Greencoat Renewables announces maiden dividend of 2.61 euro cents

Between 15 February and 30 September, renewable infrastructure company Greencoat Renewables's portfolio, made up of wind farms that listed on the Irish and London Stock Exchanges in July of 2017, generated 107.7GWh of electricity, which was 3% above budget for the period.

At the half-year stage, the company also reported that net operating cashflow for the portfolio was €8.9m for the period, with net asset value at 30 September of €261.6m.

Management also drew attention to the acquisition of a high quality seed portfolio consisting of two wind farms with a capacity of 136.7 MW.

Rónán Murphy, non-executive chairman, of Greencoat Renewables, said: "Greencoat Renewables successfully launched on the Irish and London Stock Exchanges in July of 2017 raising €270 million. We are very grateful to our shareholders and other stakeholders who have supported this process, and are pleased to report our first set of results.

"Our assets have performed well over these first seven months, generating slightly more power than budgeted, due to a slightly higher than average wind resource.

"We continue to make good progress against the operational goals we set out at our IPO, and expect to pay a dividend of 2.61c per share in March next year in line with our stated initial target.

"We believe that the macroeconomic environment looks increasingly favourable for renewables in Ireland, and we are optimistic about opportunities in Ireland’s secondary wind market."

For his part, Bertrand Gautier, partner of Greencoat Capital, the Investment Manager, commented: “We are pleased with the performance of our investment portfolio which generated 107.7GWh of electricity, 3% above budget for the period from acquisition to 30 September 2017.

"Given its strong wind resource, and stable and supportive regulatory regime, Ireland is a very attractive market in which to generate renewable energy from wind. We are confident in the supply of operating Irish wind farms coming to market. We believe that our disciplined investment model, along with the capital raised in our IPO, positions us competitively in the market to acquire operational assets and in turn, create value for our shareholders."