Greencoat Renewables’ portfolio generated electricity 9% below budget last year, hit by lower wind speeds during the summer.
Output at the Irish company’s 12 wind farms was 440.5 gigawatt-hours, with operational availability in line with the budget.
There were no material unplanned outages or other issues impacting the assets and as a result the the company generated operating cashflow was €23.1m, Greencoat said.
Net asset value increased to almost €393m in 2018, up from just under €261m in the previous year, boosted by the acquisition of 10 wind farms.
Net generating capacity reached 384MW by the end of December, compared with 137MW at the end of 2017.
Greencoat Renewables non-executive chairman Ronan Murphy said: “We are delighted to present our first set of results for a full year following Greencoat Renewable’s listing in July of 2017.
“The past 12 months have been transformational for the company, delivering on all of our strategic goals and diversifying the portfolio, whilst continuing to achieve operational excellence.
“The secondary market for wind assets in Ireland has been very active with a number of value accretive opportunities sought and executed, growing our asset base from two to 12 wind farms and our capacity from 137MW to 384MW. We continue to see a significant aggregation opportunity for the business.
“We have also increased our target 2019 dividend to 6.03 cent consistent with our commitment to a progressive dividend policy.”