Greencoat UK Wind (UKW) was the first renewable energy infrastructure trust to launch, and its subsequent growth has led to significant benefits for investors. The tiered fee structure and economies of scale have led to the OCF reducing significantly over time. At the same time, the trust can now consider much larger sized investments, which in themselves offer economies of scale and therefore potentially higher returns than might otherwise be the case. Finally, its scale enables a dedicated management team to optimise the assets and enhance performance. This shows up in the NAV performance of UKW, which continues to perform strongly relative to peers and the UK equity market. UKW remains the only renewable energy infrastructure fund to explicitly state that its aim is to grow dividends in line with inflation. The UK Government’s ten-point plan for a Green Industrial Revolution to achieve carbon neutrality by 2050 requires a significant ramp up of offshore wind generation to 40GW, which would represent a quadrupling of current capacity. Offshore wind farms are typically significantly larger than onshore, and UKW’s increased scale will allow it to invest in this asset class. Notwithstanding a competitive market, UKW has a significant pipeline of assets that it has committed to buy which should give reassurance on the immediate future in terms of capital deployment. UKW’s target dividend for the current year is 7.18p, meaning the shares offer a prospective dividend yield of 5.4% on the current share price, which we think compares well with income sources elsewhere.