Floating photovoltaics (FPV) is rapidly emerging as a promising alternative to ground-mounted PV (GPV) where available land area is scarce or expensive. Improved cooling has often been reported as a benefit of FPV, as cell temperature is an important parameter for the performance of a PV system. However, more recent literature shows that the cooling effect depends strongly on FPV technology and that it is not always superior to that of open rack GPV systems. There is still a need for more information on how to estimate cell temperatures for FPV systems, and how to consider the influence of various environmental factors such as wind speed and direction. Operating cell temperature may be estimated with the PVsyst model, where heat loss coefficients (U-values) denote the heat transfer capabilities of the PV system. In this work, cell temperatures and U-values for a small footprint FPV system with east-west orientation and a 15° tilt located in Sri Lanka are studied using both module temperature measurements and computational fluid dynamics (CFD) modelling. CFD modelling allows for investigating the influence of both wind speed and direction on cell temperatures, as well as to look at the distribution of cell temperatures within the system under different wind conditions. Calculations based on measurements give Uc = 22.6 W/m2K and Uv = 4.9 Ws/m3K and correlate well with CFD calculations. We also show that wind direction, system configuration and sensor placement influence the estimated U-values, complicating the use of tabulated values for any given technology.