Greencoat Renewables increases its portfolio of assets to 25

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Wind farm operator Greencoat Renewables said its portfolio of renewable assets grew to 25 with a net generating capacity of 800 megawatts (MW) last year.

The company, which operates wind farms in various locations in the Republic, said it produced renewable energy for 339,000 homes.

It also said it had diversified geographically in 2021 with new wind investments in Sweden and forward commitments to acquire assets in Spain and Finland.

The group’s portfolio generated 1,522 gigawatt hours of electricity last year while generating 70.5 million euros in cash, compared to 66.4 million euros the previous year.

The company said exposure to higher market prices and strong inflation protection contributed to net asset value growth of 4 cents in 2021.

It declared a dividend of 6.06 cents for the period while signaling a target of 6.18 cents per share for 2022.

“In a year of low wind resources, we are pleased to deliver strong dividend coverage, reflecting the resilience of our business model, and continued strong financial and operational performance,” said Ronan Murphy, Non-Executive Chairman.

“We achieved significant growth milestones in 2021, successfully expanding and strengthening our pan-European platform. Our portfolio now extends to France, Finland, Sweden and Spain, where we are committed to acquiring our first solar generation asset,” he said.

The company said the group’s debt stood at 631.1 million euros at the end of 2021.

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