Greencoat Renewables has published its results for the six months ended 30 June 2024, which saw the company increase its power generation in the period of low wind resource by more than 400 gigawatt hours (GWh) recording 1927GWh in 2024 against 1489GWh in the same period of 2023.
The Irish outfit also reported a net cash generation of €113.6m in 2024, against €125.5m in 2023.
“We are pleased to present another strong set of results for the six-month period ended 30 June 2024, with Greencoat Renewables continuing to benefit from strong cash generation and sector leading dividend cover,” said the company’s non-executive chairman Rónán Murphy.
“Disciplined capital allocation has remained a key focus for the board in a period where the company has continued to deleverage through operating cashflow while also initiating a share buyback programme of up to €25m.
“As one of the largest listed owners of European renewables, with a diversified portfolio across six European countries, we have the knowledge and the ability to capitalise on long-term positive trends in the sector.
“Proactive revenue management has enabled us to enter into Power Purchase Agreements with reputable corporates, as we leverage the increasing demand from Big Tech for clean energy.
“The opportunity and investment case for renewables remains strong with operating assets attractively priced in historical terms.
“We are well positioned to take advantage of opportunities as they arise through our on the ground experts and active approach to asset management.
“As such, we are confident and determined to continue to play a leading role in enabling the energy transition while delivering for our shareholders.”