Renewable energy investor Greencoat Renewables posted earnings growth in the first half of the year as the company says it expects future acquisitions to be biased toward Europe.
reencoat reported profit after tax of €75 million for the six months ended June 30, compared to €22.7 million for the corresponding period last year.
Turnover for the period was 143 million euros.
Greencoat’s investments generated 1,127 gigawatt hours of electricity, up from 745 gigawatt hours of electricity last year.
Net cash generation increased from EUR 40 million in the previous year to EUR 92.1 million.
Greencoat’s gross asset value as of June 30 was EUR 2.16 billion.
The company expanded its portfolio to a total of 28 wind farms and a battery project at the same site in Killala.
This includes the acquisition of three wind farms in several regions, including Tullahennel in Ireland, as well as Borkum Riffgrund 1 in Germany and Soliedra in Spain.
Greencoat has invested €712 million in renewable energy assets in four countries in the first six months of the year.
“Expansion into the Nordic countries last year and into Spain and Germany this year is indicative of the company’s intentions to see opportunities to pool significant investments in diversified regions, as we have demonstrated in Ireland,” said the Chairman Ronan Murphy.
The company intends to explore new European markets where Greencoat sees opportunities for low levelized cost of electricity (LCOE) in both wind and solar. These include opportunities in the Baltics and Italy.
Greencoat declared a total dividend of 3.09 cents per share for the six month period.
As of June 30, the company had total group debt of EUR 898.7 million.
Rónán Murphy, Chairman of Greencoat, said, “We are excited about future direction as the company continues to expand its geographic diversity and technology mix.”
https://www.independent.ie/business/irish/greencoat-renewables-reports-rise-in-profits-as-it-eyes-further-european-expansion-41981323.html Greencoat Renewables reports higher earnings as it envisages further expansion in Europe