Business

Greencoat Renewables boost company-asset portfolio

‘In a year of low wind resource, we are pleased to deliver a robust dividend cover’

The company said group debt topped €631m at the end of 2021.

Mon Feb 28 2022 - 07:35

Wind farm operator Greencoat Renewables said its portfolio of renewable assets increased to 25 with a net generating capacity of 800 megwatts last year.

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

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

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

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The company said exposure to higher market power prices and strong inflation protection helped deliver net asset value growth of four cent in 2021.

Target for 2022

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

" In a year of low wind resource, we are pleased to deliver a robust dividend cover, reflecting the resilience of our business model, and a continued solid financial and operational performance," said non-executive chairman Ronan Murphy.

"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 committed to acquire our first solar generation asset," he said.

The company said group debt stood at €631.1 million at the end of 2021.

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