Irish company Greencoat Renewables is to seek shareholder approval to widen its investment remit to clear the way for the acquisition of wind farms in the Nordics.
The Dublin-based investor will put a special resolution down at its upcoming AGM to change its policy to target Denmark, Norway and Sweden.
The move would “provide the group with the benefit of a larger pool of potential acquisition targets and facilitate the group’s diversification opportunities”, Greencoat said in annual results on Monday.
Additional details of the strategy will be published on 20 March in a note ahead of the AGM.
The investor acquired three new wind farms during 2019 to bring its total Irish installed base to 462MW across 15 sites.
Generation was, however, four per cent below target at 1154GWh dur to higher than expected curtailment.
Net cash generation stood at €49m while the dividend payment per share will be 6.03 cent.
Non-executive chairman Ronan Murphy said: “2019 represented another period of growth and delivery for the company as we consolidated our market leading position in Ireland. I am delighted to present another strong set of results, with all elements of our strategy delivered upon.
“On the operational side, I am pleased by the steps taken to further enhance performance and availability. As was expected when we laid out our strategy for aggregation, the increasing size of our asset base is creating further opportunities for improvement, and we expect this trend to continue as the market and associated technologies mature.
“The additions to the portfolio this year demonstrate the strength of our relationships with developers and co-investors, as well as our ability to transact at all levels of the market. We continue to find value in Ireland, and increasingly in continental Europe. The pipeline for further growth looks attractive across a range of geographies and markets.”