Greencoat UK Wind PLC

First-pass take

Mature renewable energy fund with stable, government-backed 59% fixed/CPI-linked revenues through 2031 but no AI exposure. Strong 1.3x dividend cover and £291m cash generation, but net debt of £1.9bn and 42.5% gearing limit downside protection. 26% discount to NAV reflects genuine headwinds (lower power prices, policy risks), not valuation opportunity. Limited upside surprise potential given fixed-revenue model and capital-intensive growth.