Greencoat Renewables reports record full-year results

The AIM-traded company, which owns wind and solar assets across Europe, said its portfolio generated 2,487GWh of electricity in the year, up from 1,522GWh in 2021.

Its portfolio also increased to 35 assets with the acquisition of nine wind farms, including the company's first offshore wind farm and expansion into Germany, Finland, and Spain.

That expansion increased its net generating capacity to 1,164MW, up from 800MW in the prior year.

Net cash generation for the year totalled €215m, up from €71m in 2021, while its gross dividend cover rose to 3.2x from 1.5x in the previous year.

The company's gross asset value improved to €2.23bn at year-end on 31 December, up from €1.57bn in 2021, as its net asset value grew to €1.28bn, up from €935.2m.

Its net asset value per share increased by 7.3 euro cents to 112.4 cents per share.

The firm reported group debt totalling €945m at year-end, equivalent to 42% of gross asset value, up from 40% in 2021.

Greencoat Renewables declared a dividend of 6.18 cents per share for the year, adding that it was targeting 6.42 cents per share for 2023.

The company also noted that it committed €1m to local communities across 202 community projects in the year, with its portfolio producing renewable energy to power 538,958 homes, saving 685,997 tonnes of carbon dioxide emissions.

Greencoat Renewables also completed a successful capital raising in the period, with gross proceeds of €281.5m raised in an oversubscribed placing.

“We achieved a number of significant milestones, with the acquisition of nine wind farms, including our first offshore wind farm, and expansion into Germany, Finland and Spain,” said non-executive chairman Ronan Murphy.

“We have built a portfolio of diversified technology across both onshore and offshore wind, solar, and battery, providing us with a robust platform from which to capitalise on the opportunities ahead.

“I am very pleased with the strong performance of the business and have great confidence that, as the transition to renewable energy across the region gathers pace, Greencoat Renewables is very well positioned to be a leading long-term owner of European renewable infrastructure assets.”

At 1122 GMT, shares in Greencoat Renewables were up 0.35% at 1.11p.

Reporting by Josh White for Sharecast.com.