Greencoat Renewables saw increased electricity production last year as it expanded its number of renewable energy assets.
According to the company’s results for the year ended 31 December, its portfolio generated 2487GWh of electricity in 2022, an increase from 2021’s 1522GWh.
In addition, Greencoat’s portfolio increased to 35 assets with the acquisition of nine wind farms, increasing net generating capacity to 1164MW. In 2021, the company’s capacity was 800MW.
The company acquired its first assets in Germany, Finland and Spain, along with its first offshore wind farm.
Greencoat also saw its net cash generation grow from €71m in 2021 to €215m in 2022.
Commenting on the results, non-executive chairman of Greencoat Renewables Ronan Murphy said: “2022 was another very successful year for us and I am very pleased that the business continued to deliver strong returns to shareholders.
“We achieved a number of significant milestones, with the acquisition of nine wind farms, including our first offshore wind farm, and expansion into Germany, Finland and Spain. We have built a portfolio of diversified technology across both onshore and offshore wind, solar, and battery, providing us with a robust platform from which to capitalise on the opportunities ahead.
“I am very pleased with the strong performance of the business and have great confidence that, as the transition to renewable energy across the region gathers pace, Greencoat Renewables is very well positioned to be a leading long-term owner of European renewable infrastructure assets.”