Greencoat Renewables has released its interim first half results for 2020 showing profit down almost 3%.
Profit was €13.3m but net cash generation up from €27.1m at €40m, a 40% increase compared to 1H 2019.
Greencoat said its Irish-focused fund had seen power price capture in line with expectations, with the “highly contracted” nature of the group’s revenues unaffected by price movements seen elsewhere in the sector.
The results show a gross dividend cover for the period of 2.1x and it has declared total dividends of 3.03 cent per share with respect to the period, a total of €19.1m.
Portfolio generation was on budget at 688GWh, with asset availability also on budget, Greencoat said.
H1 saw the fund enter into continental Europe with the acquisition of 51.9MW French portfolio of wind farms at Pasilly, Sommette and Saint Martin and the acquisition of the 14MW Letteragh wind farm in Ireland.
GAV grew to €1.139bn at 30 June 2020.
It also made a post-period 50 per cent investment in the 20.5MW Carrickallen wind farm increasing the portfolio to 20 wind farms and net generating capacity to 538MW at 11 September 2020.
Commenting on today’s results, Greencoat Renewables non-executive chairman Ronan Murphy said: “Given the circumstances, I and the board also feel fortunate that our company has been able to continue operating relatively unaffected, where many others have not.
“In the first six months of the year, we have continued to grow the portfolio with ongoing consolidation in Ireland and our first acquisitions on the continent – a source of significant opportunity for the company.
“We have also delivered strong operational performance and robust dividend cover in keeping with the company’s strategy. The outlook for the business remains positive with a strong pipeline for further growth both in Ireland and Northern Europe.”
As of 30 June Greencoat Renewables market capitalisation stood at €763m with NAV at €644.3 million.