Greencoat Renewables Doubles Cash Generation in H1

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by KnowESG

Renewable energy investor Greencoat Renewables more than doubled its net cash generation in the first half of the year to reach €92.1m.

Greencoat Renewables said its portfolio generated 1,127GWh in the six months to the end of June, up from 745GWh for the same time last year.

During the six months, Greencoat bought three wind farms - Borkum Riffgrund 1 in Germany, Soliedra in Spain and Tullahennel in Ireland.

It also increased its portfolio to 28 wind farms and a co-located battery project at Killala.

This brought its total installed capacity to 1,028MW and GAV (the investment value of an asset) to €2.155 billion.

Greencoat said it had a declared total dividend of 3.09 cent per share for the six months.

The company said that as its portfolio has grown into new geographies, the business has benefitted from increased diversification both in terms of weather systems and power markets.

"Low correlation of wind speeds between Continental Europe and Ireland ensures the stability of cashflows in periods of lower regional wind resource," it added.

Chairman Rónán Murphy said the company was "proud" that the business contributes directly to a more sustainable economy.

He said its current portfolio generated enough clean electricity to eliminate 677,000 tonnes of CO2 emissions from thermal generation.

Mr Murphy said the outlook for the company remains strong, with a considerable pipeline of attractive assets in Continental Europe and the opportunity for further consolidation of the Irish market.

"Over the past six months, the company has invested and committed €712m into renewable generation assets across four countries," he said.

"The company is clearly benefiting from having access to the widest opportunity set, enabled by our scale and geographic reach, with our core focus remaining the acquisition of contracted wind and solar assets," he said.

"Whilst Ireland remains a core market, we expect future acquisitions to be weighted towards Europe as the Company continues to diversify. In particular, we expect to see continued growth in our offshore portfolio where we see significant value and potential for acquisitions," he added.

Source: RTE

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