Greencoat Renewables generates cash of €196.7m in 2023

Greencoat bought the Tullahennel wind farm in Co Kerry in February 2022

Caoimhe Gordon

Listed renewable infrastructure firm Greencoat Renewable recorded an increase in energy output last year, while cash generation in 2023 was down compared to the prior year.

The company had net cash of €196.7m, down from €215m in 2022, with these funds used to pay down debt and invest in new assets.

Greencoat’s portfolio generated over 3,700 Gigawatt hours of electricity last year, up from nearly 2,500 Gigawatt hours in 2022.

This was enough energy to power around 750,000 homes, the company reported in its annual results. Revenues rose by 15pc to €379.2m last year, while the company invested more than €500m last year to purchase four new assets.

This included a wind farm in Offaly, as well as assets in Spain, Sweden and Germany.

This increased its portfolio to a total of 39 generation and storage assets across six European markets.

Around 75pc of revenues were contracted through to 2028, with 69pc of those contracts linked to inflation.

The company has declared a dividend of 6.42 cent for the year, in line with the stated target.

Greencoat had group debt of €1.3bn at the end of last year.

“Despite the continued presence of macro-economic headwinds, the opportunity and investment case for renewables remains strong,” non-executive chairman Ronan Murphy said.

“The company remains wholly committed to the disciplined allocation of capital and, with a highly cash generative and pan European portfolio, is well positioned to continue to play a critical role in energy transition, whilst delivering attractive low risk returns for shareholders,” he added.

Greencoat expects to add an additional 50 megawatts of generation capacity this year from the completion of the Andella wind farm in Spain and 50pc of the 80 MW South Meath solar farm.