Directors' Valuation

The Directors’ Valuation was last reviewed in May 2024. Details about the update are available here.

Our approach to the Directors’ Valuation has been consistently applied for the last 17 years. It is based on the value of each project in the portfolio, both operating and under construction.

We use a detailed discounted cash flow valuation. This looks at the forecast income for each project in the future less direct project costs and central overheads.

The forecast is discounted to account for time and risk- with more risky projects discounted more and money forecast to be received further into the future discounted more than money due in the short term.

We consider this approach appropriate for our projects which are capital intensive and long-term investments. The Directors’ Valuation is regularly updated and adjusted after any material events which impact on the valuation, such as the acquisition of new projects, changes in electricity prices and corporation tax.

In 2019, we sold two operational wind farms realising a significant gain. Established renewable energy projects have become a desirable commodity, offering long term inflation linked revenues. The sale of the two projects provides further evidence to support our valuation of the Company.

Note: Past performance in paying dividends is no indication of likely future performance. The directors’ valuation is not a share trading price.

Dividends are recommended by the Board of Directors and approved by shareholders at the Company’s Annual General Meeting (AGM). The dividend paid in a given year relates to the performance of the Company in the prior financial year and is payable to the registered holder of a share at the close of business on the Record Date, which is confirmed annually in the AGM pack.

The 2022 dividend payment of 12 pence per share was approved by shareholders at the AGM on 30 June 2023 and paid in July 2023.