Irish wind farm investor and operator Greencoat Renewables said generation from its fleet of projects was 11% below budget in the first six months of the year.
The company’s projects delivered 745 gigawatt-hours of electricity during the period predominately due to poor wind resource in Ireland, which was “partially mitigated by above budgeted wind resource from the French portfolio”.
The conditions let to net cash generation of €40m, stable on last year’s result.
Meanwhile, the company said the acquisition of Cordal and Glencarbry wind farms in Ireland increased its portfolio to 23 wind farms, total installed capacity to 685.6MW and GAV to €1,442 million as at 30 June 2021.
Rónán Murphy, non-executive chairman, said the operational performance was “strong”.
“The business continues to deliver enhanced value from the existing portfolio and I am pleased with the progress made across a number of strategic initiatives. These include a significant corporate PPA at attractive terms, evidencing the maturing market for contracted renewable power, and the construction of our first co-located battery project.
“The overall outlook for the company remains positive, with good dividend cover, appropriate gearing, and the ability to pursue a strong near and medium term pipeline of opportunities in both Ireland and Europe.”