Greencoat Renewables has reported an increase in gross asset value (GAV) for the first half of 2022, compared to the same period in 2021.
GAV increased to €2.2bn in the first half of this year, compared with €1.4bn in the same period in 2021.
Net asset value (NAV) rose to €1.2bn in the first half of 2022, compared with €749m in the first half of last year.
The group’s investments generated 1,127 gigawatt-hours (GWh) of electricity in the first half of this year, compared with 745GWh) in the same period in 2021.
For the period, total installed capacity increased to 1028MW, compared with 686MW in the first half of 2021, as a result of an increase in portfolio size to 28 wind farms from 23 in the first half of 2021 and the Killala battery project becoming operational.
Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said: “The six months to 30 June 2022 was another active period for the Company, as we added 217MW of new generating assets to the portfolio, taking our total installed capacity above the 1GW threshold.
“We achieved a further milestone with the acquisition of our first offshore wind asset in Germany and strengthened our European diversification with agreements to acquire new assets in Spain, Sweden and France.
“Over the past 12 months we have committed €867m into renewable generation assets, with elevated power prices supporting increased levels of reinvestment.”
He added: “With Europe expected to require €1tn of new clean energy investment by 2040, the Company is well positioned to play a significant role in enabling and accelerating this transition, directly contributing to meeting emissions targets and reducing reliance on gas across Europe.”