Greencoat Renewables generates cash of €113.6m in first half

Stock ­market-listed green energy developer Greencoat Renewables reported an increase in electricity generated in the first six months of the year despite a “period of low wind resource.”

Greencoat’s investments generated around 1,927 gigawatt hours of electricity, up from 1,489 gigawatt hours in the same period last year.

Net cash generation was down to €113.6m from €125.5m a year earlier.

Greencoat’s gross asset value stood at €2.57bn on June 30.

The company had aggregate group debt of €1.3bn in the first half, equivalent to 51pc of its gross asset value.

The rise of artificial intelligence drove demand for clean energy in the period, with a 10-year power purchase agreement signed with a data centre owner in Ireland.

Greencoat recently completed the purchase of a 50pc share of the 80 megawatt peak South Meath solar farm in Meath .

This purchase included a 15 year power purchase agreement with a technology company.

Greencoat’s board has declared total dividends of 3.37 cent per share for the six-month period.

“As one of the largest listed owners of European renewables, with a diversified portfolio across six European countries, we have the knowledge and the ability to capitalise on long-term positive trends in the sector,” non-executive chairman Rónán Murphy said.

“Proactive revenue management has enabled us to enter into power purchase agreements with reputable corporates, as we leverage the increasing demand from Big Tech for clean energy,” he added.

Last month, it was reported that Greencoat Renewables was planning the sale of five of its wholly-­owned onshore wind farms in Ireland, as well as its stake in another asset.

KPMG has been hired to sound out prospective buyers, according to industry publication PeakLoad, which first reported the planned asset sales.

Reporting on:independent.ie