day delivered clear benefits
for the Group and its key partners. By delving into the full
life cycle of risk management, from the trigger through to
preventative measures, it demonstrated the importance of
proactive risk management, reinforced safety behaviours
and emphasised our high standards to service providers. It
resulted in a truly impactful training session which underpins
the Group’s steadfast approach to health and safety, and
upholding a best-in-class operational culture.
‘Everyone was encouraged to get involved, and the actors
really did a good job at making everything seem real. Very
hard hitting as you see the effects of an accident from
lots of different perspectives and it really emphasises how
important health and safety is at all levels within a business.’
(Siemens Gamesa Renewable Energy attendee)
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 31
Strategic Report continued
Environmental, Social and Governance continued
Governance continued
Diversity
The Board has a policy to base appointments on merit and
against objective criteria, with due regard for the benefits
of diversity, including both gender and ethnic diversity.
Itsobjective is to attract and maintain a Board that, as a whole,
comprises an appropriate balance of skills andexperience.
The Board consists of individuals from relevant and
complementary backgrounds offering experience in the
investment management of listed funds, as well as in the
energy sector from both a public policy and a commercial
perspective. As at the date of this report, the Board
comprised 2 men and 4 women, all non-executive Directors
who are considered to be independent of the Investment
Manager and free from any business or other relationship
that could materially interfere with the exercise of their
independent judgement. Currently, the Chairman and Audit
Committee Chairman positions are both held by women.
The Board recognises the importance of an inclusive and
diverse Board in facilitating a collaborative culture and
enhancing the delivery of the Company’s strategic objectives
and is compliant with gender and ethnicity guidelines for
UKcompanies.
In accordance with UKListing Rule6.6.6(9), as at the publication date of this report and as described above, the composition
of the Board is as follows:
Number of
Board members
in scope
Percentage
of the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
(1)
Men 2 33% 1
Women 4 67% 2
Not specified/prefer not to say – – –
(1)
The positions of CEO and CFO are not applicable to the Company as an externally managed investment fund. Senior Board positions will
continue to be reviewed.
Number of
Board members
in scope
Percentage
of the Board
Number of
senior positions
on the Board
(CEO, CFO, SID
and Chair)
(1)
White British or other White (including minority-white groups) 5 83% 3
Mixed/Multiple Ethnic Groups – – –
Asian/Asian British – – –
Black/African/Caribbean/Black British – – –
Other ethnic group, including Arab 1 17% 0
Not specified/prefer not to say – – –
(1)
The positions of CEO and CFO are not applicable to the Company as an externally managed investment fund. Senior Board positions will
continue to be reviewed.
The above information is based on voluntary self declaration
from the Directors in response to questions on gender
identification and ethnicity groups (as outlined by the FCA)
directors considered themselves to fall within.
The Investment Manager operates an equal opportunities
policy.
Detailed disclosure on the Company’s governance structure
and activities can be found in the Corporate Governance
Report on pages 50 to 55 and in the TCFD Governance
section below.
Section 1: Overview
32 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Task Force on Climate Related Financial Disclosures
(TCFD)
Governance continued
The Company strives to maintain the highest standards
of corporate governance and effective risk identification
and management at both Group and wind farm level. The
Company supports the recommendations of the TCFD and
refers to them for guidance on addressing climate related
risks and opportunities across the Group and enhancing
ourdisclosure.
These disclosures are categorised between the 4 thematic
areas as recommended by the TCFD.
Governance
Board oversight and the role of the Investment Manager
The Board is responsible for the determination of the
Company’s Investment Objective and Investment Policy.
It also oversees the management of the Company and its
investments, including ESG and climate related risks and
opportunities. The Board also delegates the day-to-day
management of the business, including management of
ESG matters, to the Investment Manager.
The Audit Committee also considers the Company’s climate
related disclosures in its Annual Report and Financial
Statements.
As discussed in the Corporate Governance Report on
pages 50 to 55, the Board and the Investment Manager
meet regularly and discuss risk management. Climate
related risks are covered during these discussions, as they
naturally arise from the Group’s underlying investments
and the Company’s significant role in the decarbonisation
of the UK economy. A formal risk matrix is maintained by
the Investment Manager and reviewed and approved by the
Board on an annual basis.
In addition, the Investment Manager has its own ESG
Committee that meets regularly to discuss ESG and climate
related risks relating to the Group and other funds it
manages. This committee has implemented an ESG Policy
that looks to establish best practice in climate related risk
management, reporting and transparency. Matt Ridley sits
on this ESG Committee and therefore remains well informed
and involved with ESG and climate related discussions,
which may impact the Company. Representatives from the
Investment Manager also sit on all of the boards of the wind
farm companies, which meet quarterly and discuss ESG and
climate related risk management.
Strategy
The Board understands that climate change poses risks and
opportunities to the Company.
As the leading listed renewable infrastructure fund, invested
in UK wind farms, the Company plays a significant role in
the UK renewables industry. Overall, the Board believes
that the decarbonisation of the UK economy will continue
to present a significant investment opportunity and the size
of the Company’s growth will be related to the success of
the sector and the engagement of its stakeholders. The
Company is committed to its strategy and Investment Policy
of investing in operating wind assets to benefit from this
opportunity. The Company also recognises, however, that
there are short term and medium to long term risks that
could impact its future financial performance. The Company
seeks to manage these risks to mitigate potential impact.
The tables below summarise the principal opportunities and
risks identified by the Company and details, where relevant,
how it manages the risks or opportunities.
Opportunities
Category Climate issue Opportunities Company consideration
Transition Increased
demand for
renewable
energy
generation
Increasing ambition of corporate and
Government Net Zero targets could lead
to a material increase in the procurement
of renewable energy by businesses and
consumers. Moreover, companies are
increasingly required to demonstrate their
commitment to reducing their carbon
footprints, which may increase the demand
for corporate PPAs.
The Board considers that the
decarbonisation of the UK economy
will continue to present a significant
investment opportunity in the short and
medium term (0-15 years) and the size
of the Company’s growth will be related
to the success of the sector and the
engagement of its stakeholders.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 33
Strategic Report continued
Task Force on Climate Related Financial Disclosures (TCFD) continued
Strategy continued
Risks
Category Climate issue Risk Company consideration
Transition Retrospective
changes
to policies
providing
financial
support to
renewable
energy
There is a risk that the UK Government could
make further retrospective changes in its
financial support for the renewable energy
sector such as ROCs, network charges
and carbon price floors. Retrospective
changes to such financial support could
decrease portfolio revenues and increase
operating costs making the technology less
commercially viable.
While the Board acknowledges the
outcome of the RO inflation indexation
scheme, it considers the likelihood of any
further material retrospective policy to be
low in the short term (less than 5 years).
To manage any such risk, the Board and
Investment Manager keep themselves
abreast of developments in international
and national support for renewable
energy as well as their impact and, where
possible, respond to changes when and
if they happen. Further, the Investment
Manager actively engages, in consultation
with both industry and government, on
such matters.
Transition
Increased
renewable
generation
capacity
reduces power
prices
It is possible that the deployment of
new renewable energy generation
capacity, required to meet future UK and
global emission reduction targets, could
reduce the power prices captured by the
Group’s portfolio investments resulting in
reducedrevenues.
The Board considers there to be limited
potential impact on the Company from
fluctuating power prices due to the nature
of the portfolio’s cashflows, which are both
fixed and merchant and that the power
price forecasts used take account of future
build out of renewable energy generation
and associated capture rates. The Group’s
dividend policy has also been designed to
withstand significant short term variability
in generation or power price capture.
Physical
Increase in
extreme
weather events
The UK has witnessed an increase in
extreme weather events including flooding,
heatwaves and storms including high wind
speeds in recent years. Extreme weather
events have the potential to disrupt
portfolio operations impacting cash flows,
and to damage assets resulting in increased
operating costs or insurance premiums.
The Company considers the impact of such
risks to its portfolio to be low. The current
portfolio of wind farms is designed to
withstand extreme weather conditions and
to take advantage of weather systems such
as increased wind speeds. In addition, wind
turbines are designed to shut down in the
event that wind speeds exceed very high
speeds to protect them from damage.
The Investment Manager does not
consider an increase in flooding to pose
significant issues to the Company’s
portfolio as onshore wind turbines are
not typically located in areas prone to
flooding. To mitigate risk of damage from
extreme weather events, the Company
procures property damage and business
interruption insurance should operations
be disrupted, or assets be damaged.
In 2025, the Investment Manager engaged
an external technical specialist to analyse
projected future wind speeds and assess
their potential impacts on the Company.
However, given the level of uncertainty
and variability within climate projections,
the analysis did not yield conclusive results.
The Investment Manager will continue to
explore this body of work as it develops.
Section 1: Overview
34 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Task Force on Climate Related Financial Disclosures
(TCFD) continued
Strategy continued
Climate scenarios
The Company recognises the requirement under the TCFD
for considering the resilience of its strategy under different
climate related scenarios, including a 2°C or lower increase
scenario. The Board has also considered the potential impact
of a high transition risk scenario on its strategy and sets out
high level conclusions below. The scenarios were developed
by a market leading consultant.
To meet the FCA’s product level TCFD disclosure
requirements, the Company will publish a separate report on
its website before 30June 2026. This will include information
relating to an assessment of the potential impacts of specific
transition scenarios as listed in the FCA Handbook.
High transition risk scenario
Transition risks are those associated with the pace and extent
at which society adapts and mitigates the risk of climate
change. Transition risks can occur when moving to a greener
economy has adverse impacts on certain sectors, due to
policy, legal, market or technological shifts. The Board and
the Investment Manager continue to believe that the key
factor that could impact the Company in the transition
to a lower carbon economy is the variability of long term
prices for wholesale electricity. In a lower carbon economy,
where considerable build-out of renewable generation
capacity will be required, there is a risk that the power
price received by the Group’s portfolio could be negatively
impacted, depending on how successful the Government is
in implementing its plan and depending on future electricity
market design.
The Investment Manager has assessed the potential impact
of a high transition risk scenario using a third party Net Zero
model built by leading power market experts. The model
sets out how electricity prices and the market may develop in
line with meeting the legislated target of Net Zero emissions
by 2050, including current and future policy implementation
to achieve carbon neutrality, technological developments
and commodity price forecasts for a global outlook.
In this high transition risk scenario where global temperature
increases are limited to only 1.5°C to 2°C (most typically
associated with Net Zero), it is assumed that the UK
Government is successful in implementing its plan in its
entirety. In this scenario, the long term power price is lower
than the base case used to calculate the Company’s NAV.
The lower long term power price, provided by a leading
market consultant, reflects the wider deployment of low
marginal cost renewable generation capacity, partially offset
by the expected increase in electrification of transport and
heat and the build-out of data centres. Modelling the lower
long term power price would equate to approximately a
17pence reduction in NAV per share.
The base case long term power price assumes significant
renewable generation and other measures to reduce carbon
emissions and represents the independent consultant’s best
estimate of likely outturn. The high transition risk scenario
assumes further measures. The precise effect on power price
of any measures (in the base case and in the high transition
risk scenario) is highly uncertain and is highly dependent
on future electricity market design. The high transition risk
scenario also assumes no other offsetting factors.
Humber Gateway
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 35
Strategic Report continued
Task Force on Climate Related Financial Disclosures
(TCFD) continued
Strategy continued
Climate scenarios continued
High physical risk scenario
Physical risks may consist of acute physical risk, which can
refer to event driven perils including increased severity
and frequency of extreme weather events, and chronic
physical risk, which can refer to longer term shifts in climate
patterns that cause sea level rises, heat waves, droughts
anddesertification.
The Board and the Investment Manager continue to believe
that a scenario where global temperature increases are
significantly higher than 2°C (a high physical risk scenario)
would not lead to any significant physical risk to the Group’s
wind farms, which are designed to operate in extreme
weather conditions and are typically not located in areas
prone to flooding and insurance and business continuity
plans are in place to manage such an event, should it occur.
In the medium to long term, the Board and the Investment
Manager recognise that there is a risk that weather systems
may change as a result of climate change scenarios, but do
not believe it is possible, at this time, to determine whether
this would impact the Group positively or negatively. During
2025, the Investment Manager commissioned an external
consultant to undertake a physical risk assessment of the
Investment Manager’s global portfolio, excluding offshore
wind. This work evaluates the potential exposure of assets
to key climate hazards under multiple future climate
scenarios, using the Shared Socioeconomic Pathways from
the International Panel on Climate Change. The analysis
considers how these scenarios across future time horizons
(2030 and 2050) could affect asset performance. However,
given the level of uncertainty and variability within climate
projections, the analysis did not yield conclusive results. The
Investment Manager will continue to explore this body of
work as it develops.
Risk Management
As a full scope UK AIFM, the Investment Manager has
established a Risk Management Committee that meets on
a quarterly basis to discuss, amongst other matters, the risk
framework of the Group and investee companies including
processes for identifying, assessing and managing climate
related risks. The Company’s risk matrix, reviewed and
approved by the Board, includes climate related risks.
All risks identified, including climate related risks are
assessed based on likelihood, impact and mitigation. The
risk assessment is carried out on a qualitative basis by the
Investment Manager, although consideration is given to
how quantitative measures can be used to support climate
related risk assessment. The risk matrix is then presented to
the Board for discussion and approval on an annual basis.
As mentioned above, climate related risks can be classified
into two broad categories: (i) risks associated with the
transition to a decarbonised economy; and (ii) risks
associated with the physical impacts of climate change.
The table on page33 aims to summarise the most material
transition and physical risks associated with climate change
and the extent to which the Board considers the impact high
or low, based on exposure and mitigation actions.
To ensure strong performance and risk mitigation, the Group
has specific oversight on environmental and social issues
including climate change. It reinforces this oversight with a
range of activities, including:
• appointing at least one senior representative from the
Investment Manager to the boards of the wind farm
companies to ensure monitoring and influence of
both financial and ESG performance, including climate
related risks and opportunities; and
• carrying out due diligence during the acquisition of
new wind farms in accordance with the Investment
Manager’s established procedures and ESG Policy,
which requires an analysis of climate issues.
The Investment Manager’s Investment Committee comprises
experienced senior managers. Whilst making investment
decisions, due consideration is given to climate related risks
as well as to opportunities identified during due diligence.
Metrics and Targets
The world continues to face a serious climate challenge,
and the UK is taking an active role as a global leader in
greenhouse gas emissions reduction.
The Government’s Net Zero strategy includes:
• complete decarbonisation of the electricity sector
by2035;
• 50GW of offshore wind capacity by 2030;
• 70GW of solar PV capacity by 2035;
• 10GW of low carbon hydrogen production capacity by
2030;
• 24GW of nuclear capacity by 2050;
• capture and store 20-30 MtCO
2
per year by 2030; and
• electrification of transportation (thus increasing
demand for electricity).
The Group supports this strategy by allowing developers
and utilities to recycle their capital, and by demonstrating
the attractive long term returns in the industry through
its prudent management of wind farms, thereby reducing
the cost of capital and increasing the potential for further
construction of renewable energy capacity and the
decarbonisation of the economy.
Renewable energy generators avoid CO
2
emissions on a net
basis at a rate of approximately 0.4t CO
2
per MWh. Given the
size of the Group’s investment portfolio on 31December 2025,
the portfolio’s contribution to reducing future CO
2
emissions
is approximately 2.3million tonnes per annum. The portfolio
is also generating sufficient electricity to power 2.1 million
homes per annum in the future, at 2.7MWh per home.
Section 1: Overview
36 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Strategic Report continued
Task Force on Climate Related Financial Disclosures (TCFD) continued
Strategy continued
Metrics and Targets continued
The portfolio’s Scope 1, Scope 2 and Scope 3 greenhouse gas emissions are disclosed below.
Metric Definition Scope
Year ended
31December
2025
Value
Year ended
31December
2024
Value
Total carbon
emissions
The absolute greenhouse gas
emissions of a portfolio, expressed
in tonnes CO
2
e
(1)
Scope 1 214 262
Scope 2 (location based) 2,227 1969
Scope 2 (market based) 830 731
Scope 3 25,132 19,047
Carbon footprint Total carbon emissions for a portfolio
normalised by the market value of
the portfolio, expressed in tonnes
CO
2
e/£M invested
(2)
Scope 1 & 2 0.2 0.2
Scope 3 4.89 3.3
Total (1, 2 & 3) 5.09 3.5
Weighted Average
Carbon Intensity
(WACI)
Portfolio exposure to carbon-
intensive companies, expressed in
tonnes CO
2
e/£M revenue
(2)
Scope 1 & 2 1.11 6
Scope 3 30.36 67
Total (1,2 & 3) 31.47 73
Activity based
carbon intensity
Total carbon emissions for a
portfolio normalised by the
renewable electricity generation of
the portfolio, expressed in tonnes
CO
2
e/MWh
Scope 1 & 2 0.0002 0.00023
Scope 3 0.0050 0.00374
Total (1,2 & 3) 0.0052 0.00397
(1)
Carbon emissions are measured in line with the industry standard Greenhouse Gas Protocol based on an equity control approach, meaning
emissions from the Group’s operations are weighted according to the Group’s proportionate ownership of its SPV investments. Scope 3 emissions
are the result of activities from assets not owned or controlled by the Group, but that the Group indirectly impacts in its value chain. Scope 3
emissions include all sources not within the Group’s Scope 1 and 2 boundary and include, inter alia, emissions arising from the construction of
each wind farm acquired in the year, including those emissions associated with the manufacturing and transport of all equipment and material,
before the wind farm was commissioned, as well as the expected spare part provision throughoutitslifetime.
(2)
Calculations for metrics can be found in the EU SFDR disclosures on pages 112 to 127.
(3)
Calculated using data from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6686152/#sec3title. The carbon payback period of 5 months includes
onshore and offshore wind farms.
It is the Investment Manager’s view that Scope 3 emissions
are less meaningful given the Company’s strategy of
investing in UK wind farms for the duration of their asset lives.
Furthermore, recognising a wind farm’s construction and
whole life operating emissions in the year the Group acquires
it is potentially misleading as it both overestimates carbon
emissions in the year of acquisition and underestimates
carbon emissions generated in every other year.
The carbon payback of a wind turbine, how quickly it
offsets the emissions generated during its manufacture,
transportation and on-site construction, is an indicator of
its contribution to accelerating energy transition. At current
rates, the carbon payback period for a typical wind farm is
around 5months, which is just 2per cent of the average
lifespan of a wind turbine
(3)
.
The carbon payback period of 5months includes onshore
and offshore wind farms. The results of the study suggested
that offshore wind farms typically had a lower carbon
payback period than onshore wind farms. However, the study
also cited that a larger sample size of offshore wind farm
locations would be required to consolidate this conclusion.
This estimate is additionally supported by this recent life-
cycle assessment.
Targets
The Company has not set a carbon emissions reduction
target. It commits to continuing to invest solely in operating
wind power generation assets and to continue growing its
renewable energy generation and generating capacity to
support the transition to a Net Zero economy.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 37
Strategic Report continued
Task Force on Climate Related Financial Disclosures
(TCFD) continued
Strategy continued
Metrics and Targets continued
Targets continued
The Investment Manager has been a signatory to the Net
Zero Asset Managers (NZAM) initiative since 2021. Following
NZAM’s comprehensive review and the publication of
its updated Commitment Statement in October 2025,
which revised the expectations placed on signatories, the
Investment Manager continues to meet these expectations.
However, it is now incorporated within the Schroders
Group’s signatory status to NZAM. This change reflects the
Investment Manager’s integration within the wider Group.
While the Investment Manager is now reported under the
Group’s consolidated NZAM signatory status, it continues
to uphold the principles of the initiative internally, maintain
its independently set climate targets, and operate its own
assessment and stewardship processes.
In 2022, the Investment Manager established a Net Zero
target, formalising a commitment to cut the intensity of
its Scope 1 and 2 emissions by 50per cent by 2030. With
support from the Investment Manager, the Company will
work to develop a plan in line with evolving UK requirements
in this regard, including how it intends to reduce its carbon
footprint to support the Investment Manager’s commitment
whilst, most importantly, continuing to grow its portfolio and
avoid carbon emissions as a result of its generation activities.
UK Sustainability Disclosure Requirements (SDR)
In 2023, the FCA published its final rules regarding
Sustainability Disclosure Requirements (SDR) which came
into force in stages during 2024. The Investment Manager
established processes to ensure the Anti-Greenwashing
Rule is met. In addition, the Company adopted the
Sustainability Focus label in 2024, which signifies the
Company’s commitment to investing in assets that prioritise
sustainability for people and the planet. The Company’s
detailed Product Level Sustainability report showcasing how
it has delivered on its sustainability claims related to the
label can be found on pages112 to 127.
EU Sustainable Financial Disclosure Regulation
(SFDR)
The Company became Article 9 qualified under EU SFDR
in 2022 and makes sustainability related disclosures in the
financial services sector. Through its Investment Policy of
investing in UK wind farms predominately with a capacity
over 10MW, the Company contributes to the environmental
objective of climate change mitigation that helps to facilitate
the transition to a low carbon economy. Detailed AnnexV
disclosures and the Company’s principal adverse impacts
statement can be found on pages112 to 127.
ESG Report
The Company publishes an annual standalone ESG Report.
This provides further information on how the Group
approaches responsible investment and ESG matters in
addition to further case studies and ESG performance. The
Company’s ESG Report for 2025 will be published on its
website in April2026.
On behalf of the Board
Lucinda Riches C.B.E.
Chairman
25 February 2026
Stronelairg
38 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Section 2: Governance
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 39
GREENCOAT
UK WIND
Section 2: Governance
Board of Directors 40-42
Report of the Directors 43-44
Directors’ Remuneration Report 45-48
Statement of Directors’ Responsibilities 49
Corporate Governance Report 50-55
Audit Committee Report 56-59
Independent Auditor’s Report 60-67
Section 2: Governance
40 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Board of Directors
As at the date of this report, the Board comprises 6 individuals from relevant and complementary backgrounds.
The Directors are of the opinion that the Board as a whole comprises an appropriate balance of skills, experience and
diversity. The Directors of the Company who were in office during the year and up to the date of signing the financial
statements are listed below.
Lucinda Riches C.B.E. Caoimhe Giblin Nick Winser C.B.E.
Chairman of the Board
(appointed 1 May 2019)
Chairman of the Audit Committee
(appointed 1 September 2019)
Senior Independent Director
(appointed 1 January 2022)
Lucinda Riches C.B.E. (Chairman) brings
significant financial and capital markets
experience, having advised public
companies on strategy, fundraising and
investor relations for many years. She
also brings extensive experience as a
public company non-executive Director
across a variety of businesses, including
FTSE 100 companies.
Lucinda worked at UBS and its
predecessor firms for 21 years until
2007 where she was a Managing
Director, global head of Equity Capital
Markets and a member of the board of
the investment bank. She is Chairman of
Peel Hunt Limited, Senior Independent
Director and Chair of the Remuneration
Committee of Kingfisher Plc and a
non-executive Director of LGT Capital
Partners Group Holding Ltd. Until 2025
she was non-executive Director and
Chair of the Remuneration Committee
of Ashtead plc and until 2021 a non-
executive Director of CRH plc. Previously
she was also a non-executive Director
of UK Financial Investments and The
Diverse Income Trust plc. In addition
she was Senior Independent Director
of The British Standards Institution and
ICG Enterprise Trust plc.
She was awarded a C.B.E. in 2017 for
her services to financial services, British
industry and to charity.
Caoimhe Giblin (Director and Audit
Committee Chairman) has extensive
experience in the electricity industry
sector and is currently Co Chief
Executive Officer at ElectroRoute, an
energy trading company which is part
of the Mitsubishi Corporation group
ofcompanies.
Prior to that, Caoimhe was Director
of Finance for SSE Renewables
where she had responsibility for the
financial activities of SSE’s significant
on and offshore wind development
and construction portfolio. Prior to
this, Caoimhe held various roles in
the Corporate Finance department at
Airtricity where she gained significant
experience of corporate acquisitions
and disposals, equity fundraising,
project finance, debt financing and
managed the company’s corporate
valuation process.
Caoimhe qualified as a Chartered
Accountant with KPMG and spent
the early part of her career focusing
on providing corporate finance due
diligence, internal audit and risk
management services. Caoimhe is
a Fellow of Chartered Accountants
Ireland and has a BA in Accounting &
Finance and an MBS in Accounting from
Dublin City University. Caoimhe also
holds a Diploma in Company Direction
from the Institute of Directors, of which
she is a member.
Nick Winser C.B.E. (Senior Independent
Director) has a 30 year career in the
energy sector which included being CEO
of National Grid across UK and Europe,
President of the European Network
of Transmission System Operators for
Electricity and CIGRE UK Chairman.
Nick was previously the Chairman of
Energy Systems Catapult and was
appointed Chairman of the Advisory
Board for the Energy Revolution ISCF
programme in 2018. He was appointed
Electricity Network Commissioner
by the Government in summer 2022
and is Energy Commissioner at the
National Infrastructure Commission.
During 2024, Nick was appointed as a
Commissioner of the Clean Power 2030
Commission and had taken an advisory
role with the Gas and Electricity
Markets Authority.
Nick is a Fellow of the Institute of
Engineering and Technology, serving as
its President in 2017/18 and is a Fellow
of the Royal Academy of Engineering.
Nick is also former Chairman of the MS
Society and a former member of the
Board of the Kier Group.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 41
Board of Directors continued
Jim Smith Abigail Rotheroe Taraneh Azad
(appointed 1 May 2023) (appointed 1 March 2024) (appointed 1 February 2025)
Jim Smith (Director) is the former
Managing Director of SSE Renewables
with 34 years' experience within the
electricity industry at SSE. Since retiring
from full time employment in 2022 he
has transitioned into a number of part
time roles and is Chair of Inverness &
Cromarty Firth Green Freeport Ltd,
Chair of Renewable Parts Ltd and
non-executive Director of Reventus
Power Ltd.
Jim’s early career in SSE was in
development, construction and
operations in both hydro and gas fired
generation where he became Station
Manager at Peterhead Power Station.
He then went on to be Director of Major
Projects responsible for the group’s
major capital infrastructure investments
in renewables, thermal generation, gas
storage and transmission.
Following SSE’s acquisition of
Airtricity in 2008, he led offshore
wind development and construction
before taking responsibility for all
wind development and construction.
He subsequently was the Managing
Director of the group's energy trading
business before becoming Managing
Director of Generation Operations.
Following a restructuring in 2018 Jim
became the Managing Director of
SSE Renewables with responsibility
for the 4GW operational fleet and the
development pipeline, taking over 5GW
(gross) of projects through financial
close prior to his retirement.
Jim is a Mechanical Engineer, trained
mediator and a mentor for the MCR
Pathways charity.
Abigail Rotheroe (Director) is a CFA
Charterholder with over 25 years’
experience in the investment industry.
She brings a recent investment
background in ESG and sustainable
investing alongside her previous
involvement in institutional and retail
asset management. Abigail also
has deep non-executive experience
including that as a public company
non-executive director.
During her career in fund management,
Abigail has held positions at Schroder
Capital Management, HSBC Asset
Management and was a Director of
Columbia Threadneedle Investments
managing retail and pension
fund assets in Asia and Emerging
markets. Most recently she was the
Investment Director of Snowball
Impact Management, responsible for
developing the firm’s approach to
impact investment and measurement.
Abigail is currently a non-executive
director of HydrogenOne Capital
Growth plc (and Chair of the
Remuneration and Management
Engagement Committee), Baillie
Gifford Shin Nippon plc (and Chair
of the Nomination Committee)
and Templeton Emerging Markets
Investment Trust plc. She is a member
of the Investment Advisory Committee
of WHEB Asset Management LLP, is an
investment committee member for the
Joseph Rowntree Charitable Trust and
the Robertson Trust and has sat on the
CFA UK’s Impact Investing Certificate
expert panel, from its inception to the
creation of the certificate.
Taraneh Azad (Director) is the Chief
Commercial Officer of Paratus. Prior
to joining Paratus, Taraneh was the
Managing Partner and Chief Investment
Officer at Systemiq, where she has
been instrumental in transforming the
company into a resilient, agile, and
trusted system change organisation.
With over 25 years of experience in
finance, commercial, and business
development, Taraneh has held senior
positions at Goldman Sachs, Morgan
Stanley, Hartree Partners, and TXU
Europe in the energy sector. In these
roles, she primarily collaborated with
corporates and sovereigns across
Europe and the Middle East, focusing
on energy price risk management.
Taraneh’s career began with
international development works for
projects of the European Union and
the United Nations, showcasing her
commitment to global progress from
the outset. Fluent in German, English,
and Persian, she has had the opportunity
to work in numerous countries around
the world, further enriching her diverse
professional background. At Systemiq,
she advises companies across Europe
and the Middle East on sustainability
and energy transition, leveraging her
extensive experience and expertise.
Section 2: Governance
42 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Board of Directors continued
Other UK Listed Public Company Directorships
In addition to their directorships of the Company, the below Directors currently hold the following UK listed public company
directorships:
Lucinda Riches C.B.E.
Peel Hunt Limited
Kingfisherplc
Abigail Rotheroe
Templeton Emerging Markets Investment Trustplc
HydrogenOne Capital Growthplc
Baillie Gifford Shin Nipponplc
The Directors have all offered themselves for re-election and resolutions concerning this will be proposed at the 2026 AGM.
Conflicts of Interest
The Directors have declared any conflicts or potential conflicts of interest to the Board which has the authority to approve such
situations. The Company Secretary maintains the Register of Directors’ Conflicts of Interests which is reviewed bi-annually
by the Board and when changes are notified. The Directors advise the Company Secretary and the Board as soon as they
become aware of any conflicts of interest. Directors who have conflicts of interest do not take part in discussions which relate
to any of their conflicts.
In accordance with Provision 9 of the AIC Code, the appointment of any Director has included consideration of the time they
have available to the role. Any additional external appointments will be submitted by Directors to the Board for consideration
with respect to any conflicts arising or time commitment concerns relating to over-boarding guidelines before approval
before the appointment is accepted. The Investment Manager is also engaged on occasion to assist in determining potential
conflicts arising from external appointments.
London Array
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 43
Report of the Directors
The Directors present their Annual Report, together with
the consolidated financial statements of Greencoat UK
WindPLC for the year to 31December 2025. The Corporate
Governance Report on pages 50 to 55 forms part of
thisreport.
Details of the Directors who held office during the year and
as at the date of this report are given on pages40 to 41.
Capital Structure
The Company has one class of ordinary shares which carry
no rights to fixed income. Shareholders are entitled to all
dividends paid by the Company and, on a winding up,
provided the Company has satisfied all of its liabilities,
the shareholders are entitled to all of the surplus assets of
theCompany.
Shareholders will be entitled to attend and vote at all
general meetings of the Company and, on a poll, to one
vote for each ordinary share held.
Authority to Purchase Own Shares
The current authority of the Company to make market
purchases of up to 14.99 per cent of its issued share
capital expires at the conclusion of the 2026 AGM. Special
resolution 17 will be proposed at the forthcoming AGM
seeking renewal of such authority until the next AGM (or
30June 2027, whichever is earlier). The price paid for the
shares will not be less than the nominal value or more than
the maximum amount permitted to be paid in accordance
with the rules of the UK Listing Authority in force at the
date of purchase. This power will be exercised only if, in
the opinion of the Directors, a repurchase would be in
the best interests of shareholders as a whole. Any shares
repurchased under this authority will either be cancelled or
held in treasury at the discretion of the Board for future
resale in appropriate market conditions.
The Directors believe that the renewal of the Company’s
authority to purchase shares, as detailed above, is in the
best interests of shareholders as a whole and therefore
recommend shareholders to vote in favour of special
resolution 17.
The Directors also recommend shareholders to vote in
favour of resolutions 14, 15 and 16, which renew their
authority to allot equity securities for the purpose of
satisfying the Company’s obligations to pay the Equity
Element of the Investment Manager’s fee, and also their
authority to allot equity securities for cash either pursuant to
the authority conferred by resolution 14 or by way of a sale
of treasuryshares.
Major Interests in Shares
Significant shareholdings as at 13February2026 are detailed
below.
Shareholder
Ordinary
shares held %
13February
2026
Hargreaves Lansdown Asset Management 7.06
Rathbone Investment Management 6.95
Interactive Investor 5.89
Schroder Investment Management 5.12
Newton Investment Management 4.61
BlackRock Investment Management – Index 3.53
Significant shareholdings as at 31 December 2025 are
detailed below.
Shareholder
Ordinary
shares held %
31December
2025
Rathbone Investment Management 7.37
Hargreaves Lansdown Asset Management 6.62
Interactive Investor 5.46
Schroder Investment Management 4.87
Newton Investment Management 4.35
BlackRock Investment Management 4.00
Charles Stanley 3.04
Companies Act2006 Disclosures
In accordance with Schedule 7 of the Large and Medium Sized
Companies and Groups (Accounts and Reports) Regulations
2008 the Directors disclose the followinginformation:
• the Company’s capital structure is detailed in note16
to the financial statements and all shareholders have
the same voting rights in respect of the share capital of
the Company. There are no restrictions on voting rights
that the Company is aware of, nor any agreement
between holders of securities that result in restrictions
on the transfer of securities or on voting rights;
• there exist no securities carrying special rights with
regard to the control of the Company;
• the Company does not have an employees’ share
scheme;
• the rules concerning the appointment and replacement
of Directors are contained in the Company’s Articles of
Association and the Companies Act2006;
• there exist no agreements to which the Company is
party that may affect its control following a takeover bid;
• there exist no agreements between the Company and
its Directors providing for compensation for loss of
office that may occur because of a takeover bid; and
• the Directors’ responsibilities pursuant to Section172
of the Companies Act 2006, as detailed in the
StrategicReport.
Section 2: Governance
44 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Report of the Directors continued
Investment Trust Status
The Company has been approved as an investment trust
under sections 1158 and 1159 of the Corporation Taxes
Act2010. As an investment trust, the Company is required
to meet relevant eligibility conditions and ongoing
requirements. In particular, the Company must not retain
more than 15per cent of its eligible investment income. The
Company has conducted and monitored its affairs so as to
enable it to comply with these requirements.
Diversity and Business Review
A business review is detailed in the Investment Manager’s
Report on pages 7 to 19 and the Group’s policy on diversity
is detailed in the Strategic Report on page31.
Directors’ Indemnity
Directors’ and Officers’ liability insurance cover is in
place in respect of the Directors. The Company’s Articles
of Association provide, subject to the provisions of UK
legislation, an indemnity for Directors in respect of costs
which they may incur relating to the defence of any
proceedings brought against them arising out of their
positions as Directors, in which they are acquitted or
judgement is given in their favour by the Court.
Except for such indemnity provisions in the Company’s
Articles of Association and in the Directors’ letters of
appointment, there are no qualifying third party indemnity
provisions in force.
Streamlined Energy Carbon Reporting
As the Group has outsourced operations to third parties,
there are no significant greenhouse gas emissions to report
from the operations of the Group. The Group qualifies as a
low energy user and is therefore exempt from disclosures on
greenhouse gas emissions and energy consumption.
The underlying assets of the Group’s investee companies
are renewable energy generators which avoid CO
2
emissions on a net basis (at a rate of approximately 0.4t
CO
2
per MWh and approximately 2.3 million tonnes per
annum given the size of the Group’s investment portfolio as
at 31December2025).
Further details of the portfolio’s Scope 1, Scope 2 and
Scope 3 greenhouse gas emissions can be found in the
Strategic Report on page36.
Risks and Risk Management
The Group is exposed to financial risks such as price risk,
interest rate risk, credit risk and liquidity risk and the
management and monitoring of these risks are detailed in
note19 to the financial statements.
Independent Auditor
The Directors will propose the reappointment of BDOLLP
as the Company’s Auditor and resolutions concerning this
and the remuneration of the Company’s Auditor will be
proposed at the 2026 AGM.
So far as each of the Directors at the time that this report
was approved are aware:
• there is no relevant audit information of which the
Auditor is unaware; and
• they have taken all the steps they ought to have taken to
make themselves aware of any audit information and to
establish that the Auditor is aware of that information.
Annual Accounts
The Board is of the opinion that the Annual Report, taken as
a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the
position, performance, strategy and business model of
theCompany.
The Board recommends that the Annual Report, the Report
of the Directors and the Independent Auditor’s Report
for the year ended 31 December 2025 are received and
adopted by the shareholders and a resolution concerning
this will be proposed at the 2026 AGM.
Dividend
The Board recommended an interim dividend of
£55.9million, equivalent to 2.59pence per share with respect
to the 3month period ended 31December 2025, bringing
total dividends with respect to the year to £226.8million,
equivalent to 10.35pence per share as disclosed in note8
to the financial statements.
Subsequent Events
Significant subsequent events have been disclosed in
note22 to the financial statements.
Strategic Report
A review of the business and future outlook, going concern
statement and the principal risks and uncertainties of the
Group have not been included in this report as they are
disclosed in the Strategic Report on pages 20 to 37.
On behalf of the Board
Lucinda Riches C.B.E.
Chairman
25February 2026
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 45
Directors’ Remuneration Report
This report has been prepared by the Directors in accordance with the requirements of the Companies Act2006 and the
Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. A resolution to approve the
Directors’ Remuneration Report will be proposed at the 2026 AGM. At the AGM on 24 April 2025, shareholders voted
99.61per cent in favour to approve the Directors’ Remuneration Report for the year ended 31December 2024.
The Company’s Auditor is required to give their opinion on the information provided on Directors’ remuneration on pages45
to 48 of this report and this is explained further in its report to shareholders on page65. The remainder of this report is
outside the scope of the external audit.
Remuneration Policy
As at the date of this report, the Board comprised 6 Directors, all of whom are non executive. The Board does not have
a separate Remuneration Committee as, being wholly comprised of non executive Directors, the whole Board considers
thesematters.
At the AGM on 28April 2023, shareholders voted 99.78per cent in favour to approve the Company’s Remuneration Policy,
which is put to a vote by shareholders every 3years. The details of the Company’s Remuneration Policy are set out in full
below. The Company’s Remuneration Policy will be put to a vote by shareholders at the 2026 AGM.
Each Director receives a fixed fee per annum based on their roles and responsibility within the Company and the time
commitment required. It is not considered appropriate that Directors’ remuneration should be performance related and none
of the Directors are eligible for pension benefits, share options, long term incentive schemes or other benefits in respect of
their services as non-executive Directors of the Company.
The Company’s Articles of Association empower the Board to award a discretionary bonus where any Director has been
engaged in exceptional work on a time spent basis to compensate for the additional time spent over their expected
timecommitment.
The Articles of Association provide that Directors retire and offer themselves for re-election at the first AGM after their
appointment and at least every 3years thereafter. However, in accordance with the AIC Code, the Directors are required to
be re-elected annually. All of the Directors have been provided with letters of appointment for an initial term of 3years and
for each 3year term thereafter, which are subject to annual re-election in accordance with the AIC Code. The following table
outlines the effective date and expiry date of each of the Directors’ current letters of appointment:
Effective date of current
appointment letter
Expiry date of current
appointment letter
Lucinda Riches C.B.E. 28 April 2023 27 April 2026
Caoimhe Giblin 1 September 2025 31 August 2028
Nick Winser C.B.E. 28 April 2023 27 April 2026
Jim Smith 1 May 2023 30 April 2026
Abigail Rotheroe 1 March 2024 28 February 2027
Taraneh Azad 1 February 2025 31 January 2028
A Director’s appointment may at any time be terminated by and at the discretion of either the Director or the Company upon
6months’ written notice. A Director’s appointment will automatically end without any right to compensation whatsoever if they
are not re-elected by the shareholders. A Director’s appointment may also be terminated with immediate effect and without
compensation in certain other circumstances. The Board has included malus and clawback clauses to Director appointment
letters in line with new requirements of the 2024 UK Corporate Governance Code. Being non-executive Directors, none of
the Directors have a service contract with the Company.
The terms and conditions of appointment of non-executive Directors are available for inspection from the Company’s
registered office.
Section 2: Governance
46 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Directors’ Remuneration Report continued
Annual Report on Remuneration
The Board, which is profiled on pages 40 to 41, consists solely of non executive Directors and is considered to be independent.
The Board considers at least annually the level of the Board’s fees, in accordance with the AIC Code. During the year,
no changes were made to the basic fees for non-executive directors, the Senior Independent Director, Audit Committee
Chairman and Chairman compared with the prior year. Following an internal evaluation which included benchmarking by
the Investment Manager, the Board resolved to implement an inflationary uplift in line with the October 2025 CPI rate of
3.6 per cent. The basic fee for non-executive Directors will therefore be increased by £2,459 per annum to £70,759, the fee
for the Senior Independent Director and the Audit Committee Chairman will be increased by £2,650 and £2,840 per annum
respectively, and the fee for the Chairman will be increased by £4,165 per annum to £119,865, with this increase effective
from 1 January 2026.
The level of fees for Directors were benchmarked during the year by the Investment Manager. The Company is the largest
independent generator of renewable electricity in the UK. In the last 3 years, the Board and its committees have held
64 meetings.
At the 2026 AGM, the Board will be proposing a resolution to increase the aggregate amount of fees to be paid to Directors
per annum to £550,000, up from £500,000, via an amendment to Article 85 of the Company’s Articles of Association.
The Directors remain eligible to receive discretionary payments where significant additional work is incurred, however, no
discretionary payments were made during the year.
The table below (audited information) shows the total remuneration earned by each individual Director during the
current year:
| Fixed | Discretionary | Total | |
| Paid in the year to 31 December 2025 | remuneration | remuneration (1) | remuneration |
Lucinda Riches C.B.E. (Chairman) | £115,700 | – | £115,700 |
Caoimhe Giblin (Audit Committee Chairman) | £78,900 | – | £78,900 |
Nick Winser C.B.E. (Senior Independent Director) | £73,600 | – | £73,600 |
Jim Smith | £68,300 | – | £68,300 |
Abigail Rotheroe | £68,300 | – | £68,300 |
Taraneh Azad (2) | £62,265 | – | £62,265 |
Total | £467,065 | – | £467,065 |
(1)
The Directors received no additional discretionary payment during the year.
(2)
Appointed to the Board with effect from 1 February 2025.
The table below (audited information) shows the total remuneration earned by each individual Director during the prior year:
| Fixed | Discretionary | Total | |
| Paid in the year to 31 December 2024 | remuneration | remuneration (1) | remuneration |
Lucinda Riches C.B.E. (Chairman) | £115,700 | – | £115,700 |
Caoimhe Giblin (Audit Committee Chairman) | £78,900 | – | £78,900 |
Nick Winser C.B.E. (Senior Independent Director) | £73,600 | – | £73,600 |
Jim Smith | £68,300 | – | £68,300 |
Abigail Rotheroe (2) | £57,260 | – | £57,260 |
Martin McAdam (3) | £21,519 | – | £21,519 |
Total | £415,279 | – | £415,279 |
(1)
The Directors received no additional discretionary payment during the year.
(2)
Appointed to the Board with effect from 1 March 2024.
(3)
Retired with effect from 24 April 2024.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 47
Directors’ Remuneration Report continued
Annual Report on Remuneration continued
The table below (audited information) shows the change in total remuneration earned by each individual Director over
prior years:
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| % change | % change | % change | % change | % change | |
| from prior | from prior | from prior | from prior | from prior | |
| Paid in the year to 31 December 2025 | year (1) | year | year | year | % change |
Lucinda Riches C.B.E. (Chairman) (2) | 0% | 19% | 66% | 6% | 10% |
Caoimhe Giblin (Audit Committee Chairman) | 0% | 5% | 15% | 0% | 15% |
Nick Winser C.B.E. (Senior Independent Director) (3) | 0% | 8% | 24% | 100% | n/a |
Jim Smith (4) | 0% | 57% | 100% | n/a | n/a |
Abigail Rotheroe (5) | 19% | 100% | n/a | n/a | n/a |
Taraneh Azad (6) | 100% | n/a | n/a | n/a | n/a |
Martin McAdam (7) | n/a | -67% | 18% | 0% | 10% |
Shonaid Jemmett-Page (8) | n/a | n/a | -58% | 0% | 16% |
William Rickett C.B. (9) | n/a | n/a | n/a | 0% | 9% |
Tim Ingram (10) | n/a | n/a | n/a | n/a | -100% |
(1)
Movement in individual Director’s salary based on annualised total figures.
(2)
Appointed as Chairman with effect from 28 April 2023.
(3)
Appointed as Senior Independent Director with effect from 28 April 2023.
(4)
Appointed to the Board with effect from 1 May 2023.
(5)
Appointed to the Board with effect from 1 March 2024.
(6)
Appointed to the Board with effect from 1 February 2025.
(7)
Retired with effect from 24 April 2024.
(8)
Retired with effect from 28 April 2023.
(9)
Retired with effect from 28 April 2022.
(10)
Retired with effect from 30 April 2020.
Directors’ Interests (audited information)
Directors who held office and had interests in the shares of the Company as at 31 December 2025 are given in the table
below. There were no changes to the interests of each Director as at the date of this report.
| Ordinary shares | Ordinary shares | |
| of 1p each held at | of 1p each held at | |
| 31 December 2025 | 31 December 2024 | |
Jim Smith | 100,000 | 100,000 |
Caoimhe Giblin | 70,000 | 70,000 |
Abigail Rotheroe | 57,451 | 57,451 |
Lucinda Riches C.B.E. | 10,000 | 10,000 |
Relative Importance of Spend on Pay
The remuneration of the Directors with respect to the year totalled £467,065 (2024: £415,279) in comparison to dividends
paid or declared to shareholders with respect to the year of £226,782,866 (2024: £226,828,614) and the cost of share
buybacks of £108,540,000 (2024: £81,574,856). This is 0.2 per cent (2024: 0.2 per cent) of dividends paid or declared and
0.4 per cent (2024: 0.5 per cent) of the cost of share buybacks.
Company Performance
Due to the positioning of the Company in the market as a sector focused infrastructure fund investing in UK wind farms to
produce stable and inflating dividends for investors while aiming to preserve capital value, the Directors consider that a listed
infrastructure fund has characteristics of both an equity index and a bond index. The following graph shows the TSR of the
Company compared to the FTSE250 index and the Bloomberg Barclays Sterling Corporate Bond Index:
Section 2: Governance
48 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Directors’ Remuneration Report continued
Total Shareholder Return vs Equity and Bond Indices
%
Greencoat UK Wind PLC
Bloomberg Barclays Sterling
Corporate Bond Index
(rebased to 100)
FTSE 250
(rebased to 100)
90
110
130
150
170
190
210
230
250
270
290
Dec
2013
Dec
2014
Dec
2016
Dec
2017
Dec
2018
Dec
2015
Dec
2019
Dec
2020
Dec
2021
Dec
2022
Dec
2024
Dec
2023
Dec
2025
On behalf of the Board
Lucinda Riches C.B.E.
Chairman
25February 2026
Dunmaglass
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 49
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual
Report and the financial statements in accordance with
applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
are required to prepare the Group’s financial statements,
and have elected to prepare the Company’s financial
statements, in accordance with UK adopted international
accounting standards and with the requirements of the
Companies Act2006 as applicable to companies reporting
under those standards. Under company law the Directors
must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Group and Company and of the profit or loss
for the Group for that period.
In preparing these financial statements, the Directors are
required to:
• select suitable accounting policies and then apply them
consistently;
• present information, including accounting policies, in
a manner that provides relevant, reliable, comparable
and understandable information;
• provide additional disclosures when compliance with
the specific requirements of IFRS are insufficient to
enable users to understand the impact of particular
transactions, other events and conditions on the Group
and Company financial position and performance;
• make judgements and accounting estimates that are
reasonable and prudent;
• state whether they have been prepared in accordance
with UK adopted international accounting standards,
subject to any material departures disclosed and
explained in the financial statements;
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Company will continue in business; and
• prepare a Report of the Directors, a Strategic Report
and Directors’ Remuneration Report which comply with
the requirements of the Companies Act2006.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
the company’s transactions and disclose with reasonable
accuracy at any time the financial position of the company
and enable them to ensure that the financial statements
comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Company and
hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities. The Directors are
responsible for ensuring that the Annual Report, taken as
a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the
Group’s performance, business model and strategy.
The Directors are also responsible under section 172 of
the Companies Act 2006 to promote the success of the
Company for the benefit of its members as a whole and in
doing so have regard for the needs of wider society and
other stakeholders.
Website Publication
The Directors are responsible for ensuring the Annual Report
and the financial statements are made available on a website.
Financial statements are published on the Company’s
website in accordance with legislation in the UK governing
the preparation and dissemination of financial statements,
which may vary from legislation in other jurisdictions. The
maintenance and integrity of the Company’s website is the
responsibility of the Directors. The Directors’ responsibilities
also extend to the ongoing integrity of the financial
statements contained therein.
Directors’ Responsibilities Pursuant to DTR4
The Directors confirm to the best of their knowledge that:
• the Group’s financial statements have been prepared in
accordance with UK adopted international accounting
standards and with the requirements of the Companies
Act2006 as applicable to companies reporting under
those standards, and give a true and fair view of the
assets, liabilities, financial position and profit and loss
of the Group; and
• the Annual Report includes a fair review of the
development and performance of the business and
the financial position of the Group and the Parent
Company, together with a description of the principal
risks and uncertainties that they face.
On behalf of the Board
Lucinda Riches C.B.E.
Chairman
25February 2026
Section 2: Governance
50 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Corporate Governance Report
This Corporate Governance Report forms part of the
Report of the Directors as further disclosed on pages 40 to
41. The Board operates under a framework for corporate
governance which is appropriate for an investment company.
All companies with a premium listing of equity shares in the
UK are required under the UKListing Rulesto report on how
they have applied the UK Code in their Annual Report and
financial statements.
The Company became a member of the AIC with effect from
27March 2013 and has therefore put in place arrangements
to comply with the AIC Code and, in accordance with the
AIC Code, complies with the UK Code.
The AIC Code, as explained by the AIC Guide, addresses all
the principles set out in the UK Code, as well as setting out
additional principles and recommendations on issues that
are of specific relevance to investment companies such as
the Company. In August2024, the AIC Code was updated
and endorsed by the FRC and the 2024 AIC Code applies
to accounting periods beginning on or after 1 January
2025, with the exception of Provision 34 which will apply to
accounting periods beginning on or after 1January 2026.
The AIC Code and the AIC Guide are available on the AIC’s
website, www.theaic.co.uk. The UK Code is available on the
FRC’s website, www.frc.org.uk.
The Company has complied with the recommendations
of the AIC Code throughout the year, where applicable.
The Company does not comply with recommendations
relating to the appointment of a Remuneration Committee
or a performance related remuneration policy as, being
wholly comprised of non-executive Directors, the Board
itself considers such matters related to remuneration and
does not consider it appropriate for its remuneration to be
incentivised through performance outcomes.
Purpose, Culture and Values
The Company’s purpose remains clear; to provide
shareholders with an annual dividend that increases in line
with CPI inflation while preserving the capital value of its
investment portfolio in the long term on a real basis through
reinvestment of excess cash flow.
The Company provides investors with the opportunity
to participate directly in the ownership of UK wind farms,
so increasing the resources and capital dedicated to the
deployment of renewable energy and the reduction of
greenhouse gas emissions.
As an investment trust with no employees, the Board has
agreed that its culture and values should be aligned with
those of the Investment Manager and centred on long term
relationships with the Company’s key stakeholders and
sustainable investment as follows:
• Integrity is at the heart of every activity, with importance
being placed on transparency, trustworthiness and
dependability.
• The trust of stakeholders is very important to maintain
the Company’s reputation, particularly for execution
certainty for asset sellers and delivery of investment
promises to investors.
• Respect for differing opinions is to be shown across all
interaction and communication.
• Individual empowerment is sought with growth in
responsibility and autonomy being actively encouraged.
• Collaboration and effectively utilising the collective
skills of all participants is important to ensure ideas and
information are best shared.
The Board of Directors continually reviews the Company’s
purpose, values and strategy which promote the culture of
the Company and focus on long term relationships with the
Company’s key stakeholders and sustainable investment.
The Board believes it has a strong culture of collaboration
and inclusivity, which is reflected in the way in which
Board meetings are conducted. The Chairman promotes
and facilitates a strong culture of open debate on topics,
encouraging participation and input from all Directors,
the Investment Manager and other advisors and service
providers to ensure a wide exchange of views. The Board
annually considers the embedding of a collaborative and
inclusive culture as part of its performance review process.
The Board
As at the date of this report, the Board consists of 6
non-executive Directors and represents a range of
investment, financial and business skills and experience.
During the year, Taraneh Azad was appointed as a Director
with effect from 1February 2025.
The Chairman of the Board is Lucinda Riches. In considering
the independence of the Chairman, the Board took noteof
the provisions of the AIC Code relating to independence,
and has determined that Lucinda remains independent
as a non-executive Director with a clear division of
responsibilities from the Investment Manager. The Senior
Independent Director is Nick Winser. The Company, as an
Investment Trust, has no employees and therefore there is
no requirement for a chief executive.
The Articles of Association provide that Directors shall retire
and offer themselves for re-election at the first AGM after
their appointment and at least every 3 years thereafter.
However, the AIC Code requires that Directors be subject
to an annual election by shareholders, and the Directors
comply with this requirement. All of the Directors shall
offer themselves for re-election at the forthcoming AGM.
Having considered their effectiveness, demonstration of
commitment to the role, length of service, attendance at
meetings and contribution to the Board’s deliberations,
the Board approves the nomination for re-election of
theDirectors.
The Company’s view is that the continuity and experience of
its Board is important and that a suitable balance needs to
be struck with the need for independence and the refreshing
of the skills and expertise of the Board. The Company
believes that some limited flexibility in its approach to
Director rotation and Chair tenure will enable it to manage
succession planning more effectively, as set out below.
The terms and conditions of appointment of non-executive
Directors are available for inspection from the Company’s
registered office.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 51
Corporate Governance Report continued
Chair Tenure Policy
The Company’s policy on Chair tenure is available on the
Company website. The Company’s policy on Chair tenure
is that the Chairman should normally serve no longer than
9years as a Director and Chairman but, where it is in the best
interests of the Company, its shareholders and stakeholders,
the Chairman may serve for a limited time beyond that to
help the Company manage succession planning whilst at the
same time still address the need for regular refreshment and
diversity. In such circumstances the independence of the
other Directors will ensure that the Board as a whole remains
independent.
Diversity Policy
The Company’s policy on Board diversity is available on the
Company website and sets out the approach that will be
adopted to ensure that the Board remains appropriately
balanced, and relevant to the Company’s operations.
The composition of the Board is reviewed annually by
the Nomination Committee, including the balance of
skills, knowledge, experience and the diversity policy is
considered in conjunction with all Board appointments. The
Board’s composition is detailed within the Strategic Report
on pages 20 to 37.
Performance and Evaluation
Pursuant to Provision 26 of the AIC Code, the Board
undertakes a formal and rigorous review of its performance
each financial year. As a FTSE 250 company, in keeping
with the provisions of the AIC Code, it is the Company’s
policy that every 3years an external consultant, who has no
connection with the Company, carries out a formal review of
the Board’s performance. During the year, this formal review
was conducted by Condign Board Consulting Limited, who
were independent from the Board and each of its Directors.
This independent review, which included a review of the
Board’s culture, concluded that the Board and its committees
were committed and appropriately composed to promote
the success of the Company. A number of recommendations
were made, all of which were embraced by the Board, and
certain governance changes were implemented as a result
of this review.
An internal evaluation of the Board, the Audit Committee
and individual Directors will be conducted during 2026 in
the form of annual performance appraisals, questionnaires
and discussions to determine effectiveness and performance
in various areas, as well as the Directors’ continued
independence and tenure. This process will be facilitated by
the Company Secretary and the results of this review will be
reported in the next Annual Report.
Each individual Director’s training and development needs
are reviewed annually. All new Directors receive an induction
from the Investment Manager and Company Secretary, which
includes the provision of information about the Company, its
investment portfolio and their responsibilities.
In addition, site visits and specific Board training sessions
are arranged involving presentations on relevant topics on
a regular basis.
Board Responsibilities
The Board will meet, on average, 6 times in each calendar
year for scheduled Board meetings and on an ad-hoc
basis as and when necessary. At each meeting the Board
follows a formal agenda that will cover the business to be
discussed. Between meetings there is regular contact with
the Investment Manager and the Administrator. The Board
requires to be supplied with information by the Investment
Manager, the Administrator and other advisers in a form
appropriate to enable it to discharge its duties.
The Board has responsibility for ensuring that the Company
keeps proper accounting records which disclose with
reasonable accuracy at any time the financial position of the
Company and which enable it to ensure that the financial
statements comply with applicable regulation. It is the Board’s
responsibility to present a fair, balanced and understandable
Annual Report, which provides the information necessary
for shareholders to assess the performance, strategy and
business model of the Company. This responsibility extends
to the half year and other price sensitive public reports.
Audit Committee
The Company’s Audit Committee is chaired by Caoimhe
Giblin and consists of a minimum of 3 members. In
accordance with best practice, the Company’s Chairman is
not a member of the Audit Committee however she does
attend Audit Committee meetings as and when deemed
appropriate. The Audit Committee Report which is on
pages 56 to 59 of this report describes the work of the
Audit Committee.
Management Engagement Committee
The Company’s Management Engagement Committee
comprises all of the Directors and is required to meet at
least once per year. The Chairman of the Management
Engagement Committee is Lucinda Riches. The Management
Engagement Committee’s main function is to keep under
review the performance of the Investment Manager and
make recommendations on any proposed amendment to
the Investment Management Agreement.
The Management Engagement Committee met once during
the year.
Terms of reference for the Management Engagement
Committee have been approved by the Board and are
available on the Company’s website.
Section 2: Governance
52 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Corporate Governance Report continued
Nominations Committee
The Company’s Nominations Committee comprises all of
the Directors and is required to meet at least once per year.
The Chairman of the Nominations Committee is Lucinda
Riches. The Nominations Committee’s main function is
to plan for Board succession and to review annually the
structure, size and composition of the Board and make
recommendation to the Board with regard to any changes
that are deemed necessary. Terms of reference for the
Nominations Committee have been approved by the Board
and are available on the Company’s website.
The Nominations Committee met 2 times during the
year to consider Director remuneration and Board
successionplanning.
The Nominations Committee will continue to review
structure, size and composition of the Board and report
on succession planning annually to preserve continuity by
phasing the retirement of Directors approaching 9 years
ofservice.
Communications and Disclosure Committee
The Company has established a Communications and
Disclosure Committee which is required to meet at
least once a year. The committee has responsibility for,
amongst other things, determining on a timely basis the
disclosure treatment of material information, and assisting
in the design, implementation and periodic evaluation of
disclosure controls and procedures. The Committee also has
responsibility for the identification of inside information for
the purpose of maintaining the Company’s insider list.
Terms of reference for the Communications and Disclosure
Committee have been approved by the Board and are
available on the Company’s website. Membership consists
of the Chairman (or one other Director) and one of Matt
Ridley and Stephen Packwood. Additional members of
the Committee may be appointed and existing members
removed by the Committee. The membership of the
Committee is reviewed by the Board on a periodic basis and
at least once a year.
The AIC Code recommends that companies appoint a
Remuneration Committee, however the Board has not
deemed this necessary, as being wholly comprised of
non-executive Directors, the whole Board considers
thesematters.
Asset Operations Committee
The Board has established an Asset Operations Committee
on 5February 2026. Any member of the Board and certain
members of the asset management team of the Investment
Manager may attend the Committee. The Asset Operations
Committee main function is to oversee and review the
operational performances of the Group’s portfolio including
health and safety, asset performance and the progress of
key operational initiatives such as life extension, asset
optimisation and cyber security. Terms of reference for the
Asset Operations Committee have been approved by the
Board and are available on the Company’swebsite.
The Investment Manager
The Board has entered into the Investment Management
Agreement with the Investment Manager under which
the Investment Manager is responsible for developing
strategy and the day-to-day management of the Group’s
investment portfolio, in accordance with the Group’s
Investment Objective and Investment Policy, subject to the
overall supervision of the Board. A summary of the fees
paid to the Investment Manager are given in note3 to the
financialstatements.
The Investment Management Agreement may be terminated
with immediate effect and without compensation, by either
the Investment Manager or the Company if the other party
has gone into liquidation, administration or receivership
or has committed a material breach of the Investment
Management Agreement.
As of 1 January 2025, the terms of the Investment
Management Agreement were revised with the basis of the
fee calculation becoming the lower of market capitalisation
and NAV.
The Board, as a whole, reviewed the Company’s compliance
with the UK Corporate Governance Code, the UK Listing
Rules, the Disclosure Guidance and Transparency Rulesand
the AIC Code. In accordance with the UK Listing Rules,
the Directors confirm that the continued appointment of
the Investment Manager under the current terms of the
Investment Management Agreement is in the interests of
shareholders. The Board also reviewed the performance of
other service providers and examined the effectiveness of
the Company’s internal control systems during the year.
The Administrator and Company Secretary
Ocorian Administration (UK) Limited has acted as the
Company’s Administrator and Company Secretary since
December2012 and provides essential services to the Board,
ensuring that Board procedures are followed and that it
complies with the Law and applicable rules and regulations.
The Company Secretary facilitates sound information flows
to the Board for it to function effectively and efficiently to
support the decision making process and advises the Board
on updates to Listing and Transparency Rulerequirements
and on best practice corporate governance developments.
During 2025 the Company Secretary facilitated the induction
of a newly appointed Director and coordinated the external
effectiveness evaluation review of the Board in conjunction
with the Chairman and Condign Board Consulting Limited.
GREENCOAT
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Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 53
Corporate Governance Report continued
Board Meetings, Committee Meetings and Directors’
Attendance
The number of meetings of the full Board attended in the
year to 31 December 2025 by each Director is set out below:
Scheduled
Board Meetings
(Total of 6)
Additional
Board Meetings
(Total of 9)
Lucinda Riches C.B.E. 6 9
Caoimhe Giblin 6 9
Nick Winser C.B.E. 6 9
Jim Smith 6 8
Abigail Rotheroe 6 8
Taraneh Azad
(1)
5 8
(1)
Appointed with effect from 1 February 2025, at which point
1scheduled Board meeting and 1 additional Board meeting had
taken place.
The number of meetings of the committees of the Board
attended in the year to 31 December 2025 by each
committee member is set out below:
Audit
Committee
Meetings
(Total of 4)
Management
Engagement
Committee
Meetings
(Total of 1)
Nominations
Committee
Meetings
(Total of 2)
Lucinda Riches C.B.E. n/a 1 2
Caoimhe Giblin 4 1 2
Nick Winser C.B.E. 4 1 2
Jim Smith 4 1 2
Abigail Rotheroe 4 1 2
Taraneh Azad
(1)
3 1 2
(1)
Appointed to the Board with effect from 1 February 2025, at
which point 1 Audit Committee meeting, had taken place.
Internal Control
The Board is responsible for the Company’s system of
internal control and for reviewing its effectiveness. The
Board confirms that it has an ongoing process for identifying,
evaluating and managing the significant risks faced by the
Company. This process has been in place throughout the
year and has continued since the year end.
The Company’s principal risks and uncertainties are detailed
on page 21 of this report. As further explained in the Audit
Committee Report, the risks of the Company are outlined in a
risk matrix which was reviewed and updated during the year.
The Board continually reviews its policy setting and updates
the risk matrix at least annually to ensure that procedures
are in place with the intention of identifying, mitigating
and minimising the impact of risks should they crystallise.
The Board has a process in place to identify emerging risks,
such as climate related risks, and to determine whether any
actions are required. The Board relies on reports periodically
provided by the Investment Manager and the Administrator
regarding risks that the Company faces. When required,
experts are employed to gather information, including
tax and legal advisers. The Board also regularly monitors
the investment environment and the management of the
Company’s portfolio, and applies the principles detailed in
the internal control guidance issued by the FRC.
The Board holds an annual risk and strategy discussion,
which enables the Directors to consider risk outside the
scheduled quarterly Board meetings. This enables emerging
risks to be identified and discussions on horizon scanning
to occur, so the Board can consider how to manage and
potentially mitigate any relevant emerging risks.
The principal features of the internal controls systems which
the Investment Manager and Administrator have in place
in respect of the Group’s financial reporting are focused
around the 3 lines of defence model and include:
• internal review of all financial reports;
• review by the Board of financial information prior to
itspublication;
• authorisation limits over expenditure incurred by the
Group;
• review of valuations; and
• authorisation of investments.
The Board is aware that the implementation of Provision
34 of the AIC Code will be effective for accounting periods
beginning after 1January 2026. The Company has begun
preparatory work to align with the enhanced internal control
requirements set out in Provision 34 of the AIC Corporate
Governance Code 2024, including the development of a
Material Controls Register. The Board expects to report
formally against this provision in the next Annual Report.
Whistleblowing
The Board has considered the AIC Code recommendations
in respect of arrangements by which staff of the Investment
Manager or Administrator may, in confidence, raise concerns
within their respective organisations about possible
improprieties in matters of financial reporting or other
matters. It has concluded that adequate arrangements are in
place for the proportionate and independent investigation
of such matters and, where necessary, for appropriate
follow-up action to be taken within their organisation.
Consumer Duty
On 31 July 2023 the FCA introduced a new Principle for
Businesses (Principle 12) applicable to authorised firms in
the UK which carry on “retail market business” and who can
determine, or materially influence retail customer outcomes.
This new Principle 12 was accompanied by a package of
rules and guidance, which are collectively known as the
Consumer Duty.
Section 2: Governance
54 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Corporate Governance Report continued
Consumer Duty continued
The Company is not subject to the Consumer Duty as it
is not an FCA authorised firm. However, the Company is
aware that its shares may be held by or on behalf of retail
customers, and that other firms within the distribution
chain of its shares are within scope of the Consumer Duty
requirements. Accordingly, it is the Board’s intention that
the Company will respond to information and other requests
from UK authorised firms in the distribution chain of the
Company’s shares in such a way.
Amendment of Articles of Association
The Company’s Articles of Association may be amended
by the members of the Company by special resolution
(requiring a majority of at least 75per cent of the persons
voting on the relevant resolution).
Engagement with Stakeholders
The Company is committed to maintaining good
communications and building positive relationships with all
stakeholders, including shareholders, debt providers, analysts,
potential investors, suppliers and the wider communities
in which the Group and its investee companies operate.
This includes regular engagement with the Company’s
shareholders and other stakeholders by the Board, the
Investment Manager and the Administrator. Highlights of
some of the principal decisions that have been made in the
interests of stakeholders can be found within the section 172
statement as outlined on pages24 to 25. Regular feedback
is provided to the Board to ensure they understand the views
of stakeholders and a stakeholder matrix is reviewed at each
scheduled Board and Audit Committee meeting to record the
stakeholders considered for each item of business.
Relations with Shareholders
The Company welcomes the views of shareholders and
places great importance on communication with its
shareholders. The Investment Manager is available at all
reasonable times to meet with principal shareholders and
key sector analysts. The Chairman, the Senior Independent
Director and other Directors are also available to meet with
shareholders, if required.
All shareholders have the opportunity to put questions to
the Company at its registered address or via email. The AGM
of the Company also provides a forum for shareholders to
meet and discuss issues with the Directors and Investment
Manager. The Company issues regulatory announcements
via the London Stock Exchange in respect of routine
reporting obligations, periodic financial and portfolio
information updates and in response to other events.
The Board receives comprehensive shareholder reports from
the Company’s Registrar and regularly monitors the views of
shareholders and the shareholder profile of the Company.
The Board is also kept fully informed of all relevant market
commentary on the Company by the Investment Manager.
Humber Gateway
GREENCOAT
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Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 55
Corporate Governance Report continued
Engagement with Stakeholders continued
Relations with Other Stakeholders
The Company values its relationships with its lenders. The
Investment Manager ensures that the Company continues to
meet its debt covenants and reporting requirements.
The Investment Manager conducts presentations with
analysts and investors to coincide with the announcement
of the Company’s full and half year results, providing an
opportunity for discussions and queries on the Company’s
activities, performance and key metrics. In addition to
these semi-annual presentations, the Investment Manager
meets regularly with analysts and investors to provide
further updates with how the Company and the investment
portfolio are performing as well as discuss the Company’s
strategic prospects.
The Directors and Investment Manager receive informal
feedback from analysts and investors, which is presented to
the Board by the Company’s Joint Brokers. The Company
Secretary also receives informal feedback via queries
submitted through the Company’s website and these are
addressed by the Board, the Investment Manager or the
Company Secretary, where applicable.
The Company recognises that relationships with suppliers
are enhanced by prompt payment and the Company’s
Administrator ensures all payments are processed within the
contractual terms agreed with the individual suppliers.
The Company, via its Investment Manager, has long term and
important relationships with its operational site managers
and turbine operations and maintenance managers and
reviews performance, including health and safety, on a
monthly basis. Representatives of the site manager and
SPV board directors from the Investment Manager, visit
all operational sites on a regular basis and generally carry
out safety walks at least once a year on each site. The
non-executive Directors of the Board also visit sites from
time to time.
Similarly, environment protection issues are reported
on every month by the site managers and annual habitat
management plans are agreed by each SPV board for all
sites to ensure that the environment in and surrounding
each windfarm is carefully protected.
The Directors recognise that the long term success of the
Company is linked to the success of the communities in which
the Group, and its investee companies, operate. During the
year, a number of community projects were supported by
the Group’s investee companies.
Key decisions made or approved by the Directors during the
year and the impact of those decisions on the Company’s
members and wider stakeholders is disclosed further in the
Strategic Report on page24.
Shareholders may also find Company information or contact
the Company through its website.
On behalf of the Board
Lucinda Riches C.B.E.
Chairman of the Board
25 February 2026
Section 2: Governance
56 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Audit Committee Report
At the date of this report, the Audit Committee comprised
Caoimhe Giblin (Chairman), Nick Winser, Jim Smith, Abigail
Rotheroe and Taraneh Azad. The AIC Code has a requirement
that at least one member of the Audit Committee should
have recent and relevant financial experience and the Audit
Committee as a whole shall have competence relevant to
the sector. The Board is satisfied that the Audit Committee
is properly constituted in these respects. The qualifications
and experience of all Audit Committee members are
disclosed on pages 40 to 41 of this report.
The Audit Committee operates within clearly defined terms
of reference which were reviewed during the financial year
and approved by the Board, and include all matters indicated
by Disclosure Guidance and Transparency Rule7.1 and the
AIC Code and are available for inspection on the Company’s
website. The Company’s Annual Report complies with the
provisions of the Competition and Markets Authority’s
(CMA)Order.
Audit Committee meetings are scheduled at appropriate
times in the reporting and auditing cycle. The Chairman,
other Directors and third parties may be invited to attend
meetings as and when deemed appropriate.
Summary of the Role and Responsibilities of the
Audit Committee
The duties of the Audit Committee, amongst other things,
include reviewing the Company’s quarterly NAV, half year
report, Annual Report and financial statements and any
formal announcements relating to the Company’s financial
performance.
The Audit Committee is the forum through which the
external Auditor reports to the Board and is responsible for
reviewing the terms of appointment of the Auditor, together
with their remuneration. On an ongoing basis, the Audit
Committee is responsible for reviewing the objectivity of
the Auditor along with the effectiveness of the audit and the
terms under which the Auditor is engaged to perform non-
audit services (restricted to the limited scope review of the
half year report and reporting accountant services in relation
to equity raises). The Audit Committee is also responsible for
reviewing the Company’s corporate governance framework,
system of internal controls and risk management, ensuring
they are suitable for an investment company.
The Audit Committee reports its findings to the Board,
identifying any matters on which it considers that action or
improvement is needed, and makes recommendations on
the steps to be taken.
The Audit Committee annually reviews its obligations
and processes under the FRC’s Minimum Standard for
audit committees to ensure it remains compliant with the
requirements and responsibilities for the oversight of the
audit and where applicable any audit tender process.
Overview
During the year, the Audit Committee’s discussions have
been broad ranging. In addition to the 4 formally convened
Audit Committee meetings, the Audit Committee has had
regular contact and meetings with the Investment Manager,
the Administrator and the Auditor. These meetings and
discussions focused on, but were not limited to:
• a detailed analysis of the Company’s quarterly NAVs;
• reviewing the updated risk matrix of the Company and
assessing the Company’s risk management systems;
• reviewing the Company’s corporate governance
framework, including climate related reporting
disclosures under the TCFD framework;
• reviewing the internal controls framework for the
Company, the Administrator and the Investment
Manager, considering the need for a separate internal
audit function;
• considering any incidents of internal control failure or
fraud and the Company’s response;
• considering the ongoing assessment of the Company
as a going concern;
• considering the principal risks and period of assessment
for the longer term viability of the Company;
• monitoring the ongoing appropriateness of the
Company’s status as an investment entity under IFRS10,
in particular following an investment or divestment;
• monitoring compliance with AIFMD, the AIC code and
other regulatory and governance frameworks;
• reviewing and approving the audit plan in relation to
the audit of the Company’s Annual Report and financial
statements;
• monitoring the performance of the Auditor and
its engagement with the Investment Manager and
Administrator;
• monitoring compliance with the Company’s policy on
the provision of non-audit services by the Auditor;
• reviewing the effectiveness, resources, qualifications
and independence of the Auditor;
• reviewing the Company’s adherence to the
responsibilities within the FRC Audit Committees and
the External Audit:Minimum Standard; and
• reviewing the anti-money laundering procedures for
the Company, the Administrator and the Investment
Manager.
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Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 57
Audit Committee Report continued
Financial Reporting
The primary role of the Audit Committee in relation to
financial reporting is to review with the Investment Manager,
the Administrator and the Auditor the appropriateness of the
half year report and Annual Report and financial statements,
concentrating on, amongst other matters:
• the quality and acceptability of accounting policies
andpractices;
• the clarity of the disclosures and compliance with
financial reporting standards and relevant financial and
governance reporting requirements;
• amendments to legislation and corporate governance
reporting requirements and accounting treatment of
new transactions in the year;
• the impact of new and amended accounting standards
on the Company’s financial statements;
• whether the Audit Committee believes that proper
and appropriate processes and procedures have been
followed in the preparation of the half year report and
Annual Report and financial statements;
• considering and recommending to the Board for
approval the contents of the annual financial statements
and reviewing the Auditor’s report thereon including
considering whether the financial statements are
overall fair, balanced and understandable;
• material areas in which significant judgements have
been applied or there has been discussion with the
Auditor; and
• any correspondence from regulators in relation to the
Company’s financial reporting.
BDO LLP attended 2 of the 4 Audit Committee meetings
held during the year. The Audit Committee has also held
private meetings with the Auditor to provide additional
opportunities for open dialogue and feedback. Matters
typically discussed include the Auditor’s assessment of
the transparency and openness of interactions with the
Investment Manager and the Administrator, confirmation
that there has been no restriction in scope placed on
them, the independence of their audit and how they have
exercised professional scepticism.
Significant Issues
The Audit Committee discussed the planning, conduct and
conclusions of the external audit as it proceeded. At the
Audit Committee meeting in advance of the year end, the
Audit Committee discussed and approved the Auditor’s
audit plan. The Audit Committee identified the carrying
value of investments as a key area of risk of misstatement in
the Company’s financial statements.
Assessment of the Carrying Value of Investments
The Group has an accounting policy to designate investments
at fair value through profit or loss. Therefore, the most
significant risk in the Group’s financial statements is whether
its investments are fairly valued due to the subjectivity
and judgement involved in determining the investment
valuations. The Investment Manager is responsible for
calculating the NAV with the assistance of the Administrator,
prior to approval by the Board.
On a quarterly basis, the Investment Manager provides a
detailed analysis of the NAV highlighting any movements
and assumption changes from the previous quarter’s NAV.
The Investment Manager holds a NAV update call with the
Chairman of the Audit Committee on a quarterly basis to
review NAV performance, at which all Directors are invited
to attend. This analysis and the rationale for any changes
made is considered and challenged by the Audit Committee
and subsequently considered, challenged and approved by
the Board. There is a potential risk of management override
as the Company’s NAV is calculated by the Investment
Manager and it forms a basis of its fee calculation. However,
this risk has been reduced as the terms of the Investment
Management Agreement were amended such that the basis
of the investment management fee calculation will be the
lower of the Company’s market capitalisation and NAV, and
the Company share price has been trading below its NAV
per share consistently in recent years.
The Audit Committee has satisfied itself that the key
estimates and assumptions used in the valuation model are
appropriate and that the investments have been fairly valued.
The key estimates and assumptions include the useful life
of the assets, the discount rates, the rate of inflation, the
price at which the power and associated benefits can be
sold and the amount of electricity the assets are expected
to generate.
Internal Control
The Audit Committee has established a set of ongoing
processes designed to meet the particular needs of the
Company in managing the risks to which it is exposed.
The Investment Manager has identified the principal risks
to which the Company is exposed, and recorded them on a
risk matrix together with the controls employed to mitigate
these risks.
The Investment Manager also identifies emerging risks
and determines whether any actions are required. A
residual risk rating has been applied to each risk. The Audit
Committee is responsible for reviewing the risk matrix and
associated controls before recommending to the Board for
consideration and approval, challenging the Investment
Manager’s assumptions, to ensure a robust internal risk
management process.
Section 2: Governance
58 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Audit Committee Report continued
Internal Control continued
The Audit Committee considers risk and strategy regularly,
and formally reviewed the updated risk matrix in the first
quarter of 2025 and will continue to do so at least annually.
By their nature, these procedures provide a reasonable, but
not absolute, assurance against material misstatement or
loss. Regular reports are provided to the Audit Committee
highlighting material changes to risk ratings.
The Audit Committee reviewed the Group’s principal risks
and uncertainties as at 30June 2025 to determine that these
were unchanged from those disclosed in the Company’s
2024 Annual Report and remained the most likely to affect
the Group in the second half of the year.
During the year, the Audit Committee discussed and reviewed
in depth the internal controls frameworks in place at the
Investment Manager and the Administrator. Discussions were
centred around 3 lines of defence:assurances at operational
level; internal oversight; and independent objective
assurance. The Administrator holds the International
Standard on Assurance Engagements (ISAE) 3402 SOC
Type II certification. This entails an independent rigorous
examination and testing of their controls andprocesses.
The Audit Committee concluded that these frameworks were
appropriate for the identification, assessment, management
and monitoring of financial, regulatory and other risks, with
particular regard to the protection of the interests of the
Company’s shareholders.
Internal Audit
The Audit Committee continues to review the need for an
internal audit function and has decided that the systems,
processes and procedures employed by the Company,
Investment Manager and Administrator, including their
own internal controls and procedures, provide sufficient
assurance that an appropriate level of risk management
and internal control is maintained. Schrodersplc, the parent
company of the Investment Manager has an internal audit
function which is responsible for independently assessing
and validating the effectiveness of key controls undertaken
by the Investment Manager. The Company’s Administrator
and Company Secretary formally reports to the Board on
its internal control procedures and holds the International
Standard on Assurance Engagements (ISAE) 3402 SOC
Type II certification which entails an independent rigorous
examination and testing of its controls and processes. In
addition to this, the Company’s external Depositary provides
cash monitoring, asset verification and oversight services to
the Company.
The Audit Committee has therefore concluded that
shareholders’ investments and the Company’s assets are
adequately safeguarded and an internal audit function
specific to the Company is considered unnecessary.
The Audit Committee is available on request to meet
investors in relation to the Company’s financial reporting
and internal controls.
External Auditor
Effectiveness of the Audit Process
The Audit Committee assessed the effectiveness of the audit
process by considering BDO LLP’s fulfilment of the agreed
audit plan through the reporting presented to the Audit
Committee by BDO LLP and the discussions at the Audit
Committee meeting, which highlighted the major issues
that arose during the course of the audit. In addition, the
Audit Committee also sought feedback from the Investment
Manager and the Administrator on the effectiveness of the
audit process. For this financial year, the Audit Committee
was satisfied that there had been appropriate focus and
challenge on the primary areas of audit risk and assessed
the quality of the audit process to be good.
Non-Audit Services
The Audit Committee has a policy regarding the provision
of non audit services by the external Auditor. The Audit
Committee monitors the Group’s expenditure on non-audit
services provided by the Company’s Auditor who should
only be engaged for non-audit services where they are
deemed to be the most commercially viable supplier and
prior approval of the Audit Committee has been sought.
Details of fees paid to BDO LLP during the year are
disclosed in note 5 to the financial statements. The Audit
Committee approved these fees after a review of the level
and nature of work to be performed and are satisfied that
they are appropriate for the scope of the work required.
The Audit Committee seeks to ensure that any non-audit
services provided by the external Auditor do not conflict
with their statutory and regulatory responsibilities, as well as
their independence, before giving written approval prior to
their engagement. The Audit Committee was satisfied that
provision of these non-audit services did not cause threats
to the Auditor’s independence.
Independence
The Audit Committee is required to consider the
independence of the external Auditor. In fulfilling this
requirement, the Audit Committee has considered a report
from BDO LLP describing its arrangements to identify,
report and manage any conflict of interest and the extent of
non-audit services provided by them.
The Audit Committee has concluded that it considers
BDOLLP to be independent of the Company and that the
provision of the non-audit services described above is not a
threat to the objectivity and independence of the conduct
of the audit.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 59
Audit Committee Report continued
External Auditor continued
Re-appointment
BDO LLP has been the Company’s Auditor from its
incorporation on 4December 2012. The Auditor is required
to rotate the audit partner responsible for the Group audit
every 5 years. For the financial year ended 31 December
2025, a new lead partner was appointed and therefore the
lead partner will be required to rotate after the completion
of the 2029year end audit.
The external audit contract is required to be put to tender
at least every 10years. The Audit Committee last conducted
a formal and competitive external audit tender process in
2022 and resolved to reappoint BDOLLP as the Company’s
Auditor. The tender process adhered to the requirements of
the FRC’s Audit Committees and the External Audit:Minimum
Standard on audit tendering, being led by the Audit
Committee Chairman who had invited challenger audit firms
for consideration against a comprehensive selection criteria
and audit quality indicators published by the FRC.
As described above, the Audit Committee reviewed the
effectiveness and independence of the Auditor and remains
satisfied that the Auditor provides effective independent
challenge to the Board, the Investment Manager and the
Administrator. The Audit Committee will continue to monitor
the performance of the Auditor on an annual basis and will
consider their independence and objectivity, taking account
of appropriate guidelines.
During the year, the Audit Committee reviewed the 2025
Audit Quality Review results published by the FRC in respect
of the Auditor. It was noted that whilst the findings were not
directly applicable to the Company, it remained important to
monitor the performance of the Auditor on an annual basis
and ensure that appropriate quality controls were in place.
The Audit Committee has therefore recommended to the
Board that BDOLLP be proposed for re-appointment as the
Company’s Auditor at the Company’s 2026 AGM.
The Company has complied with The Statutory Audit
Services for Large Companies Market Investigation
(Mandatory Use of Competitive Tender Processes and Audit
Committee Responsibilities) Order 2014 for the year ended
31December 2025.
Caoimhe Giblin
Chairman of the Audit Committee
25 February 2026
London Array
60 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Independent Auditor’s Report
To the Members of Greencoat UK Wind PLC
Opinion on the financial statements
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s and Parent Company’s affairs as at
31December 2025 and of the Group’s loss for the year then ended and the Group’s and the Parent Company’s cash
flows for the year then ended;
• the Group financial Statements have been properly prepared in accordance with UK adopted international accounting
standards;
• the Parent Company financial statements have been properly prepared in accordance with UK adopted international
accounting standards and as applied in accordance with the provisions of the Companies Act2006; and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Greencoat UK WindPlc (the ‘ Parent Company’) and its subsidiaries (the ‘Group’)
for the year ended 31December 2025 which are comprised of the Consolidated Statement of Comprehensive Income, the
Consolidated Statement of Financial Position, the Statement of Financial Position – Company, the Consolidated and Company
Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Statement of Cash Flows – Company and
notesto the financial statements, including a summary of material accounting policies. The financial reporting framework that
has been applied in their preparation is applicable law and UK adopted international accounting standards and as regards the
Parent Company financial Statements, as applied in accordance with the provisions of the Companies Act2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion. Our audit opinion is consistent with the additional report to the audit committee.
Independence
Following the recommendation of the audit committee, we were appointed by the Board of Directors in the year of
incorporation to audit the financial statements for the year ended 31December 2013 and subsequent financial periods. The
period of total uninterrupted engagement including retenders and reappointments is 13years, covering the years ended
31December 2013 to 31December 2025. We remain independent of the Group and the Parent Company in accordance
with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical
Standard as applied to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with
these requirements. The non-audit services prohibited by that standard were not provided to the Group or Parent Company.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group and the
Parent Company’s ability to continue to adopt the going concern basis of accounting included :
• Agreeing the key inputs and assumptions relating to the long-term life of the assets and forecasted power prices
used within the valuation models to supporting documentation and our own understanding as part of our work over
investment valuation which has been covered in the Key Audit matter table below;
• Reviewing the future commitments of the Group and Parent Company and checking they have been appropriately
incorporated into the forecast;
• We have reviewed and challenged the inputs in the stress testing of reasonable and extreme downside scenarios and
cash flow forecasts prepared by the Directors and recalculated the Group and Parent Company’s liquidity position;
• We have reviewed the Group’s loan agreements, obtained the Director’s assessment of the risk relating to loans which
are expiring within the next 12 months and challenged the Director’s assessment of the ability to repay or refinance
theloans;
• We have checked the compliance with the bank covenants in place, based on the forecast, and considered the likelihood
of these being breached in the future via the stress tested scenarios previously mentioned; and
• We have reviewed the Board’s assessment of the possible results of the continuation vote by shareholders at the
forthcoming AGM and their expectation that shareholders will vote to continue the Group and Parent Company.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 61
Independent Auditor’s Report continued
Conclusions relating to going concern continued
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the Group and the Parent Company’s ability to continue as a going
concern for a period of at least twelve months from when the financial statements are authorised for issue.
In relation to the Parent Company’s reporting on how it has applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the
Directors considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant
sections of this report.
An overview of the scope of our Audit
Key audit matters
2025 2024
Valuation of Investments Yes Yes
Materiality Group financial statements as a whole
£57.6 million (2024: £51.1 million) based on 2 per cent (2024: 1.5 per cent) of net assets.
Specific Materiality
Materiality for items impacting on the realised return was £13.1 million (2024: £12.9 million)
based on 5 per cent (2024: 5 per cent) of profit before tax, excluding the unrealised
valuationmovements.
Scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, including the Group’s system
of internal control. On the basis of this, we identified and assessed the risks of material misstatement of the Group financial
statements including with respect to the consolidation process. We then applied professional judgement to focus our audit
procedures on the areas that posed the greatest risks to the group financial statements. We continually assessed risks
throughout our audit, revising the risks where necessary, with the aim of reducing the group risk of material misstatement to
an acceptable level, to provide a basis for our opinion.
As part of performing our Group audit, we have determined the Parent company and Greencoat UK Wind Holdco Limited
(Holdco) as components in scope for our audit considering the nature of group activities. We will perform procedures on the
entire financial information of these two components using component materiality through a combination of risk assessment
procedures and further audit procedures to obtain sufficient audit evidence. There were no other components in the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period and include the most significant assessed risks of material misstatement (whether or not
due to fraud) that we identified, including those which had the greatest effect on:the overall audit strategy, the allocation
of resources in the audit, and directing the efforts of the engagement team. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
62 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Independent Auditor’s Report continued
Key audit matters continued
Key audit matter How the scope of our audit addressed the key audit matter
Valuation of
investments
(Note 9 and
accounting policy
on pages83 to 85)
100 per cent of the underlying
investment portfolio is
represented by unquoted equity
and loan investments.
The valuation of the Investment
portfolio is calculated using
discounted cash flow models.
This is a highly subjective
accounting estimate where
there is an inherent risk of bias
arising from the investment
valuations being prepared by
the Investment Manager. While
the risk of management override
has been reduced as the terms
of the Investment Management
Agreement were amended such
that the basis of the investment
management fee calculation will
be the lower of the Company’s
market capitalisation and NAV,
there is nonetheless a continued
incentive to demonstrate strong
performance of the portfolio.
There is a fraud risk due to high
level of estimation uncertainty
regarding judgemental inputs
such as useful life power prices,
inflation, yield, discount rate,
involved in determining the
valuations of the unquoted
investments.
There is risk of error in the
model integrity, classification
of investments as loan vs
equity, calculation of unrealised
gains due to complexity in the
valuation models regarding
accuracy of contractual inputs.
There is a risk that the Investment
Manager does not accurately
consider the net assets of the
underlying portfolio companies
into the valuation process and
thereby resulting the valuation
to be inaccurate.
For these reasons and the
materiality of the balance
in relation to the financial
statements as a whole, we
consider this to be a key audit
matter.
In respect of the equity investments valued using discounted cash
flow models, we performed the following specific procedures over
100 per cent of the investments:
• Challenged the appropriateness of the selection and application
of key assumptions in the model including the asset life, level
of curtailment, discount rate, level of wind resource, rate of
inflation and power price forecasts by benchmarking to available
industry data and consulting with our internal valuation expert
on the above key assumptions.
• Agreed wind generation and power price forecasts to
independent reports prepared by third-party experts engaged
by management. We have assessed the independence,
objectivity and competence of the experts.
• For existing investments, we compared the assumptions used
in the current year to the prior year audited assumptions and
agreed significant changes in assumptions to independent
evidence including available industry data.
• Used spreadsheet analysis tools to assess the integrity of the
valuation models and track changes to inputs or structure from
the valuation model used in the prior year.
• Considered the accuracy of forecasting by comparing previous
forecasts to actual results and challenged the reasons for
significant variances and whether these have been adequately
factored into future modelling.
• We have reviewed the corporation tax workings within the
valuation model and considered whether these had been
calculated accurately in the context of current corporation
tax legislation and rates. This includes a consideration of the
electricity generator levy.
• Agreed cash or other net assets to investee company
management accounts or other supporting evidence.
• For each of the key assumptions in the valuation models, we
considered the appropriateness of the assumption and whether
alternative reasonable assumptions could have been applied.
We considered each assumption in isolation as well as in
conjunction with other assumptions and the valuation as a whole.
Where appropriate, we sensitised the valuations where other
reasonable alternative assumptions could have been applied.
We also considered the completeness and clarity of disclosures
regarding the range of reasonable alternative assumptions in
the financial statements.
For loan investments, including additions, we agreed them to loan
agreements and verified the relevant terms of the loan, we recalculated
the closing value of the loan and tested the movement in the loan
balance during the year.
Key observations:
Based on our procedures performed we did not identify any matters
to suggest the valuation of the investments was not appropriate.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 63
Independent Auditor’s Report continued
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements.
We consider materiality to be the magnitude by which misstatements, including omissions, could influence the economic
decisions of reasonable users that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower
materiality level, performance materiality, to determine the extent of testing needed. Importantly, misstatements below
these levels will not necessarily be evaluated as immaterial as we also take account of the nature of identified misstatements,
and the particular circumstances of their occurrence, when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and performance
materiality as follows:
Group financial statements Parent company financial statements
2025
£ million
2024
£ million
2025
£ million
2024
£ million
Materiality 57.6 million 51.1 million 54.7 million 51.1 million
Basis for determining
materiality
2 per cent (2024:1.5 per cent)
of Net assets
95 per cent (2024: 100 per cent)
of Group Materiality
Rationale for the
benchmark applied
Net assets are considered to be the
benchmark of most interest to the
users of the financial statements in
understanding the financial position of the
group as an investor in UK wind farms.
We have considered this appropriate to
increase based on a review of industry
benchmarks and the nature of the
investment portfolio.
To address the aggregation risk we have
restricted the materiality to 95 per cent
(2024: 100 per cent).
Performance materiality 43.2 million 38.3 million 41.0 million 38.3 million
Basis for determining
performance materiality
75 per cent of materiality
The level of performance materiality applied was set after having considered
a number of factors including the expected total value of known and likely
misstatements and the level of transactions in the year.
Rationale for the percentage
applied for performance
materiality
The level of performance materiality applied was set after having considered
a number of factors including the expected total value of known and likely
misstatements and the level of transactions in the year.
Specific materiality
We also determined that for those items impacting realised return, a misstatement of less than materiality for the financial
statements as a whole, specific materiality, could influence the economic decisions of users as it is a measure of the Groups
performance. As a result, we determined materiality for these items to be £13.1 million (2024:£12.9 million), based on 5 per
cent (2024:5 per cent) of profit before tax, excluding unrealised valuation movements of £455.5 million (2024:£315million
).
We further applied a performance materiality level of 75 per cent (2024: 75 per cent) of specific materiality of £9.8 million
(2024:£9.7 million) to ensure that the risk of errors exceeding specific materiality was appropriately mitigated.
Component performance materiality
We set materiality for each component of the Group based on a percentage of 95 per cent (2024:100 per cent) of Group
materiality dependent on our assessment of the risk of material misstatement of each component. In addition to the parent
company the other significant component in the group is Greencoat UK Wind Holdco Limited for which the materiality
was set at £54.7 million (2024:£51.1 million
). In the audit of each significant component, we further applied performance
materiality levels of 75 per cent (2024:75 per cent) of the component materiality to our testing to ensure that the risk of errors
exceeding component materiality was appropriately mitigated.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £2.8 million
(2024:£2.5million) and for those items impacting realised return before tax £650k (2024:£650k). We also agreed to report
differences below these thresholds that, in our view, warranted reporting on qualitative grounds.
64 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Independent Auditor’s Report continued
Other information
The directors are responsible for the other information. The other information comprises the information included in the
annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express
any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the
course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Corporate governance statement
The UKListing Rulesrequire us to review the Directors’ statement in relation to going concern, longer-term viability and that
part of the Corporate Governance Statement relating to the Parent Company’s compliance with the provisions of the UK
Corporate Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit.
Going concern and
longer-term viability
• The Directors’ statement with regards to the appropriateness of adopting the going
concern basis of accounting and any material uncertainties identified set out on
page23; and
• The Directors’ explanation as to their assessment of the Group’s prospects, the period
this assessment covers and why the period is appropriate set out on page23.
Other Code provisions
• Directors’ statement on fair, balanced and understandable set out on page44;
• Board’s confirmation that it has carried out a robust assessment of the emerging and
principal risks set out on page53;
• The section of the annual report that describes the review of effectiveness of risk
management and internal control systems set out on page53; and
• The section describing the work of the audit committee set out on pages56 to 59.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 65
Independent Auditor’s Report continued
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by the
Companies Act 2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the
financial year for which the financial statements are prepared is consistent with the
financial statements; and
• the Strategic Report and the Directors’ Report have been prepared in accordance
with applicable legal requirements.
In light of the knowledge and understanding of the Group and Parent Company and
its environment obtained in the course of the audit, we have not identified material
misstatements in the Strategic Report or the Directors’ Report.
Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been
properly prepared in accordance with the Companies Act 2006.
Matters on which we
arerequired to report
byexception
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns
adequate for our audit have not been received from branches not visited by us; or
• the Parent Company financial statements and the part of the Directors’ Remuneration
Report to be audited are not in agreement with the accounting records and returns;or
• certain disclosures of Directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
66 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Independent Auditor’s Report continued
Auditor’s responsibilities for the audit of the financial statements continued
Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Non-compliance with laws and regulations
We gained an understanding of the legal and regulatory framework applicable to the Group and the industry in which it
operates and considered the risk of acts by the Group and the Parent Company which were contrary to applicable laws and
regulations, including fraud.
We considered the significant laws and regulations to be compliance with Companies Act2006, the FCA listing and DTR rules,
the principles of the UK Corporate Governance Code, requirements of s.1158 of the Corporation Tax Act, and applicable
accounting standards.
Our procedures in response to the above included, but were not limited to:
• Assess design and implementation of the control environment in monitoring compliance with laws and regulations;
• Reperform the calculation in relation to Investment Trust compliance s1158 to check that the Parent company was
meeting its requirements to retain their Investment Trust Status;
• Agreement of the financial statement disclosures to underlying supporting documentation;
• Enquiries of management and those charged with governance regarding any instances of non-compliance with laws and
regulations; and
• Review of minutes of board meetings throughout the period regarding any instances of non-compliance with laws
andregulations.
Fraud
We assessed the susceptibility of the financial statement to material misstatement including fraud.
Our risk assessment procedures included:
• Enquiry with management, Audit committee and those charged with governance regarding any known or suspected
instances of fraud;
• Obtaining an understanding of the Group’s policies and procedures relating to:
• Detecting and responding to the risks of fraud; and
• Internal controls established to mitigate risks related to fraud.
• Review of minutes of meeting of those charged with governance for any known or suspected instances of fraud; and
• Discussion amongst the engagement team as to how and where fraud might occur in the financial statements.
Based on our risk assessment, we considered the areas most susceptible to fraud to be the valuation of investments, Revenue
Recognition and management override of controls.
Our procedures in response to the above included:
• The procedures set out in the Key Audit Matters section above;
• Reviewing unadjusted audit difference for indication of bias or deliberate misstatement;
• Testing all post year-end journals which have been posted after year-end but relate to the year-end values by agreeing
them to supporting evidence, and evaluating whether there was evidence of bias by the Investment Manager and
Directors that represented a risk of material misstatement due to fraud; and
• To address fraud risk around legality of dividends, for each of the dividends declared by the SPVs, we have checked if
the SPVs had sufficient distributable reserves before each of the dividends during the year were approved by the board.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 67
Independent Auditor’s Report continued
Auditor’s responsibilities for the audit of the financial statements continued
Fraud continued
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members,
who were deemed to have the appropriate competence and capabilities, and remained alert to any indications of fraud or
non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that
the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error,
as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are
inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is
from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter3 of Part16 of the
Companies Act2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those
matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the Parent Company and the Parent Company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
Elizabeth Hooper (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
London
25 February 2026
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Clyde
68 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Section 3: Financials
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 69
GREENCOAT
UK WIND
Section 3: Financials
Consolidated Statement of Comprehensive Income 70
Consolidated Statement of Financial Position 71
Statement of Financial Position – Company 72
Consolidated and Company Statement of Changes in Equity 73
Consolidated Statement of Cash Flows 74
Statement of Cash Flows – Company 75
Notes to the Consolidated Financial Statements 76-107
Section 3: Financials
70 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Consolidated Statement of Comprehensive Income
For the year ended 31December 2025
| For the year ended | For the year ended | ||
| 31December 2025 | 31December 2024 | ||
| Note | £’000 | £’000 | |
Investment income | 4 | ||
Movement in fair value of investments | 9 | ( | ( |
Other income | |||
Total income and movement in fair value of investments | ( | ||
Operating expenses | 5 | ( | ( |
Transaction costs | ( | ( | |
Operating (loss)/profit | ( | ||
Finance expense | 13 | ( | ( |
Net movement on interest rate swaps held at fair value | 14 | ( | |
Loss for the year before tax | ( | ( | |
Tax | 6 | ||
Loss for the year after tax | ( | ( | |
| Loss and total comprehensive expense attributable to: | |||
Equity holders of the Company | ( | ( | |
| Earnings per share | |||
Basic and diluted earnings from continuing operations in the year (pence) | 7 | ( | ( |
The accompanying notes on pages 76 to 107 form an integral part of the financial statements.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 71
Consolidated Statement of Financial Position
As at 31December 2025
| 31December 2025 | 31December 2024 | ||
| Note | £’000 | £’000 | |
| Non current assets | |||
Investments at fair value through profit or loss | 9 | ||
Interest rate swaps held at fair value through profit or loss | 14 | ||
| Current assets | |||
Receivables | 11 | ||
Cash at bank | |||
Interest rate swaps held at fair value through profit or loss | 14 | ||
| Current liabilities | |||
Payables | 12 | ( | ( |
Loans and borrowings | 13 | ( | |
Net current (liabilities)/assets | ( | ||
| Non current liabilities | |||
Loans and borrowings | 13 | ( | ( |
Interest rate swaps held at fair value through profit or loss | 14 | ( | ( |
Net assets | |||
| Capital and reserves | |||
Called up share capital | 16 | ||
Share premium | 16 | ||
Capital redemption reserve | 16 | ||
Treasury reserve | 16 | ( | ( |
Retained earnings | |||
Total shareholders’ funds | |||
Net assets per share (pence) | 17 |
Authorised for issue by the Board of Greencoat UK Wind PLC (registered number 08318092) on 25 February 2026 and signed
on its behalf by:
Lucinda Riches C.B.E. Caoimhe Giblin
Chairman Director
The accompanying notes on pages 76 to 107 form an integral part of the financial statements.
Section 3: Financials
72 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Statement of Financial Position – Company
As at 31December 2025
The accompanying notes on pages 76 to 107 form an integral part of the financial statements.
Note
31December 2025
£’000
31December 2024
£’000
Non current assets
Investments at fair value through profit or loss 9 4,596,979 5,177,725
4,596,979 5,177,725
Current assets
Receivables 11 18,904 13,521
Cash at bank 4,119 188
23,023 13,709
Current liabilities
Loans and borrowings 13 (200,000) –
Payables 12 (17,646) (22,330)
Net current liabilities (194,623) (8,621)
Non current liabilities
Loans and borrowings 13 (1,520,000) (1,760,000)
Net assets 2,882,356 3,409,104
Capital and reserves
Called up share capital 16 23,074 23,074
Share premium 16 2,471,981 2,471,821
Capital redemption reserve 16 113 113
Treasury reserve 16 (180,416) (73,172)
Retained earnings 567,604 987,268
Total shareholders’ funds 2,882,356 3,409,104
Net assets per share (pence) 17 133.5 151.2
The Company has taken advantage of the exemption under section 408 of the Companies Act 2006 and accordingly has not
presented a Statement of Comprehensive Income for the Company alone. The loss after tax of the Company alone for the
year was £192,617,000 (2024: loss after tax of £55,415,000).
Authorised for issue by the Board on 25 February 2026 and signed on its behalf by:
Lucinda Riches C.B.E. Caoimhe Giblin
Chairman Director
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 73
Consolidated and Company Statement of Changes in Equity
For the year ended 31December 2025
The accompanying notes on pages 76 to 107 form an integral part of the financial statements.
| Capital | |||||||
| Share | Share | redemption | Treasury | Retained | |||
| capital | premium | reserve | reserve | earnings | Total | ||
For the year ended 31December 2025 | Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Opening net assets attributable to shareholders (1 January 2025) | ( | ||||||
Share buybacks | 16 | ( | ( | ||||
Share buyback costs | ( | ( | |||||
Shares issued to the Investment Manager | 16 | ||||||
| Loss and total comprehensive expense | |||||||
for the year | ( | ( | |||||
Interim dividends paid in the year | 8 | ( | ( | ||||
Closing net assets attributable to shareholders | ( | ||||||
After taking account of cumulative unrealised losses of £ at 31 December 2025 were £ | Capital | ||||||
| Share | Share | redemption | Treasury | Retained | |||
| capital | premium | reserve | reserve | earnings | Total | ||
For the year ended 31December 2024 | Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Opening net assets attributable to shareholders (1 January 2024) | |||||||
Share buybacks | 16 | ( | ( | ( | ( | ||
Share buyback costs | ( | ( | ( | ||||
Shares issued to the Investment Manager | 16 | ||||||
| Loss and total comprehensive expense | |||||||
for the year | ( | ( | |||||
Interim dividends paid in the year | 8 | ( | ( | ||||
Closing net assets attributable to shareholders | ( |
After taking account of cumulative unrealised gains of £207,200,403 , the total reserves distributable by way of a dividend as
at 31 December 2024 were £780,067,479 .
Section 3: Financials
74 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Consolidated Statement of Cash Flows
For the year ended 31December 2025
The accompanying notes on pages 76 to 107 form an integral part of the financial statements.
Note
| For the year ended | For the year ended | ||
| 31December 2025 | 31December 2024 | ||
| £’000 | £’000 | ||
Net cash flows generated from operating activities | 18 | ||
| Cash flows from investing activities | |||
Acquisition of investments | 9 | ( | ( |
Disposal of investments | 9 | ||
Transaction costs | ( | ( | |
Repayment of shareholder loan investments | 9 | ||
Net cash flows generated from investing activities | |||
| Cash flows from financing activities | |||
Share buybacks | ( | ( | |
Share buyback costs | ( | ( | |
Amounts drawn down on loan facilities | 13 | ||
Amounts repaid on loan facilities | 13 | ( | ( |
Finance costs | ( | ( | |
Dividends paid | 8 | ( | ( |
Net cash flows used in financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents during the year | ( | ||
Cash at the beginning of the year | |||
Cash and cash equivalents at the end of the year |
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 75
Statement of Cash Flows – Company
For the year ended 31December 2025
The accompanying notes on pages 76 to 107 form an integral part of the financial statements.
Note
For the year ended
31December 2025
£’000
For the year ended
31December 2024
£’000
Net cash flows used in operating activities 18 (31,181) (1,847)
Cash flows from investing activities
Loans advanced to Group companies 9 (1,252) (17,061)
Repayment of loans from Group companies 9 515,546 482,467
Net cash flows generated from investing activities 514,294 465,406
Cash flows from financing activities
Share buybacks (108,417) (80,417)
Share buyback costs (713) (521)
Amounts drawn down on loan facilities 13 – 139,000
Amounts repaid on loan facilities 13 (40,000) (169,000)
Finance costs (103,005) (102,708)
Dividends paid 8 (227,047) (249,777)
Net cash flows used in financing activities (479,182) (463,423)
Net increase in cash during the year 3,931 136
Cash at the beginning of the year 188 52
Cash and cash equivalents at the end of the year 4,119 188
Section 3: Financials
76 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Notes to the Consolidated Financial Statements
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 77
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
78 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 79
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
80 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 81
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
Cash Fee | 21,343 | 29,543 |
Equity Element | 1,500 | 1,500 |
22,843 | 31,043 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
82 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
Dividends received (note 20) | 294,546 | 323,609 |
Interest on shareholder loan investment received (note 20) | 81,288 | 71,106 |
Other investment income (note 20) | 19,000 | – |
394,834 | 394,715 |
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
Management fees (note 3) | 22,843 | 31,043 |
Group and SPV administration fees | 1,450 | 1,330 |
Non-executive Directors’ fees | 467 | 415 |
Other expenses | 3,464 | 4,174 |
| Fees to the Group’s Auditor: | ||
for audit of the statutory financial statements | 286 | 273 |
for other audit related services | 5 | 5 |
28,515 | 37,240 |
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
UK Corporation Tax charge | – | – |
– | – |
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
Loss for the year before taxation | (192,617) | (55,415) |
Loss for the year multiplied by the standard rate of corporation tax of 25 per cent (2024: 25 per cent) | (48,154) | (13,854) |
Fair value movements (not subject to taxation) | 112,235 | 87,463 |
Dividends received (not subject to taxation) | (78,386) | (80,902) |
Expenditure not deductible for tax purposes | 182 | 422 |
Unrecognised deferred tax - interest restriction (1) | 7,078 | – |
Surrendering of tax losses to unconsolidated subsidiaries for nil consideration | 5,466 | 5,375 |
Other net tax adjustments | 1,579 | 1,496 |
Total tax charge | – | – |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 83
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
Loss attributable to equity holders of the Company – £’000 | (192,617) | (55,415) |
Weighted average number of ordinary shares in issue | 2,211,263,130 | 2,282,844,863 |
Basic and diluted (losses) from continuing operations in the year (pence) | (8.71) | (2.43) |
| Dividend | Total | |
| per share | dividend | |
| Interim dividends paid during the year ended 31 December 2025 | pence | £’000 |
With respect to the quarter ended 31 December 2024 | 2.50 | 56,173 |
With respect to the quarter ended 31 March 2025 | 2.59 | 57,781 |
With respect to the quarter ended 30 June 2025 | 2.59 | 57,111 |
With respect to the quarter ended 30 September 2025 | 2.59 | 55,982 |
227,047 |
| Dividend | Total | |
| per share | dividend | |
| pence | £’000 | |
With respect to the quarter ended 31 December 2025 | 2.59 | 55,908 |
| Dividend | Total | |
| per share | dividend | |
| Interim dividends paid during the year ended 31 December 2024 | pence | £’000 |
With respect to the quarter ended 31 December 2023 | 3.43 | 79,114 |
With respect to the quarter ended 31 March 2024 | 2.50 | 57,268 |
With respect to the quarter ended 30 June 2024 | 2.50 | 56,843 |
With respect to the quarter ended 30 September 2024 | 2.50 | 56,552 |
249,777 |
| 31 December | 31 December | |
| 2025 | 2024 | |
| Group | £’000 | £’000 |
Opening balance | 5,142,245 | 5,538,636 |
Additions | 176 | 14,553 |
Disposals | (102,628) | (41,276) |
Repayment of shareholder loan investments (note 20) | (9,198) | (28,439) |
Movement in fair value of investments | (445,609) | (341,229) |
4,584,986 | 5,142,245 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
84 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| 31 December | 31 December | |
| 2025 | 2024 | |
| Company | £’000 | £’000 |
Opening balance | 5,177,725 | 5,558,357 |
Loan advanced to Holdco (note 20) | 1,252 | 17,061 |
Repayment of loan to Holdco (note 20) | (515,546) | (482,467) |
Movement in fair value of investments | (66,452) | 84,774 |
4,596,979 | 5,177,725 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 85
| 31 December 2025 | ||||
| Change in | Change in | |||
| fair value of | NAV | |||
| Change | investments | per share | ||
Input | Base case | in input | £’000 | pence |
Discount rate | 11 per cent levered | + 0.5 per cent | (129,975) | (6.0) |
portfolio IRR | - 0.5 per cent | 137,172 | 6.4 | |
Long term inflation rate | RPI: 3.1 per cent (2026), | - 0.5 per cent | (119,475) | (5.5) |
| 3.2 per cent (2027), 3.5 per | + 0.5 per cent | 125,296 | 5.8 | |
| cent (2028-2030), then CPIH | ||||
| (2.75 per cent (2031 onwards)) | ||||
| CPI: 2.4 per cent | ||||
| (2026 & 2027), | ||||
| 2.5 per cent thereafter | ||||
Energy yield | P50 | 10 year P90 | (289,068) | (13.8) |
10 year P10 | 288,952 | 13.4 | ||
Power price | Forecast by leading | - 10 per cent | (298,828) | (13.8) |
consultant | + 10 per cent | 298,507 | 13.8 | |
Asset life | 30 years | - 5 years | (349,782) | (16.2) |
+ 5 years | 244,082 | 11.3 |
| 31 December 2024 | ||||
| Change in | Change in | |||
| fair value of | NAV | |||
| Change | investments | per share | ||
Input | Base case | in input | £’000 | pence |
Discount rate | 11 per cent levered | + 0.5 per cent | (149,622) | (6.6) |
portfolio IRR | - 0.5 per cent | 157,924 | 7.0 | |
Long term inflation rate | RPI: 3.5 per cent to 2030, | - 0.5 per cent | (149,036) | (6.6) |
2.5 per cent thereafter | + 0.5 per cent | 156,298 | 6.9 | |
| CPI: 2.5 per cent | ||||
Energy yield | P50 | 10 year P90 | (331,025) | (14.7) |
10 year P10 | 330,927 | 14.7 | ||
Power price | Forecast by leading | - 10 per cent | (324,541) | (14.4) |
consultant | + 10 per cent | 321,437 | 14.3 | |
Asset life | 30 years | - 5 years | (330,080) | (14.6) |
+ 5 years | 219,042 | 9.7 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
86 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| Ownership | Ownership | ||
| Interest as at | Interest as at | ||
Investment | Place of Business | 31 December 2025 | 31 December 2024 |
Bin Mountain | Northern Ireland (11) | 100% | 100% |
| Braes of Doune | Scotland (13) | 100% | 100% |
Breeze Bidco (1) | Scotland (12) | 100% | 100% |
| Brockaghboy | Northern Ireland (11) | 100% | 100% |
| Carcant | Scotland (13) | 100% | 100% |
| Church Hill | Northern Ireland (11) | 100% | 100% |
| Corriegarth | Scotland (13) | 100% | 100% |
| Cotton Farm | England (12) | 100% | 100% |
| Crighshane | Northern Ireland (11) | 100% | 100% |
| Earl’s Hall Farm | England (12) | 100% | 100% |
| Glen Kyllachy | Scotland (12) | 100% | 100% |
| Kildrummy | Scotland (12) | 100% | 100% |
| Langhope Rig | Scotland (12) | 100% | 100% |
| Maerdy | Wales (12) | 100% | 100% |
| North Hoyle | Wales (12) | 100% | 100% |
| Screggagh | Northern Ireland (11) | 100% | 100% |
| Slieve Divena | Northern Ireland (11) | 100% | 100% |
| Slieve Divena 2 | Northern Ireland (11) | 100% | 100% |
| South Kyle | Scotland (13) | 100% | 100% |
| Stroupster | Scotland (12) | 100% | 100% |
| Tappaghan | Northern Ireland (11) | 100% | 100% |
| Twentyshilling | Scotland (12) | 100% | 100% |
Walney Holdco (2) | England (12) | 100% | 100% |
| Beaufort | Scotland (12) | 100% | 100% |
Hornsea 1 Holdco (3) | England (14) | 84.4% | nil |
| Bicker Fen | England (12) | 80% | 80% |
Fenlands (4) | England (12) | 80% | 80% |
Humber Holdco (5) | England (12) | 77.2% | 77.2% |
Breeze Bidco (1) | Scotland (12) | 75.0% | 75% |
Dunmaglass Holdco (6) | Scotland (12) | 71.2% | 71.2% |
Stronelairg Holdco (7) | Scotland (12) | 71.2% | 71.2% |
| Andershaw | Scotland (12) | 67.3% | 100% |
| Bishopthorpe | England (12) | 67.3% | 100% |
| Kype Muir Extension | Scotland (12) | 65.5% | 65.5% |
Hoylake (8) | England (12) | 62.7% | 62.7% |
| Dalquhandy | Scotland (13) | 60% | 60% |
| Douglas West | Scotland (13) | 60% | 60% |
London Array (9) | England (12) | 54.9% | 54.9% |
| Drone Hill | Scotland (13) | 51.6% | 51.6% |
| North Rhins | Scotland (12) | 51.6% | 51.6% |
| Sixpenny Wood | England (12) | 51.6% | 51.6% |
| Yelvertoft | England (12) | 51.6% | 51.6% |
SYND Holdco (10) | UK (12) | 51.6% | 51.6% |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 87
| Ownership | Ownership | ||
| Interest as at | Interest as at | ||
Investment | Place of Business | 31 December 2025 | 31 December 2024 |
ML Wind (1) | England (2) | 49% | 49% |
Little Cheyne Court | England (2) | 41% | 41% |
Clyde | Scotland (3) | 28.2% | 28.2% |
Rhyl Flats | Wales (2) | 24.95% | 24.95% |
Hornsea 1 Holdco (5) | England (4) | 0% | 25.0% |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
88 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| Amount | |||||
Provider of security | Investment | Beneficiary | Nature | Purpose | £’000 |
The Company | Hornsea 1 | National Westminster | Letter of credit | Debt service – Senior DSRA | 58,600 |
| Bank | |||||
The Company | London Array | Orsted | Guarantee | Offtake guarantee | 52,500 |
The Company | London Array | Shareholders | Guarantee | JOA participants guarantee | 22,500 |
Holdco | Clyde | SSE | Counter-indemnity | Grid, radar, decommissioning | 21,771 |
The Company | Glen Kyllachy | RWE | Counter-indemnity | (Decommissioning/Grid/Farr wind | 12,238 |
| farm wake compensation) | |||||
The Company | North Hoyle | The Crown Estate | Guarantee | Decommissioning & rent | 11,843 |
| obligations | |||||
The Company | Burbo | Orsted | Counter-indemnity | Crown Estate Fees and NATS | 11,000 |
| Radar obligations | |||||
The Company | London Array Blue Transmission London | Guarantee | OFTO O&M obligations | 11,000 | |
| Array Limited | |||||
The Company | Twentyshilling | Whiteside Hill Wind Farm | Guarantee | Land – Access – Cabling | 10,000 |
The Company | Hornsea 1 | Orsted | Letter of credit | Lease obligations | 8,607 |
The Company | Hornsea 1 | National Westminster | Letter of credit | Debt service – Mezz DSRA | 6,400 |
| Bank | |||||
The Company | Dalquhandy | BT PLC | Guarantee | V-PPA PCG | 5,897 |
The Company | South Kyle | Land owner | Guarantee | Decommissioning obligations | 5,332 |
The Company | South Kyle | East Ayrshire Council | Counter-indemnity/ | Decommissioning obligations | 5,000 |
| Letter of credit | |||||
The Company | Humber | RWE | Guarantee | Radar | 4,900 |
The Company | South Kyle | FLS Scottish Ministers | Counter-indemnity/ | Decommissioning obligations | 4,327 |
| Letter of credit | |||||
The Company | South Kyle | Dumfries and Galloway | Counter-indemnity/ | Decommissioning obligations | 3,748 |
| Council | Letter of credit | ||||
The Company | Andershaw | Statkraft | Guarantee | Decommissioning obligations | 3,500 |
The Company | Rhyl Flats | The Crown Estate | Guarantee | Decommissioning obligations | 3,401 |
The Company | Twentyshilling | Dumfries and Galloway | Counter-indemnity/ | Decommissioning obligations | 3,347 |
| Council | Letter of Credit | ||||
The Company | Dalquhandy | South Lanarkshire Council | Counter-indemnity/ | Decommissioning obligations | 2,525 |
| Letter of credit | |||||
The Company | Dalquhandy | South Lanarkshire Council Counter – indemnity/ | Decommissioning obligations | 2,065 | |
| Letter of credit | |||||
The Company | Braes of Doune | Land owner | Guarantee | Decommissioning obligations | 2,000 |
The Company | Twentyshilling | Dumfries & Galloway | Counter-indemnity/ | Decommissioning Obligations | 1,807 |
| Council | Letter of credit | ||||
The Company | Twentyshilling | Ministry of Defence | Guarantee | Seismic Array Equipment | 1,800 |
The Company | Douglas West | Land owner | Guarantee | Decommissioning obligations | 1,678 |
The Company | Twentyshilling | NATS | Guarantee | Radar | 1,373 |
The Company | Nanclach | Land owners | Counter-indemnity/ | Decommissioning obligations | 1,348 |
| Limited | Letter of credit | ||||
The Company | Andershaw | NATS | Guarantee | Radar | 1,015 |
The Company | Windy Rig | NATS | Guarantee | Radar | 665 |
The Company | Windy Rig | National Grid | Counter-indemnity/ | Access rights, grid | 633 |
| Letter of credit | Decommissioning obligations | ||||
The Company | Stroupster | Land owners | Counter-indemnity/ | Decommissioning obligations | 338 |
| Unsecured guarantee | |||||
Holdco | Stronelairg | SSE | Guarantee | SPVs’ obligations under Elexon | 301 |
| and National Grid contracts | |||||
The Company | Hornsea 1 | National Westminster | Letter of credit | Debt service – MRA reserve | 300 |
| Bank | |||||
The Company | South Kyle | NATS | Guarantee | Radar | 298 |
The Company | Dalquhandy | NATS | Guarantee | Radar | 291 |
Holdco | Dunmaglass | SSE | Guarantee | SPVs’ obligations under Elexon | 201 |
| and National Grid contracts | |||||
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 89
| Amount | ||||||
Provider of security | Investment | Beneficiary | Nature | Purpose | £’000 | |
The Company | Cotton Farm | Land owner | Guarantee | Decommissioning obligations | 165 | |
The Company | Sixpenny Wood | Land owner | Guarantee | Community fund obligations | 150 | |
The Company | Twentyshilling | Land owner Counter – indemnity/ | Decommissioning obligations | 96 | ||
| Letter of credit | ||||||
The Company | Windy Rig | East Ayrshire Council | Guarantee | Land – Access | 94 | |
The Company | Yelvertoft | Daventry District Council | Guarantee | Decommissioning obligations | 82 | |
The Company | Langhope Rig | Barclays Bank Plc/Land | Counter-indemnity/ | Decommissioning obligations | 81 | |
| owner | Letter of credit | |||||
The Company | Maerdy | Natural Resources Wales | Guarantee | Access rights to neighbouring land | n/a | |
| 285,217 | ||||||
| 31 December 2025 | 31 December 2024 | |
| Group | £’000 | £’000 |
Security cash deposits | 18,728 | 13,340 |
Swap interest receivable from counterparties | – | 3,816 |
VAT receivable | 1,920 | 1,191 |
Prepayments | 175 | 180 |
Amounts due from SPVs | 229 | 10 |
21,052 | 18,537 |
| 31 December 2025 | 31 December 2024 | |
| Company | £’000 | £’000 |
Security cash deposits | 18,728 | 13,340 |
Prepayments | 176 | 181 |
18,904 | 13,521 |
| 31 December 2025 | 31 December 2024 | |
| Group | £’000 | £’000 |
Loan interest payable (note 13) | 12,574 | 13,957 |
Investment management fee payable (note 20) | 3,577 | 6,737 |
Amounts due to SPVs | 1,995 | 821 |
Share buybacks payable | 98 | 636 |
Transaction costs payable | 99 | 347 |
Share buyback costs payable | 4 | 13 |
Commitment fees payable | 45 | 12 |
Other payables | 1,387 | 1,167 |
19,779 | 23,690 |
| 31 December 2025 | 31 December 2024 | |
| Company | £’000 | £’000 |
Loan interest payable (note 13) | 12,574 | 13,957 |
Investment management fee payable | 3,577 | 6,737 |
Share buybacks payable | 98 | 636 |
Commitment fee payable | 45 | 12 |
Share buyback costs payable | 4 | 13 |
Transaction costs payable | – | 42 |
Other payables | 1,348 | 933 |
17,646 | 22,330 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
90 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| 31 December 2025 | 31 December 2024 | |
| Group and Company | £’000 | £’000 |
Opening balance | 1,760,000 | 1,790,000 |
| Revolving credit facility | ||
Drawdowns | – | 14,000 |
Derecognition of RCF on modification | – | (400,000) |
Recognition of RCF on modification | – | 400,000 |
Repayments | (40,000) | (144,000) |
| Term debt facilities | ||
Repayments | – | (25,000) |
Derecognition of term debt facilities on modification | – | (1,365,000) |
Drawdowns | – | 125,000 |
Recognition of term debt facilities on modification | – | 1,365,000 |
Closing balance | 1,720,000 | 1,760,000 |
| Reconciled as: | ||
Current liabilities | 200,000 | – |
Non current liabilities | 1,520,000 | 1,760,000 |
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| Group and Company | £’000 | £’000 |
Loan interest | 91,775 | 94,069 |
Facility arrangement fees | – | 7,725 |
Swap termination fees | – | 3,374 |
Commitment fees | 1,028 | 1,159 |
Letter of credit fees | 972 | 1,114 |
Professional fees | 35 | 1,216 |
Other facility fees | 200 | 188 |
94,010 | 108,845 | |
Loan income | – | (3,594) |
94,010 | 105,251 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 91
| Accrued interest at | ||||
| Loan margin | Loan Principal | 31 December 2025 (1)(3) | ||
Provider | Maturity date | % | £’000 | £’000 |
NAB | 01-Nov-26 | 1.50% | 75,000 | 645 |
NAB | 01-Nov-26 | 1.50% | 25,000 | 215 |
CIBC | 14-Nov-26 | 1.40% | 100,000 | 785 |
Lloyds | 09-May-27 | 1.60% | 150,000 | 22 |
CBA | 04-Nov-27 | 1.60% | 100,000 | 861 |
ABN AMRO | 02-May-28 | 1.75% | 100,000 | 30 |
Virgin Money | 03-May-28 | 1.75% | 50,000 | 8 |
ANZ | 03-May-28 | 1.75% | 75,000 | 23 |
Barclays | 03-May-28 | 1.75% | 25,000 | 4 |
NAB | 26-Sep-29 | 1.55% | 100,000 | 1,441 |
ANZ | 26-Sep-29 | 1.60% | 75,000 | 1,092 |
AXA | 31-Jan-30 | 3.03% (2) | 125,000 | 1,515 |
AXA | 31-Jan-30 | 1.70% | 75,000 | 1,778 |
CBA | 26-Sep-30 | 1.65% | 150,000 | 2,203 |
AXA | 28-Apr-31 | 6.434% (2) | 25,000 | 13 |
AXA | 28-Apr-31 | 1.80% | 115,000 | 52 |
AXA | 26-Sep-31 | 5.442% (2) | 25,000 | 358 |
CIBC | 26-Sep-31 | 1.75% | 100,000 | 1,495 |
1,490,000 | 12,540 |
| 31 December 2025 | 31 December 2024 | |
| Group | £’000 | £’000 |
Opening balance | (13,782) | – |
Fair value of interest rate swap liabilities on novation (1) | – | (21,932) |
Movement in fair value of interest rate swap liabilities | (878) | 8,150 |
Fair value of interest rate swap liabilities | (14,660) | (13,782) |
| Reconciled as: | ||
Current liabilities | – | – |
Non current liabilities | (14,660) | (13,782) |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
92 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| 31 December 2025 | 31 December 2024 | |
| Group | £’000 | £’000 |
Opening balance | 39,999 | – |
Fair value of interest rate swap assets on novation (1) | – | 28,462 |
Movement in fair value of interest rate swap assets | (23,467) | 11,537 |
Fair value of interest rate swap assets | 16,532 | 39,999 |
| Reconciled as: | ||
Current assets | 5,205 | – |
Non current assets | 11,327 | 39,999 |
Net movement on interest rate swaps | (24,345) | 26,217 |
| Capital | ||||||||
| Number of | Share | Share | redemption | Treasury | ||||
| Authorised, issued | shares | capital | premium | reserve | shares | Total | ||
| Date | and fully paid | issued | £’000 | £’000 | £’000 | £’000 | £’000 | |
1 January 2025 | 2,254,109,306 | 23,074 | 2,471,821 | 113 | (73,172) | 2,421,836 | ||
Share buybacks: | Repurchased and | |||||||
cancelled | – | – | – | – | – | – | ||
| Repurchased and | ||||||||
held in treasury | (95,357,224) | – | – | – | (108,584) | (108,584) | ||
Shares allotted from treasury to the Investment Manager | (95,357,224) | – | – | – | (108,584) | (108,584) | ||
13 February 2025 | Q1 2025 | Equity Element | 271,791 | – | 61 | – | 314 | 375 |
15 May 2025 | Q2 2025 | Equity Element | 250,081 | – | 52 | – | 323 | 375 |
11 August 2025 | Q3 2025 | Equity Element | 261,524 | – | 30 | – | 345 | 375 |
14 November 2025 | Q4 2025 | Equity Element | 266,613 | – | 17 | – | 358 | 375 |
1,050,009 | – | 160 | – | 1,340 | 1,500 | |||
31 December 2025 | 2,159,802,091 | 23,074 | 2,471,981 | 113 | (180,416) | 2,314,752 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 93
| Year to 31 December 2024 | ||||||||
| Capital | ||||||||
| Number of | Share | Share | redemption | Treasury | ||||
| Authorised, issued | shares | capital | premium | reserve | shares | Total | ||
| Date | and fully paid | issued | £’000 | £’000 | £’000 | £’000 | £’000 | |
1 January 2024 | 2,312,131,799 | 23,121 | 2,471,515 | 66 | – | 2,494,702 | ||
Share buybacks: | Repurchased and | |||||||
cancelled | (4,683,143) | (47) | – | 47 | – | – | ||
| Repurchased and | ||||||||
held in treasury | (54,504,369) | – | – | – | (74,741) | (74,741) | ||
Shares allotted from treasury to the Investment Manager | (59,187,512) | (47) | – | 47 | (74,741) | (74,741) | ||
7 May 2024 | True-up of 2023 and | |||||||
Q4 2023 | Equity | |||||||
Element | 230,238 | – | 58 | – | 317 | 375 | ||
7 May 2024 | Q1 2024 | Equity Element | 228,532 | – | 57 | – | 318 | 375 |
7 May 2024 | Q2 2024 | Equity Element | 234,415 | – | 59 | – | 316 | 375 |
31 July 2024 | Q3 2024 | Equity Element | 235,420 | – | 62 | – | 313 | 375 |
6 November 2024 | Q4 2024 | Equity Element | 236,414 | – | 70 | – | 305 | 375 |
1,165,019 | – | 306 | – | 1,569 | 1,875 | |||
31 December 2024 | 2,254,109,306 | 23,074 | 2,471,821 | 113 | (73,172) | 2,421,836 |
Group and Company | 31 December 2025 | 31 December 2024 |
Net assets – £’000 | 2,882,356 | 3,409,104 |
Number of ordinary shares issued | 2,159,802,091 | 2,254,109,306 |
Total net assets - pence | 133.5 | 151.2 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
94 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| Group | £’000 | £’000 |
Operating (loss)/profit for the year | (74,262) | 23,619 |
| Adjustments for: | ||
Movement in fair value of investments (note 9) | 445,609 | 341,229 |
Transaction costs | 369 | 807 |
(Increase)/decrease in receivables | (6,333) | 26,444 |
Decrease in payables | (1,485) | (2,588) |
Equity Element of Investment Manager’s fee (note 3) | 1,500 | 1,500 |
Net cash flows generated from operating activities | 365,398 | 391,011 |
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| Company | £’000 | £’000 |
Operating (loss)/profit for the year | (90,957) | 55,411 |
| Adjustments for: | ||
Movement in fair value of investments (note 9) | 66,452 | (84,774) |
(Increase)/decrease in receivables | (5,387) | 26,896 |
Decrease in payables | (2,789) | (880) |
Equity Element of Investment Manager’s fee (note 3) | 1,500 | 1,500 |
Net cash flows used in operating activities | (31,181) | (1,847) |
| Loans and | ||
| borrowings | Other liabilities | |
| Group and Company | £’000 | £’000 |
As at 1 January 2025 | 1,760,000 | 10,096 |
Cash flows (net) | (40,000) | (91,536) |
Movements in Statement of Comprehensive Income | – | 94,010 |
As at 31 December 2025 | 1,720,000 | 12,570 |
| Loans and | ||
| borrowings | Other liabilities | |
| Group and Company | £’000 | £’000 |
As at 1 January 2024 | 1,790,000 | 5,791 |
Cash flows (net) | (30,000) | (100,946) |
Movements in Statement of Comprehensive Income | – | 105,251 |
As at 31 December 2024 | 1,760,000 | 10,096 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 95
| Fixed rate | Floating rate | |
| Group | £’000 | £’000 |
| Assets | ||
Security cash deposits (note 11) | – | 18,728 |
Interest rate swaps held at fair value through profit or loss (note 14) | – | 16,532 |
Investments (note 9) | 1,313,117 | – |
1,313,117 | 35,260 | |
| Liabilities | ||
Loans and borrowings (note 13) | (1,375,000) | (345,000) |
Interest rate swaps held at fair value through profit or loss (note 14) | – | (14,660) |
(1,375,000) | (359,660) |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
96 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| Fixed rate | Floating rate | |
| Group | £’000 | £’000 |
| Assets | ||
Security cash deposits (note 11) | – | 13,340 |
Swap interest receivable from counterparties (note 11) | – | 3,816 |
Interest rate swaps held at fair value through profit or loss | – | 39,999 |
Investments | 1,437,029 | – |
1,437,029 | 57,155 | |
| Liabilities | ||
Loans and borrowings (note 13) | (1,375,000) | (385,000) |
Interest rate swaps held at fair value through profit or loss | – | (13,781) |
(1,375,000) | (398,781) |
| Fixed rate | Floating rate | |
| Company | £’000 | £’000 |
| Assets | ||
Security cash deposits (note 11) | – | 18,728 |
Other receivables (note 11) | – | – |
– | 18,728 | |
| Liabilities | ||
Loans and borrowings (note 13) | (1,375,000) | (345,000) |
(1,375,000) | (345,000) |
| Fixed rate | Floating rate | |
| Group and Company | £’000 | £’000 |
| Assets | ||
Security cash deposits (note 11) | – | 13,340 |
– | 13,340 | |
| Liabilities | ||
Loans and borrowings (note 13) | (1,375,000) | (385,000) |
(1,375,000) | (385,000) |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 97
| 31 December 2025 | 31 December 2024 | |
| Group | £’000 | £’000 |
Other receivables (note 11) | 1,920 | 1,191 |
Swap interest receivable from counterparties (note 11) | – | 3,816 |
Cash at bank | 14,225 | 5,795 |
Security cash deposits (note 11) | 18,728 | 13,340 |
Interest rate swaps held at fair value through profit or loss (note 14) | 1,872 | 26,217 |
Loan investments (note 9) | 1,313,117 | 1,437,029 |
1,349,862 | 1,487,388 |
| 31 December 2025 | 31 December 2024 | |
| Company | £’000 | £’000 |
Other receivables (note 11) | – | – |
Cash at bank | 4,119 | 188 |
Security cash deposits (note 11) | 18,728 | 13,340 |
Loan investments (note 9) | 1,716,403 | 2,230,698 |
1,739,250 | 2,244,226 |
| 31 December 2025 | 31 December 2024 | ||
Group | Rating | £’000 | £’000 |
RBS International | A | 14,225 | 5,795 |
14,225 | 5,795 |
| 31 December 2025 | 31 December 2024 | ||
Company | Rating | £’000 | £’000 |
RBS International | A | 4,119 | 188 |
4,119 | 188 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
98 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| Less than 1 year | 1 – 5 years | 5+ years | Total | |
| Group – 31 December 2025 | £’000 | £’000 | £’000 | £’000 |
| Assets | ||||
Other receivables (note 11) | 1,920 | – | – | 1,920 |
Cash at bank | 14,225 | – | – | 14,225 |
Security cash deposits (note 11) | 18,728 | – | – | 18,728 |
Loan investments | – | – | 1,313,117 | 1,313,117 |
| Swap interest receivable from counterparties | ||||
(note 11) | – | – | – | – |
| Interest rate swaps held at fair value through profit | ||||
or loss (note 14) | 8,818 | 7,904 | 29 | 16,751 |
| Liabilities | ||||
Other payables (note 12) | (19,779) | – | – | (19,779) |
Loans and borrowings | (287,845) | (1,428,605) | (272,613) | (1,989,063) |
| Interest rate swaps held at fair value through profit | ||||
or loss (note 14) | (5,753) | (9,367) | – | (15,120) |
(269,686) | (1,430,068) | 1,040,533 | (659,221) |
| Less than 1 year | 1 – 5 years | 5+ years | Total | |
| Group – 31 December 2024 | £’000 | £’000 | £’000 | £’000 |
| Assets | ||||
Other receivables (note 11) | 1,191 | – | – | 1,191 |
Cash at bank | 5,795 | – | – | 5,795 |
Security cash deposits (note 11) | 13,340 | – | – | 13,340 |
Loan Investments | – | – | 1,437,029 | 1,437,029 |
| Swap interest receivable from counterparties | ||||
(note 11) | 3,816 | – | – | 3.816 |
Interest rate swaps held at fair value through profit or loss (note 14) | – | 24,495 | 15,504 | 39,999 |
| Liabilities | ||||
Other payables (note 12) | (23,690) | – | – | (23,690) |
Loans and borrowings | (106,901) | (1,427,970) | (648,337) | (2,183,208) |
Interest rate swaps held at fair value through profit or loss (note 14) | – | (13,782) | – | (13,782) |
(106,449) | (1,417,257) | 804,196 | (719,510) |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 99
| Less than 1 year | 1 – 5 years | 5+ years | Total | |
| Company – 31 December 2025 | £’000 | £’000 | £’000 | £’000 |
| Assets | ||||
Cash at bank | 4,119 | – | – | 4,119 |
Security cash deposits (note 11) | 18,728 | – | – | 18,728 |
Loan investments | – | – | 1,716,403 | 1,716,403 |
| Liabilities | ||||
Other payables (note 12) | (17,646) | – | – | (17,646) |
Loans and borrowings | (287,845) | (1,428,605) | (272,613) | (1,989,063) |
(282,644) | (1,428,605) | 1,443,790 | (267,459) |
| Less than 1 year | 1 – 5 years | 5+ years | Total | |
| Company – 31 December 2024 | £’000 | £’000 | £’000 | £’000 |
| Assets | ||||
Cash at bank | 188 | – | – | 188 |
Security cash deposits (note 11) | 13,340 | – | – | 13,340 |
Loan investments | – | – | 2,230,698 | 2,230,698 |
| Liabilities | ||||
Other payables (note 12) | (22,330) | – | – | (22,330) |
Loans and borrowings | (106,901) | (1,427,970) | (648,337) | (2,183,208) |
(115,703) | (1,427,970) | 1,582,361 | 38,688 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
100 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 101
| For the year ended 31 December 2025 | |||
| Expenses paid | |||
| to the | Expenses paid | ||
| Income | Investment | to the | |
| received | Manager | Administrator | |
| £ | £ | £ | |
Andershaw, Bin Mountain, Bishopthorpe, Braes of Doune, Brockaghboy, Carcant, Church Hill, Cotton Farm, Corriegarth, Crighshane, Dalquhandy, Douglas West, Earl’s Hall Farm, Glen Kyllachy, Kildrummy, Langhope | |||
Rig, Maerdy, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, South Kyle Wind, Stroupster, Tappaghan, Tom Nan Clach, Twentyshilling, Windy Rig: | 1,667,242 | 833,621 | 833,621 |
| £60,674 income receivable per wind farm per annum | |||
| £30,337 expenses payable to the Investment Manager per wind farm | |||
| per annum | |||
| £30,337 expenses payable to the Administrator per wind farm per annum | |||
| Drone Hill, North Rhins, Sixpenny Wood, Yelvertoft: | |||
| £48,248 income receivable per wind farm per annum | |||
| £24,124 expenses payable to the Investment Manager per wind farm | 208,384 | 104,192 | 104,192 |
| per annum | |||
| £24,124 expenses payable to the Administrator per wind farm per annum | |||
| Dunmaglass Holdco, Stronelairg Holdco: | |||
| £9,140 income receivable per wind farm per annum | 18,279 | – | 18,279 |
| £nil expenses payable to the Investment Manager per wind farm per annum | |||
| £9,140 expenses payable to the Administrator per wind farm per annum | |||
| Bicker Fen, Fenlands: | |||
| £3,464 income receivable per wind farm per annum | |||
| £3,113, expenses payable to the Investment Manager per wind farm | 6,929 | 6,227 | 702 |
| per annum | |||
| £351 expenses payable to the Administrator per wind farm per annum | |||
| Walney Holdco: | |||
| £22,994 income receivable per annum | 22,994 | 11,497 | 11,497 |
| £11,497 expenses payable to the Investment Manager per annum | |||
| £11,497 expenses payable to the Administrator per annum | |||
| Humber Holdco: | |||
| £9,017 income receivable per annum | 9,017 | – | 9,017 |
| £nil expenses payable to the Investment Manager per annum | |||
| £9,017 expenses payable to the Administrator per annum | |||
| Burbo Bank Extension: | |||
| £11,497 income receivable per wind farm per annum | 11,497 | – | 11,497 |
| £nil expenses payable to the Investment Manager per wind farm per annum | |||
| £11,497 expenses payable to the Administrator per wind farm per annum | |||
| London Array Holdco: | |||
| £14,391 income receivable per wind farm per annum | 15,631 | – | 15,631 |
| £nil expenses payable to the Investment Manager per annum | |||
| £14,391 expenses payable to the Administrator per annum per annum | |||
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
102 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| For the year ended 31 December 2025 | |||
| Expenses paid | |||
| to the | Expenses paid | ||
| Income | Investment | to the | |
| received | Manager | Administrator | |
| £ | £ | £ | |
| London Array: | |||
| £20,787 income receivable per wind farm per annum | 20,787 | – | 20,787 |
| £nil expenses payable to the Investment Manager per annum | |||
| £20,787 expenses payable to the Administrator per annum | |||
SYND Holdco (1) : | |||
| £12,775 income receivable per wind farm per annum | 12,775 | – | 12,775 |
| £nil expenses payable to the Investment Manager per annum | |||
| £12,775 expenses payable to the Administrator per annum | |||
Breeze Bidco (1) : | |||
| £13,056 income receivable per wind farm per annum | 13,056 | – | 13,056 |
| £nil expenses payable to the Investment Manager per annum | |||
| £13,056 expenses payable to the Administrator per annum | |||
Hoylake Wind (1) : | |||
| £9,316 income receivable per wind farm per annum | 9,316 | – | 9,316 |
| £nil expenses payable to the Investment Manager per annum | |||
| £9,316 expenses payable to the Administrator per annum | |||
| Kype Muir Extension: | |||
| £63,252 income receivable per wind farm per annum | 78,870 | 39,435 | 39,435 |
| £31,626 expenses payable to the Investment Manager per annum | |||
| £31.626 expenses payable to the Administrator per annum | |||
Total | 2,094,777 | 994,972 | 1,099,805 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 103
| For the year ended 31 December 2024 | |||
| Expenses paid | |||
| to the | Expenses paid | ||
| Income | Investment | to the | |
| received | Manager | Administrator | |
| £ | £ | £ | |
Andershaw, Bin Mountain, Bishopthorpe, Brockaghboy, Carcant, Church Hill, Cotton Farm, Corriegarth, Crighshane, Dalquhandy, Douglas West, Earl’s | |||
Hall Farm, Glen Kyllachy, Kildrummy, Langhope Rig, Maerdy, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2, South Kyle Wind, Stroupster, Tappaghan, Tom Nan Clach, Twentyshilling, Windy Rig: | 1,539,044 | 769,531 | 769,531 |
| £59,194 income receivable per wind farm per annum | |||
| £29,597 expenses payable to the Investment Manager per wind farm | |||
| per annum | |||
| £29,597 expenses payable to the Administrator per wind farm per annum | |||
| Braes of Doune, Drone Hill, North Rhins, Sixpenny Wood, Yelvertoft: | |||
| £44,396 income receivable per wind farm per annum | |||
| £29,597 expenses payable to the Investment Manager per wind farm | 221,980 | 147,987 | 147,987 |
| per annum | |||
| £29,597 expenses payable to the Administrator per wind farm per annum | |||
| Dunmaglass Holdco, Stronelairg Holdco: | |||
| £8,917 income receivable per wind farm per annum | |||
| £nil expenses payable to the Investment Manager per wind farm per | 17,834 | – | 17,834 |
| annum | |||
| £8,917 expenses payable to the Administrator per wind farm per annum | |||
| Bicker Fen, Fenlands: | |||
| £3,356 income receivable per wind farm per annum | |||
| £3,380 expenses payable to the Investment Manager per wind farm | 6,712 | 6,760 | 682 |
| per annum | |||
| £341 expenses payable to the Administrator per wind farm per annum | |||
| Walney Holdco: | |||
| £22,434 income receivable per annum | 22,434 | 11,217 | 11,217 |
| £11,217 expenses payable to the Investment Manager per annum | |||
| £11,217 expenses payable to the Administrator per annum | |||
| Humber Holdco: | |||
| £8,798 income receivable per annum | 8,798 | – | 8,798 |
| £nil expenses payable to the Investment Manager per annum | |||
| £8,798 expenses payable to the Administrator per annum | |||
| Burbo Bank Extension: | |||
| £11,216 income receivable per wind farm per annum | |||
| £nil expenses payable to the Investment Manager per wind farm per | 11,216 | – | 11,216 |
| annum | |||
| £11,216 expenses payable to the Administrator per wind farm per annum | |||
| London Array Holdco: | |||
| £14,040 income receivable per wind farm per annum | 14,040 | – | 14,040 |
| £nil expenses payable to the Investment Manager per annum | |||
| £14,040 expenses payable to the Administrator per annum per annum | |||
| London Array: | |||
| £20,514 income receivable per wind farm per annum | 20,514 | – | 20,280 |
| £nil expenses payable to the Investment Manager per annum | |||
| £20,280 expenses payable to the Administrator per annum | |||
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
104 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
| For the year ended 31 December 2024 | |||
| Expenses paid | |||
| to the | Expenses paid | ||
| Income | Investment | to the | |
| received | Manager | Administrator | |
| £ | £ | £ | |
SYND Holdco (1) : | |||
| £12,463 income receivable per wind farm per annum | 12,463 | – | 12,463 |
| £nil expenses payable to the Investment Manager per annum | |||
| £12,436 expenses payable to the Administrator per annum | |||
Breeze Bidco (1) : | |||
| £12,738 income receivable per wind farm per annum | 12,738 | – | 12,738 |
| £nil expenses payable to the Investment Manager per annum | |||
| £12,738 expenses payable to the Administrator per annum | |||
Ho ylake Wind (1) : | |||
| £9,089 income receivable per wind farm per annum | 9,089 | – | 9,089 |
| £nil expenses payable to the Investment Manager per annum | |||
| £9,089 expenses payable to the Administrator per annum | |||
Total | 1,896,862 | 935,495 | 1,035,875 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 105
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
Humber Holdco (1) | 39,048 | 36,936 |
Clyde | 30,907 | 26,085 |
Greencoat London Array Holdco (2) | 26,261 | 31,549 |
Stronelairg Holdco (3) | 22,841 | 19,200 |
Corriegarth | 14,415 | 11,028 |
South Kyle | 14,368 | 7,850 |
Walney Holdco (4) | 13,053 | 22,146 |
North Hoyle | 10,253 | 12,077 |
Braes of Doune | 10,063 | 15,653 |
Brockaghboy | 8,385 | 10,639 |
ML Wind (5) | 8,036 | 6,713 |
Dunmaglass Holdco (6) | 6,598 | 4,080 |
Fenlands (7) | 6,072 | 6,800 |
Stroupster | 5,721 | 13,917 |
Rhyl Flats | 5,589 | 5,714 |
SYND Holdco (8) | 5,556 | 9,025 |
Tom nan Clach (9) | 3,685 | 3,260 |
Hoylake (10) | 3,679 | 3,921 |
Maerdy | 3,626 | 3,594 |
Little Cheyne Court | 3,608 | 4,633 |
Twentyshilling | 3,605 | 1,757 |
Andershaw | 3,585 | 6,650 |
Screggagh | 3,580 | 1,379 |
Windy Rig | 3,461 | 4,080 |
Langhope Rig | 3,446 | 3,879 |
Tappaghan | 3,335 | 5,233 |
Slieve Divena 2 | 3,190 | 3,001 |
Slieve Divena | 2,960 | 4,046 |
Cotton Farm | 2,917 | 4,543 |
Kildrummy | 2,634 | 4,237 |
Church Hill | 2,594 | 1,662 |
Hornsea 1 Holdco (11) | 2,171 | 4,264 |
Bicker Fen | 2,160 | 3184 |
Glen Kyllachy | 1,856 | 2,786 |
Dalquhandy | 1,762 | 1,107 |
Kype Muir Extension | 1,702 | 1,585 |
Crighshane | 1,548 | 3,684 |
Bishopthorpe | 1,543 | 3,757 |
Carcant | 1,310 | 1,446 |
Bin Mountain | 1,289 | 1,384 |
Earl’s Hall Farm | 1,182 | 2,578 |
Douglas West | 952 | 2,547 |
294,546 | 323,609 |
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
Section 3: Financials
106 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
South Kyle | 15,726 | 8,034 |
Hoylake (1) | 11,319 | 8,971 |
Walney Holdco (2) | 10,307 | 10,733 |
Greencoat London Array Holdco (3) | 8,304 | 9,233 |
Stronelairg Holdco (4) | 5,194 | 5,201 |
Glen Kyllachy | 4,662 | 696 |
Clyde | 4,303 | 4,291 |
Dunmaglass Holdco (5) | 3,538 | 3,350 |
Kype Muir Extension | 2,675 | 1,758 |
Corriegarth | 2,504 | 2,469 |
Windy Rig | 1,996 | 2,575 |
Tom nan Clach | 1,987 | 2,119 |
Twentyshilling | 1,767 | 2,395 |
Douglas West | 1,709 | 1,105 |
Dalquhandy | 1,382 | 2,971 |
Slieve Divena 2 | 1,100 | 1,220 |
Church Hill | 1,023 | 409 |
Andershaw | 899 | 1,794 |
Crighshane | 893 | 1,093 |
Hornsea 1 Holdco (6) | – | 689 |
81,288 | 71,106 |
| For the year ended | For the year ended | |
| 31 December 2025 | 31 December 2024 | |
| £’000 | £’000 | |
Beaufort (1) | 19,000 | – |
19,000 | – |
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 107
Notes to the Consolidated Financial Statements continued
For the year ended 31December 2025
| Accrued | |||||||||
| Loans at | Loan | Loans | Loan interest | Disposals | Loans at | interest at | |||
| 1 January | repayments | written off | capitalised in | made in | 31 December | 31 December | |||
2025 (1) | in the year | in the year | the year | the year 2025 | 2025 | Total | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
Andershaw | 29,156 | – | – | 203 | (9,585) | 19,774 | 504 | 20,278 | |
Church Hill | 12,428 | – | – | – | – | 12,428 | 63 | 12,491 | |
Clyde | 71,503 | – | – | – | – | 71,503 | 998 | 72,501 | |
Corriegarth | 41,509 | – | – | – | – | 41,509 | 103 | 41,612 | |
Crighshane | 18,182 | – | – | – | – | 18,182 | 198 | 18,380 | |
Dalquhandy (2) | 24,527 | – | (361) | – | – | 24,166 | 365 | 24,531 | |
Douglas West | 23,281 | – | – | – | – | 23,281 | 427 | 23,708 | |
Dunmaglass Holdco (3) | 56,864 | – | – | – | – | 56,864 | 794 | 57,658 | |
Glen Kyllachy | 46,630 | – | – | – | – | 46,630 | 237 | 46,867 | |
Hornsea 1 Holdco (4) | 100,465 | – | – | – | (100,465) (8) | – | – | – | |
Hoylake (5) | 175,795 | (2,395) | – | – | – | 173,400 | 285 | 173,685 | |
Kype Muir Extension | 30,159 | (1,583) | – | – | – | 28,576 | 490 | 29,066 | |
London Array (6) | 127,689 | – | – | – | – | 127,689 | 1,096 | 128,785 | |
Slieve Divena 2 | 20,025 | – | – | – | – | 20,025 | 102 | 20,127 | |
South Kyle | 206,791 | – | – | – | – | 206,791 | 1,054 | 207,845 | |
Stronelairg | 86,619 | – | – | – | – | 86,619 | 1,310 | 87,929 | |
Tom nan Clach | 60,604 | (5,220) | – | – | – | 55,384 | 150 | 55,534 | |
Twentyshilling | 32,190 | – | – | – | – | 32,190 | 164 | 32,354 | |
Walney Holdco (7) | 172,727 | – | – | – | – | 172,727 | 57 | 172,784 | |
Windy Rig | 36,772 | – | – | – | – | 36,772 | 210 | 36,982 | |
1,373,916 | (9,198) | (361) | 203 | (110,050) | 1,254,510 | 8,607 | 1,263,117 | ||
108 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Section 4: Other Information
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 109
GREENCOAT
UK WIND
Section 4: Other Information
Company Information 110
Supplementary Information 111
EU SFDR Disclosures 112-127
Defined Terms 128-130
Alternative Performance Measures 131-132
Cautionary Statement 133
Section 4: Other Information
110 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Company Information
(1)
Appointed to the Board with effect from 1 February 2025.
Directors (all non-executive)
Lucinda Riches C.B.E (Chairman)
Caoimhe Giblin
Nick Winser C.B.E.
Jim Smith
Abigail Rotheroe
Taraneh Azad
(1)
Investment Manager
Schroders Greencoat LLP
1 London Wall Place
London
EC2Y 5AU
Administrator and Company Secretary
Ocorian Administration (UK) Limited
Unit 4, The Legacy Building
Northern Ireland Science Park
Queen’s Road
Belfast
BT3 9DT
Depositary
Ocorian Depositary (UK) Limited
Unit 4, The Legacy Building
Northern Ireland Science Park
Queen’s Road
Belfast
BT3 9DT
Registrar
Computershare Limited
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
Registered Company Number
08318092
Registered Office
5th Floor
20 Fenchurch Street
London
EC3M 3BY
Registered Auditor
Joint Broker
RBC Capital Markets
100 Bishopsgate
London
EC2N 4AA
Joint Broker
Jefferies International Limited
100 Bishopsgate
London
EC2N 4JL
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 111
Supplementary Information (unaudited)
Under the Alternative Investment Fund Manager Regulations
2013 (as amended) the Company is a UK AIF and the
Investment Manager is a full scope UK AIFM.
Ocorian Depositary (UK) Limited provides depositary
services under the AIFMD.
The AIFMD outlines the required information which has to
be made available to investors prior to investing in an AIF
and directs that material changes to this information be
disclosed in the Annual Report of the AIF. There were no
material changes in the year.
All information required to be disclosed under the AIFMD
iseither disclosed in this Annual Report or is detailed within
a schedule of disclosures on the Company’s website at
www.greencoat-ukwind.com.
The Investment Manager covers the potential professional
liability risks resulting from its activities by holding
professional indemnity insurance in accordance with Article
9(7)(b) of AIFMD.
The Investment Manager is one of Europe’s leading
renewable investment managers, which employs over 130
professionals and has over £9.4 billion of assets under
management. The Investment Manager is 77 per cent owned
by Schroders Group PLC, founded over 200 years ago, and
managing over £820 billion of assets (as of 31 December
2025) with over 5,500 staff globally.
The information in this paragraph relates to the Investment
Manager, the AIFM, and its subsidiary company providing
services to the AIFM and it does not relate to the Company.
The total amount of remuneration paid by the Investment
Manager, in its capacity as AIFM, to its 120 staff for the
financial year ending 31 December 2025 was £29.7 million,
consisting of £21.5 million fixed and £8.2 million variable
remuneration. The aggregate amount of remuneration for
the 12 staff members of the Investment Manager constituting
senior management and those staff whose actions have a
material impact on the risk profile of the Company was £2.9
million. These figures relate to the Investment Manager’s
entire AIFM business and not to the Company.
Section 4: Other Information
112 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
EU SFDR Disclosures (unaudited)
Annex V
Template periodic disclosure for the financial products referred to in
Article9, paragraphs 1 to 4a, of Regulation (EU) 2019/2088 and Article5,
first paragraph, of Regulation (EU) 2020/852
Product name: Greencoat UK Wind PLC (the “Company”)
Legal entity identifier:
213800ZPBBK8H51RX165
Sustainable investment objective
Did this financial product have a sustainable investment objective? (tick and
fill in as relevant, the percentage figure represents the minimum commitment to
sustainableinvestments)
l l
3
YES
3
It made sustainable investments with an
environmental objective: 99.5%
3
in economic activities that qualify as
environmentally sustainable under the
EU Taxonomy
in economic activities that do not
qualify as environmentally sustainable
under the EU Taxonomy
l l
NO
It promoted Environmental/Social (E/S)
characteristics and while it did not have
as its objective a sustainable investment,
it had a proportion of ___%of sustainable
investments
with an environmental objective in
economic activities that qualify as
environmentally sustainable under
the EU Taxonomy
with an environmental objective in
economic activities that do not qualify
as environmentally sustainable under
the EU Taxonomy
with a social objective
It made sustainable investments with a
social objective: ___%
It promoted E/S characteristics, but did not
make any sustainable investments
To what extent was the sustainable investment objective of this financial product met?
The Company invests in operating UK wind farms, supporting the transition to Net Zero. The
Company’s aim is to provide investors with an annual dividend per Ordinary Share that increases in
line with CPI inflation while preserving the capital value of its investment portfolio on a real basis
over the long term, through reinvestment of excess cashflow.
The Company has sustainable investment as its objective within the meaning of Article9 SFDR.
More specifically, the Company aims to contribute to the environmental objective of climate change
mitigation on the basis of the activities of the assets targeted and operated by the Company, which
are wind power generation assets that help to facilitate the transition to a low-carbon economy.
The Company does not have a carbon reduction objective and has not designated a reference
benchmark for the purpose of attaining the sustainable investment objective.
As at 31December 2025, the Company’s portfolio comprises interests in 49 operating wind farms
totalling 1,942MW of capacity.
Sustainable investment
means an investment
in an economic activity
that contributes to an
environmental or social
objective, provided
that the investment
does not significantly
harm any environmental
or social objective
and that the investee
companies follow good
governancepractices.
The EU Taxonomy is a
classification system laid
down in Regulation (EU)
2020/852 establishing a
list of environmentally
sustainable economic
activities. That
Regulation does not lay
down a list of socially
sustainable economic
activities. Sustainable
investments with an
environmental objective
might be aligned with
the Taxonomy or not.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 113
EU SFDR Disclosures (unaudited) continued
These sustainable investments contribute to the Company’s sustainable investment objective as
the electricity generated from wind farms can be used in place of non-renewable energy sources,
thereby helping to stabilise greenhouse gas concentrations in the atmosphere and contributing
to climate change mitigation. These investments are considered environmentally sustainable in
accordance with the technical screening criteria of the EU Taxonomy relating to the environmental
objective of climate change mitigation and electricity generation from wind power.
l
How did the sustainability indicators perform?
The sustainability indicators used to measure attainment of the sustainable investment
objective of the Company performed as follows in the reporting period:
• Renewable energy generated: 5,403GWh
• Greenhouse gas emissions
(1)
avoided: 2.2 million tonnes CO
2
e
• Equivalent number of homes powered
(2)
: 2.0million
l
…and compared to previous periods?
Sustainability Indicator 2025 2024
Renewable electricity generated (GWh) 5,403 5,484
Greenhouse gas emissions avoided (tCO
2
) 2.2 million 2.2 million
Equivalent number of homes powered 2.0 million 2.0 million
l
How did the sustainable investments not cause significant harm to any sustainable
investment objective?
The Investment Manager has sought to ensure that the Company’s sustainable investments
cause no significant harm to any sustainable investment objective by predominately investing
in operating wind farms and by actively engaging and managing sustainability risks and
opportunities for the Company and its investments prior to investment and on an ongoing
basis once an investment has been made.
Prior to each investment, the Investment Manager’s Investment Committee, consider the
Company’s investment policy, investment restrictions and the Company’s ESG Policy (a
copy of which can be found on the Company’s website, as well as the sustainability risks and
opportunities identified during due diligence (including by means of an ESG checklist).
Each investment made is held through SPVs and the Investment Manager has appointed
senior representatives to each of the boards of those SPVs to oversee all major strategic and
operational decisions.
Sustainability risks and opportunities have been fully embedded into the risk management
framework at both Company and asset SPV level. A risk matrix has been set up for each new
SPV, which includes sustainability risks, and assesses risks (in respect of the likelihood of its
occurrence and the impact of its occurrence) on a numerical scale.
Ongoing sustainability risks for the portfolio were monitored, managed and reported on by
the Investment Manager to the Company’s Board of Directors which has overall responsibility
for the activities of the Company and its investments.
Principal adverse
impacts are the
most significant
negative impacts of
investment decisions
on sustainability
factors relating to
environmental, social
and employee matters,
respect for human
rights, anti-corruption
and anti-bribery matters.
(1)
The portfolio’s annual CO
2
emissions avoided through the displacement of thermal generation, based on the
portfolio’s generation as at 31st December 2025. The Group assumes that wind generation replaces CCGT
in the UK and applies a carbon factor of 0.4tCO
2
/MWh (OFGEM).
(2)
Calculated based on average household consumption estimates. In the UK, this was 2.7MWh/annum
(OFGEM).
Sustainability indicators
measure how the
sustainable objectives
ofthis financial product
are attained.
Section 4: Other Information
114 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
EU SFDR Disclosures (unaudited) continued
During 2025, there were no reportable environmental incidents across the portfolio. With
regards to health and safety, the number of working days lost due to injuries, accidents,
fatalities, or illness fell to 267 days, arising from 4 reportable lost-time incidents. The figure
remains elevated due to the prolonged sick leave associated with two of these incidents.
Continued focus on preventative actions and learning across the portfolio remains a priority
(3)
.
The Investment Manager also places great importance on managing health and safety risks
including regular training for asset managers and O&M partners teams to promote a culture
of reporting to improve awareness and openness on the management of health and safety at
sites. The Investment Manager will continue to monitor health and safety performance of all
sites closely, in line with its ESG Policy commitments.
In addition, the Company complied with the principles of good governance contained in the
AIC Code, which ensures the Company is in accordance with the requirements of the UK
Corporate Governance Code and provides a framework of best practice for listed investment
companies.
l
How were the indicators for adverse impacts on sustainability factors taken into account?
The Investment Manager considers the Principal Adverse Impacts (“PAIs”) of its investment
decisions relating to the Company on sustainability factors and this informs its approach to
long term investment stewardship and stakeholder engagement.
As the Company predominantly targets investments in operating UK wind farms, the PAIs that
are most relevant to the Company include (but are not limited to):
• Greenhouse gas emissions (Table 1 RTS: PAIs 1-6); and
• Number of workdays lost to injuries, accidents, or illness (Table 3 RTS: PAI 3)
The Investment Manager sought to mitigate the impact of the PAIs and other indicators
considered in relation to the Company firstly by implementing the Company’s ESG Policy,
which has been developed in line with the Investment Manager’s own ESG Policy. This sets
guidance and principles for integrating sustainability across the Company’s business and looks
to establish best practice in climate related risk management, reporting and transparency.
It outlines areas of focus for wind power generation assets including management of
environmental performance, workplace standards, health and safety practices, governance
(including compliance with applicable laws and regulations) and local community engagements.
It also includes a list of key performance indicators that are monitored and reported on
(as appropriate). Sustainability factors were considered prior to investment as part of early
stage screening, detailed due diligence and the Investment Committee’s decision making,
and are managed post acquisition in accordance with the Investment Manager’s wider asset
management practices.
A statement on principal adverse impacts on sustainability factors (the “PAI Statement”),
including the list of PAI indicators and associated metrics considered in relation to the
Company, can be found on the Company’s website.
The Investment Manager considers the impacts reported within the PAI Statement do not
constitute significant harm to any sustainable investment objective, as further described in the
PAI Statement.
(3)
Note that the workdays lost figure reported here (267) reflects all workdays lost associated with portfolio
assets. This differs from the figure reported in the Table 3 RTS, PAI 3 (159) which, under the SFDR methodology,
is expressed as a “weighted average” thereby applying the Company ownership to workdays lost.
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 115
l Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights?
Details:
Yes – the Investment Manager believes that the Company’s sustainable investments were
aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles
on Business and Human Rights (the “Minimum Safeguards”).
During 2025, the Investment Manager conducted initial due diligence (for new investments) and
ongoing monitoring (for existing investments) of the SPVs in which the underlying wind assets are
held to ensure their alignment with the Minimum Safeguards.
Further, the Investment Manager ensured that the key service providers involved in the
operations, maintenance and management of the SPVs that are acquired by the Group comply
with all applicable laws, rules, regulations and overarching principles in the countries where
they operate. This covers anti bribery and corruption, financial crime, data protection and
employment and health and safety laws (including those relating to human rights, human
trafficking, modern slavery, and public safety). This was achieved, where possible, through the
application of the Investment Manager’s ‘Code of Conduct’ Side Letter, which was updated
in 2024 and reviewed in 2025 to ensure Minimum Safeguards were fully incorporated, or
otherwise provided for in the key service provider contracts, and monitoring by the Investment
Manager’s risk function.
There has been no material change to any existing service providers, or any reports by the
SPVs of any misalignment to the Minimum Safeguards.
For more information on how the sustainable investment objective of this financial product
was met, please refer to the Company’s ESG Report which can be found on the Company’s
website.
How did this financial product consider principal adverse impacts on sustainability
factors?
See the response to the question above “How were the indicators for adverse impacts on
sustainability factors taken into account.”
What were the top investments of this financial product?
Largest investments Sector % Assets Country
Hornsea 1 Wind 15% UK
Humber Gateway Wind 9% UK
London Array Wind 8% UK
South Kyle Wind 8% UK
Clyde Wind 7% UK
Walney Wind 7% UK
Stronelairg Wind 6% UK
Corriegarth Wind 4% UK
Brockaghboy Wind 3% UK
Burbo Bank Extension Wind 3% UK
What was the proportion of sustainability-related investments?
l What was the asset allocation?
Investments
#1 Sustainable
99%
Environmental
99%
Taxonomy-
aligned (99%)
#2 Not
sustainable 1%
The list includes the
investments constituting
the greatest proportion
of investments of the
financial product during
the reference period:
Asset allocation
describes the share of
investments in specific
assets.
#1 Sustainable
covers sustainable
investments with
environmental or
social objectives.
#2 Not sustainable
includes investments
which do not qualify
as sustainable
investments.
EU SFDR Disclosures (unaudited) continued
Section 4: Other Information
116 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
l In which economic sectors were the investments made?
All of the Company’s investments are in the economic sector “electricity generation from wind
power” (activity 4.3 of the Climate Change Mitigation Technical Screening Criteria).
To what extent were sustainable investments with an environmental objective
aligned with the EU Taxonomy?
l Did the financial product invest in fossil gas and/or nuclear energy related activities
complying with the EU Taxonomy
(4)
?
The Company did not make any investments in fossil gas or nuclear energy activities. In line
with its Investment Policy, the Company will only invest in UK wind farms.
The graphs below show in green the percentage of investments that were aligned with the
EU Taxonomy. As there is no appropriate methodology to determine the taxonomy alignment
of sovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the
investments of the financial product including sovereign bonds, while the second graph shows
the Taxonomy alignment only in relation to the investments of the financial product other than
sovereign bonds.
1. Taxonomy-alignment of investments 2. Taxonomy-alignment of investments
including sovereign bonds* excluding sovereign bonds*
Turnover
CapEx
OpEx
Taxonomy aligned investments
Other investments
0% 20% 40% 60% 80% 100%
100%
100%
100%
Turnover
CapEx
OpEx
Taxonomy aligned investments
Other investments
0% 20% 40% 60% 80% 100%
100%
100%
100%
*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures.
l What was the share of investments made in transitional and enabling activities?
All activities of the Company are low carbon activities so the share of investments in transitional
and enabling activities is zero.
l
How did the percentage of investments aligned with the EU Taxonomy compare with
previous reference periods?
The percentage of investments aligned with the EU Taxonomy remained at 100 per cent. The
Company only invests in wind assets and has policies in place to prevent significant harm and
to ensure Minimum Safeguards, so this is not expected to change.
Taxonomy-aligned
activities are expressed
as a share of:
• turnover reflecting
the share of
revenue from green
activities of investee
companies.
• capital expenditure
(CapEx) showing the
green investments
made by investee
companies, e.g. for a
transition to a green
economy.
• operational
expenditure
(OpEx) reflecting
green operational
activities of investee
companies.
EU SFDR Disclosures (unaudited) continued
(4)
Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they contribute
to limiting climate change (“climate change mitigation”) and do no significant harm to any EU Taxonomy
objective – see explanatory note in the left hand margin. The full criteria for fossil gas and nuclear energy
economic activities that comply with the EU Taxonomy are laid down in the Commission Delegated Regulation
(EU) 2024/1214
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 117
What was the share of sustainable investments with an environmental objective that
were not aligned with the EU Taxonomy
There was no share of sustainable investments with an environmental objective that were not
aligned with the EU Taxonomy. 100 per cent of the Company’s sustainable investments are in wind
generation assets which are considered aligned with the EU Taxonomy in accordance with the
relevant Technical Screening Criteria for climate change mitigation (activity 4.3).
What was the share of socially sustainable investments?
0 per cent of the Company’s investments are socially sustainable investments. The Company does
not target sustainable investments with a social objective.
What investments were included under “not sustainable”, what was their purpose
and were there any minimum environmental or social safeguards?
The investments included under “#2 Not sustainable” comprise cash collateral reserves (to the
extent not generated from sustainable investments).
In 2025, “not sustainable” assets were less than 1 per cent of the Company’s NAV and reflected cash
collateral reserves and the fair value of interest rate swaps. Given the purpose of these investments,
there were no minimum environmental and social safeguards applied to such investments.
What actions have been taken to attain the sustainable investment objective during
the reference period?
The Investment Manager sought to attain the Company’s sustainable investment objective by
implementing the binding elements described in the Company’s pre contractual disclosures (Annex
3 RTS) on a continuous basis, and by integrating sustainability risks in its investment decision
making as described above: “How did the sustainable investments not cause significant harm to
any sustainable investment objective?”.
The Company’s objective is to continue to invest in further operating wind farms and in construction
projects to increase its renewable energy generation capacity.
In 2025, the Investment Manager continued to enhance its processes to measure and monitor
the application of the binding elements. For example, the Investment Manager’s Supplier Code
of Conduct side letter was updated in 2024 to ensure the adherence of key service providers to
standards expected under Minimum Safeguards. The Investment Manager also integrated the
Schroders Global Norms Breach List and a third party ESG controversy identification tool into
pre investment due diligence and ongoing monitoring processes in 2024 to further enhance the
assessments of key service providers against Minimum Safeguards. In 2025, the Supplier Code of
Conduct was rolled out to key service provides and as at 31December 2025, 100 per cent
(5)
of key
service providers have either adopted it or provided evidence of existing policies that align with
itsrequirements.
Further, the Investment Manager continued to engage with stakeholders relevant to the Group’s
portfolio to ensure its renewable investments positively impact the local communities in which they
operate. Sustainability related risks and challenges were regularly discussed within the Investment
Manager’s asset management teams, which were also reported to and discussed with the Board
through regular meetings and specific risk register review discussions. Key sustainability factors such
as those relating to health and safety, compliance with environmental standards and stakeholder
relations were regularly discussed and documented.
EU SFDR Disclosures (unaudited) continued
(5)
Note that the % figure reported here (100%) reflects all key service providers associated with portfolio
assets that have adopted the Supplier Code of Conduct or evidenced existing policies that align with its
requirements. This differs from the figure reported in the Table 3 RTS, PAI 4 (2%) which, under the SFDR
methodology, is expressed as a “weighted average” thereby applying the Company ownership.
Section 4: Other Information
118 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
How did this financial product perform compared to the reference sustainable
benchmark?
Not applicable (N/A) as the Company does not have a carbon reduction objective and is not
managed against a reference benchmark
l
How did the reference benchmark differ from a broad market index?
N/A
l
How did this financial product perform with regard to the sustainability indicators to
determine the alignment of the reference benchmark with the sustainable investment
objective?
N/A
l
How did this financial product perform compared with the reference benchmark?
N/A
l
How did this financial product perform compared with the broad market index?
N/A
EU SFDR Disclosures (unaudited) continued
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 119
Statement on principal adverse impacts “PAIs” of investment decisions
on sustainability factors
Financial Product:
Greencoat UK Wind PLC (LEI: 213800ZPBBK8H51RX165) (the “Company”), managed by Schroders Greencoat LLP (the
“Investment Manager”)
1. Summary
The Investment Manager considers PAIs of its investment decisions on sustainability factors in relation to the Company. The
present statement is the consolidated statement on PAIs on sustainability factors of the Company. This statement on principal
adverse impacts on sustainability factors of the Company covers the reference period from 1January to 31December 2025.
The adverse sustainability indicators applicable to investee companies considered by the Investment Manager are summarised
in the table below including the relevant table and number associated with the adverse sustainability indicators listed in
Annex I of the RTS.
Theme Adverse Sustainability Indicator
RTS
Annex I
Table
RTS
Annex I
Number
Climate and other
environment-related
indicators
Greenhouse gas (“GHG”) emissions 1 1
Carbon footprint 1 2
GHG intensity of investee companies 1 3
Exposure to companies active in the fossil fuel sector 1 4
Share of non-renewable energy consumption and production 1 5
Energy consumption intensity per high impact climate sector 1 6
Emissions to water 1 8
Hazardous waste and radioactive waste ratio 1 9
Natural species and protected areas 2 14
Social and employee,
respect for human
rights, anti-corruption
and anti-bribery
matters
Violations of UN Global Compact principles and Organisation for
Economic Cooperation and Development (OECD) Guidelines for
Multinational Enterprises 1 10
Lack of processes and compliance mechanisms to monitor
compliance with UN Global Compact principles and OECD
Guidelines for Multinational Enterprises 1 11
Exposure to controversial weapons (anti-personnel mines, cluster
munitions, chemical weapons and biological weapons) 1 14
Number of days lost to injuries, accidents, fatalities or illness 3 3
Lack of a supplier code of conduct 3 4
Lack of anti-corruption and anti-bribery policies 3 15
EU SFDR Disclosures (unaudited) continued
Section 4: Other Information
120 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
2. Description of the PAIs on sustainability factors
Adverse sustainability indicator Metric
Impact
2025
Impact
2024 Explanation
Actions taken,
and actions planned
and targets set for the
next reference period
Greenhouse
gas emissions
1. GHG emissions Scope 1 GHG
emissions
214 tonnes
of CO
2
262 tonnes
of CO
2
Carbon footprint
indicators are
measured in line with
the industry standard
GHG Protocol
based on an equity
control approach,
meaning emissions
from the Group’s
operations are
weighted according
to the Group’s SPV
ownership interest.
Scope emissions
calculations are
verified by third party
consultants.
Scope 3 emissions
include all sources not
within the Company’s
Scope 1 and 2
boundary and include,
inter alia, emissions
arising from the
construction of each
wind farm acquired
in 2025, including
those emissions
associated with
the manufacturing
and transport of
all equipment and
material, before
the wind farm was
commissioned as
well as the expected
spare part provision
throughout its
lifetime.
The total GHG emissions
of the Company
increased year on year.
This was mainly driven by
the higher spend across
the portfolio, which
results in an increase in
Scope 3 Purchases Good
and Services emissions.
The Investment Manager
continued its work to
switch more import
electricity contracts
to renewable energy
sources. For more
information on changes
in emissions, see the
Historical Comparison
section on page 125.
Scope 2 GHG
emissions
830 tonnes
of CO
2
(market-based)
2,227 tonnes
of CO
2
(location-based)
731 tonnes
of CO
2
(market-based)
1,969 tonnes
of CO
2
(location-based)
Scope 3 GHG
emissions
25,132 tonnes
of CO
2
19,047 tonnes
of CO
2
Total GHG emissions 26,176 tonnes
of CO
2
20,050 tonnes
of CO
2
2. Carbon footprint Carbon footprint 5.09 tonnes
of CO
2
/£million
invested
3.46 tonnes
of CO
2
/£million
invested
3. GHG intensity
of investee
companies
GHG intensity of
investee companies
31.5 tonnes
of CO
2
/£million
revenue
73 tonnes
of CO
2
/£million
revenue
4. Exposure to
companies
active in the
fossil fuel sector
Share of investments in
companies active in the
fossil fuel sector
0% 0% The Group does not
have any exposure to
the fossil fuel sector
and will only invest
in UK wind farms in
accordance with its
Investment Objective
and Investment Policy.
The Investment
Manager continues to
screen all investments
against the exclusion
list in its ESG Policy as
part of initial investment
screening.
5. Share of non
renewable
energy
consumption
and production
Share of non
renewable energy
consumption and non
renewable energy
production of investee
companies from non
renewable energy
sources compared
to renewable energy
sources, expressed as
a percentage of total
energy sources
Production
share: 0% non
renewable.
Consumption
share: 42% non
renewable.
Production
share: 0% non
renewable.
Consumption
share: 32% non
renewable.
The Group’s wind
farm portfolio
generates fully
renewable electricity.
These assets
consume electricity
in the generation of
renewable electricity.
Higher electricity
imports, without a
corresponding increase
in renewable tariff
coverage, led to a
higher share of non
renewable consumption
year on year.
6. Energy
consumption
intensity per
high impact
climate sector
Energy consumption in
MWh per million GBP
of revenue of investee
companies, per high
impact climate sector
0.007 MWh/£m
revenue
0.02 MWh/£m
revenue
Energy consumed
reflects electricity
imported by the
assets.
EU SFDR Disclosures (unaudited) continued
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 121
Adverse sustainability indicator Metric
Impact
2025
Impact
2024 Explanation
Actions taken,
and actions planned
and targets set for the
next reference period
Water 7. Emissions to
water
Tonnes of emissions
to water generated by
investee companies
permillion GBP
invested, expressed as
a weighted average
0 0 Emissions to water
reflect any emissions
reported by the assets.
Waste
8. Hazardous waste
and radioactive
waste ratio
Tonnes of hazardous
waste and radioactive
waste generated by
investee companies
permillion GBP
invested, expressed as
a weighted average
0.01 0 Hazardous and
radioactive waste
reflect any waste
reported by the assets.
In 2025, we worked to
improve data coverage.
This resulted in the
increase of our reported
hazardous waste and
radioactive waste ratio.
Social and
employee
matters
9. Violations of UN
Global Compact
principles and
Organisation
for Economic
Cooperation and
Development
(OECD)
Guidelines for
Multinational
Enterprises
Share of investments
in investee companies
that have been
involved in violations
of the UNGC principles
or OECD Guidelines
for Multinational
Enterprises
0% 0% The Investment
Manager assesses the
Group’s SPVs and their
key service providers
for potential violations
of UNGC Principles
and OECD Guidelines.
This is done through
pre investment due
diligence and ongoing
monitoring of SPVs
and of their key service
providers to ensure
they are not listed on
the Schroders Global
Norms Breach List or
flagged for potential
breaches via a third
party ESG controversy
data provider.
In 2025, the Investment
Manager continued to
utilise the Schroders
Global Norms Breach
List and a third party
ESG Controversy
monitoring solution
to assess adherence
of investments (via
SPVs and their key
service providers) to
global norms as part
of pre-investment due
diligence and ongoing
monitoring.
10. Lack of
processes and
compliance
mechanisms
to monitor
compliance
with UN Global
Compact
principles
and OECD
Guidelines for
Multinational
Enterprises
Share of investments
in investee companies
without policies to
monitor compliance
with the UNGC
principles or
OECD Guidelines
for Multinational
Enterprises or
grievance/complaints
handling mechanisms
to address violations of
the UNGC principles
or OECD Guidelines
for Multinational
Enterprises
0% 0% available To ensure investments
have policies in place
for compliance with the
UNGC Principles and
OECD Guidelines, the
Investment Manager
requires SPVs to adopt
the Manager’s ESG
Policy (or equivelant
standard). The
Investment Manager
also requires all key
service providers to
adopt the Investment
Manager’s ‘Code of
Conduct Side Letter’
(or an equivalent
standard).
In 2025, the Supplier
Code of Conduct was
rolled out to all of the
Company’s key service
providers.
11. Exposure to
controversial
weapons
(anti-personnel
mines, cluster
munitions,
chemical
weapons and
biological
weapons)
Share of investments
in investee companies
involved in the
manufacture or selling
of controversial
weapons
0% 0% Exposure to
controversial weapons
is not within the
Company’s Investment
Objective and not
permissible within its
Investment Policy.
The Investment
Manager continues to
screen all investments
against the exclusion
list in its ESG Policy as
part of initial investment
screening.
EU SFDR Disclosures (unaudited) continued
Section 4: Other Information
122 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Adverse sustainability indicator Metric
Impact
2025
Impact
2024 Explanation
Actions taken,
and actions planned
and targets set for the
next reference period
Water, waste
and material
emissions
12.
Natural species
and protected
areas
Share of investments
in investee companies
whose operations
affect threatened
species
Share of investments
in investee companies
without a biodiversity
protection policy
covering operational
sites owned, leased,
managed in a protected
area or an area of
high biodiversity value
outside protected areas
0%
0%
0%
0%
Investments are
assessed to ensure
that environmental
impact assessments or
equivalent are carried
out for all assets as
part of pre-investment
due diligence. If any
impacts are identified
through this process,
a habitat management
plan, or equivalent,
is introduced to
ensure that any
potential impacts
are appropriately
addressed or mitigated
to prevent affecting
threatened species.
The asset management
teams monitor
adherence of all SPVs
to habitat management
plans, where relevant.
Assessed as a
percentage of SPV
investments without
habitat management
plans, or any
environmental planning
requirements, in
place, if required as
a result of planning
obligations or potential
impacts identified
by environmental
impact assessments or
equivalent
All habitat management
plans are agreed for
relevant sites to ensure
that the environment in
and surrounding each
wind farm is carefully
protected.
The Investment
Manager continues
to carry out due
diligence on new
investments relating
to environmental and
biodiversity related
risks and is committed
to implementing any
regulatory obligations
regarding habitat
and environmental
management.
There was and
continues to be a
strong commitment
to continuous
improvement of
environmental
management. The
Investment Manager
continues to carry out
due diligence on new
investments in relation
to environmental
management and
compliance and
implements habitat
management plans
where required.
EU SFDR Disclosures (unaudited) continued
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 123
Adverse sustainability indicator Metric
Impact
2025
Impact
2024 Explanation
Actions taken,
and actions planned
and targets set for the
next reference period
Social and
employee
matters
13. Number of
days lost
to injuries,
accidents,
fatalities or
illness
Number of workdays
lost to injuries,
accidents, or illness in
investee companies
159 154 A set of KPIs, including
workdays lost, to
improve health and
safety management
and performance
is monitored
continuously. These are
reported at least on a
regular basis directly
to the Investment
Manager, the Directors
of the SPVs, and the
Board.
The Investment
Manager has stringent
health and safety
policies and processes
in place and a
member of the asset
management team is
nominated as a director
for each company. Asset
management teams are
responsible for the day-
to-day implementation
and monitoring of
health and safety audits
and initiatives. The
Board also reviews
health and safety
matters at each of its
scheduled meetings.
The Investment
Manager continued to
apply the policies and
processes referenced
above in 2025 and will
continue to apply these
in 2026, using learnings
from audits and trend
reports to continue to
enhance its approach.
14. Lack of a
supplier code
of conduct
Share of investments
in investee companies
without any supplier
code of conduct
(against unsafe working
conditions, precarious
work, child labour and
forced labour)
2% Data not
available
The Manager requires
all key service
providers of its SPVs to
adopt the Investment
Manager’s ‘Code of
Conduct Side Letter’
(or an equivalent
standard).
The Investment
Manager updated
its Supplier Code of
Conduct in 2024 and
reviewed it in 2025.
In 2025, the Supplier
Code of Conduct was
rolled out to all of the
Company’s key service
provides.
Aligned with SFDR
methodology, the
metric is calculated as
a weighted average
taking into account
every individual asset
where a few assets
are managed by the
same supplier, thus
in reality the share of
total suppliers not yet
compliant is lower.
Anti
corruption
and anti
bribery
15. Lack of anti-
corruption and
anti-bribery
policies
Share of investments in
entities without policies
on anti-corruption and
anti-bribery consistent
with the United
Nations Convention
against Corruption
0% 0% Upon acquisition, all
wholly owned SPV’s
adopt the policies of
the Company including
anti-corruption and
anti-bribery. These
policies are regularly
reviewed by legal
experts and are
updated for new
legislation and new
geographies.
EU SFDR Disclosures (unaudited) continued
Section 4: Other Information
124 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
3. Description of policies to identify and prioritise principal adverse impacts on sustainability factors
The Investment Manager seeks to mitigate the impact of PAIs and other indicators considered in relation to the Company
initially by implementing the Company’s ESG Policy. The Company’s ESG Policy, which has been developed in line with the
Investment Manager’s ESG Policy (a copy of which can be found on the Investment Manager’s website), sets guidance and
principles for integrating sustainability across the Company’s business and looks to establish best practice in climate related
risk management, reporting and transparency. It outlines areas of focus for wind farms including environment, workplace
standards, health and safety practices, governance (including compliance with applicable laws and regulations) and local
community engagement. It also includes a list of KPIs that are monitored and reported on as appropriate. Sustainability
factors are considered prior to investment as part of early stage screening, detailed due diligence and the Investment
Manager’s Investment Committee’s decision making, and managed, post acquisition, in accordance with the Investment
Manager’s wider asset management practices.
The Company’s ESG Policy is reviewed annually by the Investment Manager’s ESG Committee and approved by the Board.
It was last approved in April 2025.
In implementing its approach to integrating sustainability and the consideration of PAIs on sustainability factors, the
Investment Manager does not rely on a dedicated team, but rather responsibilities are shared on a holisticbasis:
• the investment and asset management team (as the first line of defence) who embed sustainability practices (including
the consideration of PAIs on sustainability factors) into their investment decision making and ongoing management of
the assets with support, when required, from the sustainability team;
• a dedicated ESG Committee focused on developing the ESG Policy with support from the sustainability team;
• the Investment Committees; and
• a Valuation Committee independent of portfolio management and the Investment Manager’s Risk Management
Committee (as overseen by the AIFM).
Sustainability related risks and challenges are regularly discussed within the Investment Manager’s asset management team
and are also reported to and discussed with the Board at quarterly meetings. A specific risk matrix is also reviewed and
approved on an annual basis by the Board. Key sustainability factors such as those relating to health and safety, compliance
with environmental standards and stakeholder relations are regularly discussed and documented.
The boards of each SPV are responsible for ensuring sustainability factors are considered in the context of the operational
performance, business objectives and broader stakeholder relationships. During the holding period, representatives of the
Investment Manager will take one or more seats on the board of each SPV and will oversee all major strategic and operational
decisions. Given this structure, outside health and safety risks and organisational (including governance) risks within the SPVs
are limited. None of the SPVs have employees or management teams and therefore any employee related social factors are
focused on the third party service providers.
The Investment Manager’s ESG Committee is responsible for (i) determining the ESG Policy and reviewing it regularly to
ensure it remains relevant to evolving conditions, (ii) developing and evolving sustainability integration practices for material
sustainability factors within the different businesses and assets, (iii) leveraging existing resources and research capabilities on
sustainability related topics for the benefit of the investment management team, and (iv) promoting education and awareness
of sustainability trends and developments and sharing bestpractice.
The Investment Manager uses information provided directly from wind farm SPVs in relation to the PAIs. In order to ensure data
quality, the Investment Manager works with specialist external advisers, such as environmental consultants. These advisers
review the Investment Manager’s methodologies for identifying and prioritising PAIs and advise on industry bestpractices.
EU SFDR Disclosures (unaudited) continued
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 125
The data collected as described above is processed as follows:
• KPI data is sourced directly from SPVs and supplemented by specialist external advisers such as environmental
consultants, as required;
• operations and maintenance service providers used by the SPVs report to the Investment Manager, on a monthly basis,
on a standard set of KPIs and qualitative factors, such as health and safety, compliance with relevant laws and regulations,
local community engagement and habitat management, where relevant; and
• carbon footprint indicators are measured in line with the industry standard GHG Protocol based on an equity control
approach, meaning emissions from the Company’s operations are weighted according to the Company or its SPV’s
ownership interest. Scope emissions calculations are carried out by third party consultants.
In some instances, During the reporting period, full year primary data was not available in all cases, with certain datasets
covering only the period from 1 January to 30 November 2025. Where this occurred, a monthly average was applied to
estimate December 2025 values and annual totals were derived on this basis. These extrapolations were applied to electricity
consumption (Scope 2 and Scope 3 Category 3), water supply (Scope 3 Category 1), water drainage (Scope 3 Category 5),
solid waste (Scope 3 Category 5).
The use of estimated or proxy data continues to represent a minority of total reported data and is based on reasonable
assumptions and appropriate comparators. The Board and the Investment Manager act reasonably when applying
suchestimates.
Engagement policies
The Company is committed to engaging with all stakeholders relevant to its portfolio to ensure its renewable investments
positively impact the communities in which they operate. The Board and Investment Manager recognise that engagement is
critical to long term sustainable investment and seek to build strong, long term relationships with high quality, experienced
counterparties to give consistency of service and standards.
References to international standards
The Company proactively engages with the following responsible business codes and/or internationally recognised standards
to promote sustainable investment practices, as discussed in the Company’s ESG report available on its website:
1. Task Force on Climate-Related Financial Disclosures (“TCFD”)
Relevant for Table 1, PAI 1-5 (Greenhouse gas emissions)
The Company aligns with the TCFD recommendations and makes disclosures in the Strategic Report on pages20 to 37.
These disclosures report on climate change related impacts, opportunities and risks to the Company. Given the Company’s
long term investment perspective, the Board and the Investment Manager constantly assess the risks its portfolio might be
exposed to and factors them into decision making and risk monitoring.
Historical comparison
Please refer to Table 1 for historical data comparison data.
Specifically in relation to health and safety the number of working days lost due to injuries, accidents, fatalities, or illness
fell to 267
(6)
days, arising from 4 reportable lost-time incidents. The figure remains elevated due to the prolonged sick
leave associated with these two incidents. The Investment Manager continues its focus on managing health and safety risks
including regular training for asset managers and O&M partners to promote a culture of reporting to improve awareness
and openness on the management of health and safety at sites. The Manager will continue to monitor health and safety
performance of all sites closely, in line with its ESG Policy commitments.
The Company had a 31 per cent increase in Scope 1-3 emissions year on year. This increase was primarily driven by the 32per
cent rise in the Company’s Scope 3 emissions, largely resulting from higher portfolio spend, which significantly increased
emissions reported under Category 1 (Purchased Goods and Services). Additionally, Scope 2 market based emissions
increased by around 14 per cent, reflecting higher volumes of imported electricity that were not fully covered by renewable
tariffs across the portfolio. While Scope 1 emissions decreased by approximately 18 per cent, mainly as a result of fewer SF6
leaks, this reduction was significantly outweighed by the Scope 2 and 3 emissions increases, resulting in the overall rise in the
Company’s total Scope 1-3 emissions.
EU SFDR Disclosures (unaudited) continued
(6)
Note that the workdays lost figure reported here (267) reflects all workdays lost associated with portfolio assets. This differs from the
figure reported in the Table 3 RTS, PAI 3 (159) which, under the SFDR methodology, is expressed as a “weighted average” thereby
applying the Company ownership to workdays lost.
Section 4: Other Information
126 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Annex
Defined terms used in this statement
For the purposes of this statement, the following definitions shall apply:
(1) Scope 1, 2 and 3 GHG emissions means the scope of greenhouse gas emissions referred to in points (1)(e)(i) to (iii) of
Annex III to Regulation (EU) 2016/1011 of the European Parliament and of the Council
(1)
;
(2) Greenhouse gas (“GHG”) emissions means greenhouse gas emissions as defined in Article 3, point (1), of Regulation
(EU) 2018/842 of the European Parliament and of the Council
(2)
;
(3) Weighted average means a ratio of the weight of the investment by the financial market participant in a investee
company in relation to the GAV of the investee company;
(4) Companies active in the fossil fuel sector means companies that derive any revenues from exploration, mining,
extraction, production, processing, storage, refining or distribution, including transportation, storage and trade, of
fossil fuels as defined in Article 2, point (62), of Regulation (EU) 2018/1999 of the European Parliament and of the
Council
(3)
;
(5) Renewable energy sources means renewable non fossil sources, namely wind, solar (solar thermal and solar
photovoltaic) and geothermal energy, ambient energy, tide, wave and other ocean energy, hydropower, biomass,
landfill gas, sewage treatment plant gas, and biogas;
(6) Non renewable energy sources means energy sources other than those referred to in point
(4)
;
(7) Energy consumption intensity means the ratio of energy consumption per unit of activity, output or any other metric
of the investee company to the total energy consumption of that investee company;
(8) Protected area means designated areas in the European Environment Agency’s Common Database on Designated
Areas (CDDA);
(9) High impact climate sectors means the sectors listed in Sections A to H and Section L of Annex I to Regulation (EC)
No 1893/2006 of the European Parliament and of the Council
(5)
;
(10) Area of high biodiversity value outside protected areas means land with high biodiversity value as referred to in
Article 7b(3) of Directive 98/70/EC of the European Parliament and of the Council
(6)
;
(11) Emissions to water means direct emissions of priority substances as defined in Article 2(30) of Directive 2000/60/EC
of the European Parliament and of the Council
(7)
and direct emissions of nitrates, phosphates and pesticides;
(12) Hazardous waste means hazardous waste as defined in Article 3(2) of Directive 2008/98/EC of the European Parliament
and of the Council
(8)
;
EU SFDR Disclosures (unaudited) continued
(1)
Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial
instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and
2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).
(2)
Regulation (EU) 2018/842 of the European Parliament and of the Council of 30 May 2018 on binding annual greenhouse gas emission
reductions by Member States from 2023 to 2030 contributing to climate action to meet commitments under the Paris Agreement and
amending Regulation (EU) No 525/2013 (OJ L 156, 19.6.2018, p. 26).
(3)
Regulation (EU) 2018/1999 of the European Parliament and of the Council of 11 December 2018 on the Governance of the Energy Union
and Climate Action, amending Regulations (EC) No 663/2009 and (EC) No 715/2009 of the European Parliament and of the Council,
Directives 94/22/EC, 98/70/EC, 2009/31/EC, 2009/73/EC, 2010/31/EU, 2012/27/EU and 2013/30/EU of the European Parliament and of
the Council, Council Directives 2009/119/EC and (EU) 2015/652 and repealing Regulation (EU) No 525/2013 of the European Parliament
and of the Council (OJ L 328, 21.12.2018, p. 1).
(4)
Regulation (EC) No 1893/2006 of the European Parliament and of the Council of 20 December 2006 establishing the statistical classification
of economic activities NACE Revision 2 and amending Council Regulation (EEC) No 3037/90 as well as certain EC Regulations on specific
statistical domains Text with EEA relevance (OJ L 393, 30.12.2006, p. 1–39).
(5)
Directive 98/70/EC of the European Parliament and of the Council of 13 October 1998 relating to the quality of petrol and diesel fuels
and amending Council Directive 93/12/EEC (OJ L 350, 28.12.1998, p. 58).
(6)
Directive 2000/60/EC of the European Parliament and of the Council of 23 October 2000 establishing a framework for Community action
in the field of water policy (OJ L 327, 22.12.2000, p. 1).
(7)
Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives
(OJ L 312, 22.11.2008, p. 3).
(8)
Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives
(OJ L 312, 22.11.2008, p. 3).
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 127
(13) Radioactive waste means radioactive waste as defined in Article 3(7) of Council Directive 2011/70/Euratom
(9)
;
(14) Threatened species means endangered species, including flora and fauna, listed in the European Red List or the IUCN
Red List, as referred to in Section 7 of Annex II to Delegated Regulation (EU) 2023/2139;
(15) UN Global Compact principles means the ten Principles of the United Nations Global Compact; and
(16) Board means the Directors of the Company.
For the purposes of this Annex, the following formulas shall apply:
(1) ‘GHG emissions’ shall be calculated in accordance with the following formula:
(2) ‘carbon footprint’ shall be calculated in accordance with the following formula:
(3) ‘GHG intensity of investee companies’ shall be calculated in accordance with the following formula:
(4) ‘GHG intensity of sovereigns’ shall be calculated in accordance with the following formula:
(5) ‘inefficient real estate assets’ shall be calculated in accordance with the following formula:
For the purposes of the formulas, the following definitions shall apply:
(1) Current value of investment means the value in EUR of the investment by the financial market participant in the
investee company;
(2) Current value of all investments means the value in EUR of all investments by the financial market participant;
(3) Nearly zero energy building (NZEB), primary energy demand (PED) and energy performance certificate (EPC)
shall have the meanings given to them in paragraphs 2, 5 and 12 of Article 2 of Directive 2010/31/EU of the European
Parliament and of the Council
(10)
.
EU SFDR Disclosures (unaudited) continued
(9)
Council Directive 2011/70/Euratom of 19 July 2011 establishing a Community framework for the responsible and safe management of
spent fuel and radioactive waste (OJ L 199, 2.8.2011, p. 48).
(10)
Directive 2010/31/EU of the European Parliament and of the Council of 19 May 2010 on the energy performance of buildings (recast) (OJ
L 153, 18.6.2010, p. 13)
Section 4: Other Information
128 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
ABN AMRO means ABN AMRO Bank N.V.
Aggregate Group Debt means the Group’s proportionate
share of outstanding third party borrowings, including its
share of limited recourse debt in Hornsea 1
AGM means Annual General Meeting of the Company
AIC means the Association of Investment Companies
AIC Code means the AIC’s Code of Corporate Governance
AIF means an Alternative Investment Fund as defined under
the AIFMD
AIFM means an Alternative Investment Fund Manager as
defined under the AIFMD
AIFMD means the Alternative Investment Fund Managers
Directive
Alternative Performance Measure means a financial
measure other than those defined or specified in the
applicable financial reporting framework
Andershaw means Andershaw Wind Power Limited
ANZ means Australia and New Zealand Banking Group
Limited
AXA means funds managed by AXA Investment Managers
UK Limited
Barclays means Barclays Bank PLC
BDO LLP means the Company’s Auditor as at the reporting
date
Beaufort means Schroders Greencoat Beaufort LP and
Schroders Greencoat Beaufort Holdco Limited
Bicker Fen means Bicker Fen Windfarm Limited
Bin Mountain means Bin Mountain Wind Farm (NI) Limited
Bishopthorpe means Bishopthorpe Wind Farm Limited
Board means the Directors of the Company
Braes of Doune means Braes of Doune Wind Farm (Scotland)
Limited
Breeze Bidco means Breeze Bidco (TNC) Limited
Brockaghboy means Brockaghboy Windfarm Limited
Burbo Bank Extension means Hoylake Wind Limited,
Greencoat Burbo Extension Holding (UK) Limited, Burbo
Extension Holding Limited and Burbo Extension Limited
Carbon Footprint means the calculation per TCFD guidance
ni
(outstanding amount invested
i
total investee debt+equity
i
*investee scope 1 and 2 GHG emissionsiCompany market
value
Carcant means Carcant Wind Farm (Scotland) Limited
Cash Fee means the cash fee that the Investment Manager
is entitled to under the Investment Management Agreement
CBA means Commonwealth Bank of Australia
CCGT means combined cycle gas turbine
CFD means Contract For Difference
Church Hill means Church Hill Wind Farm Limited
CIBC means Canadian Imperial Bank of Commerce
Clyde means Clyde Wind Farm (Scotland) Limited
CO
2
means carbon dioxide
Company means Greencoat UK Wind PLC
Corriegarth means Corriegarth Wind Energy Limited
Cotton Farm means Cotton Farm Wind Farm Limited
CPI means the Consumer Price Index
Crighshane means Crighshane Wind Farm Limited
Dalquhandy means Dalquhandy Wind Farm Limited
Deeping St. Nicholas means Deeping St. Nicholas wind
farm
Depreciation means the unwinding of the discount rate
assumptions
Douglas West means Douglas West Wind Farm Limited
Drone Hill means Drone Hill Wind Farm Limited
DTR means the Disclosure Guidance and Transparency Rules
sourcebook issued by the Financial Conduct Authority
Dunmaglass means Dunmaglass Holdco and Dunmaglass
Wind Farm
Dunmaglass Holdco means Greencoat Dunmaglass Holdco
Limited
Dunmaglass Wind Farm means Dunmaglass Wind Farm
Limited
Earl’s Hall Farm means Earl’s Hall Farm Wind Farm Limited
Equity Element means the ordinary shares issued to the
Investment Manager under the Investment Management
Agreement
ESG means Environmental, Social and Governance
EU
means European Union
EU SFDR means EU Sustainable Financial Disclosure
Regulation
FCA means Financial Conduct Authority
Fenlands means Fenland Windfarms Limited
Defined Terms
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 129
FRC means the Financial Reporting Council
GAV means Gross Asset Value
GB means Great Britain consisting of England, Scotland and
Wales
Glass Moor means Glass Moor wind farm
Glen Kyllachy means Glen Kyllachy Wind Farm Limited
Group means Greencoat UK Wind PLC and Greencoat UK
Wind Holdco Limited
Holdco means Greencoat UK Wind Holdco Limited
Hornsea 1 means Hornsea 1 Holdco and Hornsea 1 Limited
Hornsea 1 Holdco means Jupiter Investor TopCo Limited
Hoylake means Hoylake Wind Limited
Humber Gateway means Humber Holdco and Humber
Wind Farm
Humber Holdco means Greencoat Humber Limited
Humber Wind Farm means RWE Renewables UK Humber
Wind Limited
HV means high voltage
IAS means International Accounting Standards
IFRS means International Financial Reporting Standards
Investment Management Agreement means the agreement
between the Company and the Investment Manager
Investment Manager means Schroders Greencoat LLP
IPEV Valuation Guidelines means the International Private
Equity and Venture Capital Valuation Guidelines
IPO mean Initial Public Offering
IRR means Internal Rate of Return
Kildrummy means Kildrummy Wind Farm Limited
KPI means Key Performance Indicator
Kype Muir Extension means Kype Extension Wind Farm
Limited
Langhope Rig means Langhope Rig Wind Farm Limited
Levered portfolio IRR means the Internal Rate of Return
with an assumed level of gearing
Lindhurst means Lindhurst Wind Farm
Listing Rules means the listing rules made by the UK Listing
Authority under Section 73A of the Financial Services and
Markets Act 2000
Little Cheyne Court means Little Cheyne Court Wind Farm
Limited
Lloyds means Lloyds Bank PLC and Lloyds Bank Corporate
Markets PLC
London Array means London Array Holdco and London
Array Limited
London Array Holdco means Greencoat London Array
Holdco Limited
Maerdy means Maerdy Wind Farm Limited
Middlemoor means Middlemoor Wind Farm
ML Wind means ML Wind LLP
NAB means National Australia Bank
Nanclach means Nanclach Limited
NAV means Net Asset Value
NAV per Share means the Net Asset Value per Ordinary
Share
Net Zero means the UK Government’s strategy to
decarbonise all sectors of the UK economy
North Hoyle means North Hoyle Wind Farm Limited
North Rhins means North Rhins Wind Farm Limited
O&M means operations and maintenance
PPA means Power Purchase Agreement entered into by the
Group’s wind farms
RBC means the Royal Bank of Canada
RBS International means the Royal Bank of Scotland
International Limited
RCF means revolving credit facility
Red House means Red House wind farm
Red Tile means Red Tile wind farm
REMA means Government’s Review of Electricity Market
Arrangements
Review Section means the front end review section of
this report (including but not limited to the Chairman’s
Statement, and Investment Manager’s Report)
Rhyl Flats means Rhyl Flats Wind Farm Limited
RO means Renewables Obligation scheme
ROC means Renewable Obligation Certificate
RPI means the Retail Price Index
Screggagh means Screggagh Wind Farm Limited
SDG means Sustainable Development Goal
Sixpenny Wood means Sixpenny Wood Wind Farm Limited
Defined Terms continued
Section 4: Other Information
130 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Slieve Divena means Slieve Divena Wind Farm Limited
Slieve Divena 2 means Slieve Divena Wind Farm No. 2
Limited
SONIA means the Sterling Overnight Index Average
South Kyle means South Kyle Wind Farm Limited
SPVs means the Special Purpose Vehicles which hold the
Group’s investment portfolio of underlying wind farms
Stronelairg means Stronelairg Holdco and Stronelairg Wind
Farm
Stronelairg Holdco means Greencoat Stronelairg Holdco
Limited
Stronelairg Wind Farm means Stronelairg Wind Farm
Limited
Stroupster means Stroupster Caithness Wind Farm Limited
SYND Holdco means SYND Holdco Limited
Tappaghan means Tappaghan Wind Farm (NI) Limited
TCFD means Task Force on Climate-Related Financial
Disclosures
Tom nan Clach means Breeze Bidco and Nanclach
TSR means Total Shareholder Return
Twentyshilling means Twentyshilling Limited
UK means the United Kingdom of Great Britain and Northern
Ireland
UK Code means the UK Corporate Governance Code issued
by the FRC
Virgin Money means Clydesdale Bank Plc
Walney means Walney Holdco and Walney Wind Farm
Walney Holdco means Greencoat Walney Holdco Limited
Walney Wind Farm means Walney (UK) Offshore Windfarms
Limited
Windy Rig means Windy Rig Wind Farm Limited
Yelvertoft means Yelvertoft Wind Farm Limited
Defined Terms continued
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 131
Performance Measure Definition 2025 2024
Aggregate Group Debt The Group’s proportionate share of outstanding
third party borrowings of £1,720 million per
note 13 to the financial statements plus limited
recourse debt of £408 million at Hornsea 1,
not included in the Consolidated Statement of
Financial Position
£2,126 million £2,244 million
CO
2
emissions avoided The estimate of the portfolio’s CO
2
emissions
avoided through the displacement of thermal
generation, as at the relevant reporting
date. This is calculated based on the thermal
generation displaced. In the UK, this assumes the
displacement of CCGT generation at a carbon
intensity factor of 0.4 kgCO
2
e/KWh.
2.2 million tonnes 2.2 million tonnes
GAV Gross Asset Value £5,009 million £5,653 million
Homes powered The estimate of the number of homes powered
by electricity generated by the portfolio, as at the
relevant reporting date. This is calculated based
on average household consumption estimates.
Inthe UK, this was 2.7MWh/annum (OFGEM).
2.0 million homes 2.0 million homes
NAV Net Asset Value £2,882 million £3,409 million
NAV per share The Net Asset Value per ordinary share per
note17 to the financial statements.
133.5 pence 151.2 pence
Net cash generation The operating cash flow of the Group and
wind farm SPVs as broken down in the table on
page132.
£291 million £279 million
Total Shareholder Return (“TSR”) The theoretical return to a shareholder on a
closing market basis, assuming that all dividends
received were reinvested without transaction
costs into the Ordinary Shares of the Company at
the close of business on the day the shares were
quoted ex dividend.
(15.1) per cent (8.6) per cent
Alternative Performance Measures
Section 4: Other Information
132 Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025
Group and wind farm SPV cash flows
For the year ended
31December 2025
£’000
For the year ended
31December 2024
£’000
Net cash generation 290,648 278,724
Dividends paid (227,047) (249,777)
Net disposals 102,453 25,045
Transaction costs (905) (522)
Share buybacks (108,417) (80,418)
Share buyback costs (713) (521)
Net amounts drawn under debt facilities (40,000) (30,000)
Upfront finance costs – (8,721)
Movement in cash (Group and wind farm SPVs) 16,019 (66,190)
Opening cash balance (Group and wind farm SPVs) 155,027 221,217
Closing cash balance (Group and wind farm SPVs) 171,046 155,027
Net cash generation 290,648 278,724
Dividends 227,047 221,176
Dividend cover 1.3x 1.3x
Net Cash Generation – Breakdown
For the year ended
31December 2025
£’000
For the year ended
31December 2024
£’000
Revenue 786,087 771,106
Operating expenses (227,682) (216,436)
Tax (80,526) (66,690)
SPV level debt interest (16,476) (17,758)
SPV level debt amortisation (49,656) (62,726)
Other (3,403) (8,116)
Wind farm cash flow 408,344 399,380
Management fee (24,504) (30,522)
Operating expenses (2,939) (3,169)
Ongoing finance costs (91,536) (92,224)
Other 5,771 6,582
Group cash flow (113,208) (119,333)
VAT (Group and wind farm SPVs) (4,488) (1,323)
Net cash generation 290,648 278,724
Net Cash Generation – Reconciliation to Net Cash Flows from Operating Activities
For the year ended
31December 2025
£’000
For the year ended
31December 2024
£’000
Net cash flows from operating activities 365,398 391,011
Movement in cash balances of wind farm SPVs 2,200 (21,722)
Movement in security cash deposits
5,388 (26,779)
Repayment of shareholder loan investment
9,198 28,439
Finance costs
(91,536) (100,946)
Upfront finance costs – 8,721
Net cash generation 290,648 278,724
Alternative Performance Measures continued
GREENCOAT
UK WIND
Greencoat UK Wind PLC Annual Report for the year ended 31 December 2025 133
The Review Section of this report has been prepared solely to provide additional information to shareholders to assess
the Company’s strategies and the potential for those strategies to succeed. These should not be relied on by any other
party or for any other purpose.
The Review Section may include statements that are, or may be deemed to be, “forward looking statements”. These
forward looking statements can be identified by the use of forward looking terminology, including the terms “believes”,
“estimates”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other
variations or comparable terminology.
These forward looking statements include all matters that are not historical facts. They appear in a number of places
throughout this document and include statements regarding the intentions, beliefs or current expectations of the
Directors and the Investment Manager concerning, amongst other things, the investment objectives and Investment
Policy, financing strategies, investment performance, results of operations, financial condition, liquidity, prospects, and
distribution policy of the Company and the markets in which it invests.
By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend
on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future
performance. The Company’s actual investment performance, results of operations, financial condition, liquidity,
distribution policy and the development of its financing strategies may differ materially from the impression created by
the forward looking statements contained in this document.
Subject to their legal and regulatory obligations, the Directors and the Investment Manager expressly disclaim any
obligations to update or revise any forward looking statement contained herein to reflect any change in expectations
with regard thereto or any change in events, conditions or circumstances on which any statement is based.
In addition, the Review Section may include target figures for future financial periods. Any such figures are targets only
and are not forecasts.
This Annual Report has been prepared for the Company as a whole and therefore gives greater emphasis to those
matters which are significant in respect of Greencoat UK Wind PLC and its subsidiary undertakings when viewed as
awhole.
Cautionary Statement
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