Greencoat Renewables hits €92.1m cash generation in HY1 2022

Greencoat Renewables shares climbed 1.6% to 109p in early morning trading, after the group announced net cash generation of €92.1 million in HY1 2022 against €40.2 million the year before.

The firm’s GAV grew to €2.1 billion compared to €1.4 billion, along with a NAV rise to €1.2 billion from €749 million.

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Meanwhile, Greencoat Renewables delivered a total installed capacity growth to 1,028 MW against 686 MW the last year due to an increase in portfolio size to 28 wind farms from 23 year-on-year, alongside its Killala battery project becoming operational.

The company highlighted a €898.7 million aggregate group debt, equivalent to 42% of GAV.

Greencoat Renewables reported successful capital raising activity over the interim period, with gross proceeds of €281.5 million raised in an oversubscribed placing.

The group declared total dividends of 3.09c per share in HY1 2022.

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“The six months to 30 June 2022 was another active period for the Company, as we added 217MW of new generating assets to the portfolio, taking our total installed capacity above the 1GW threshold. We achieved a further milestone with the acquisition of our first offshore wind asset in Germany and strengthened our European diversification with agreements to acquire new assets in Spain, Sweden and France,” said Greencoat Renewables non-executive chairman Ronan Murphy.

“Over the past 12 months we have committed €867 million into renewable generation assets, with elevated power prices supporting increased levels of reinvestment.”

“With Europe expected to require €1 trillion of new clean energy investment by 2040, the Company is well positioned to play a significant role in enabling and accelerating this transition, directly contributing to meeting emissions targets and reducing reliance on gas across Europe.”

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