Greencoat Renewables PLC Interim Results to 30 June 2021
Greencoat Renewables PLC («Greencoat Renewables» or the «Company»), the renewable infrastructure company invested in euro-dominated assets, is pleased to announce its Interim Results for the six-month period ended 30 June 2021.
▪ The Group’s investments generated 745GWh of electricity, net cash generation was €40 million (gross of SPV level debt prepayment), resulting in gross dividend cover for the period of 1.8x.
▪ Acquisition of Cordal and Glencarbry wind farms in Ireland increased the portfolio to 23 wind farms, total installed capacity to 685.6MW and GAV to €1,442 million as at 30 June 2021.
▪ Successful entry into the Nordic wind market with the commitment to acquire the 43MW Kokkoneva wind farm, once operational in Q2 2022.
▪ The Company declared total dividends of 3.03 cent per share with respect to the period.
▪ €693.3 million Aggregate Group Debt at 30 June 2021, equivalent to 48.1 per cent of GAV.
▪ Against a supportive backdrop with renewables remaining a highly attractive asset class, the Group has identified significant near and medium term growth opportunities in both Ireland and Europe.
Commenting on today’s results, Rónán Murphy, Non-Executive Chairman of Greencoat Renewables, said:
«The past six months have been a successful period for Greencoat Renewables, marked by a strong operational performance and continued expansion into Europe, including our first investment into the Nordic market.
The business continues to deliver enhanced value from the existing portfolio and I am pleased with the progress made across a number of strategic initiatives. These include a significant corporate PPA at attractive terms, evidencing the maturing market for contracted renewable power, and the construction of our first co-located battery project.
The overall outlook for the company remains positive, with good dividend cover, appropriate gearing, and the ability to pursue a strong near and medium term pipeline of opportunities in both Ireland and Europe.»