Greencoat Renewables has announced an increase in revenue for the first half of 2023.
In its latest interim results the developer posted net cash generation of €125.5m against €92.1m in the same period last year, delivering gross dividend cover of 3.5x compared to 2022’s 3.0x.
Greencoat also saw the amount of electricity generated rise from 1127GWh to 1489GWh as the company increased total capacity from 1.03GW to 1.32GW.
This comes off the back of the Irish outfit completing three acquisitions totalling €275.5m, increasing its portfolio to 38 renewable generation and storage assets across six European countries.
“I am pleased to confirm another successful period for the company, evidenced by continued strong cash generation, increased dividend cover and acquisitive growth,” said non-executive chairman of Greencoat Renewables Ronan Murphy.
“We deployed a total of €275.5m in the period, acquiring three new assets which increased our portfolio generation capacity to 1.32GW across six European countries.
“The expansion of the portfolio demonstrates our ability to selectively deploy capital into strategic locations that provide value accretive opportunities for revenue diversification and long-term growth.
“As Europe continues to pursue greater energy independence with net zero targets, the opportunity and investment case for renewables remains strong. Given our depth of experience and approach to active asset management, we are well-positioned to play a leading role in enabling this energy transition.”