Renewable energy investor Greencoat Renewable said its portfolio generation and availability were both on budget for the six months to the end of June, resulting in 688GWh of generation. 

It said its net cash generation came to €40m. 

Greencoat noted that wind speeds were high in the first half of the year for the Irish portfolio.

But it said there was a higher than expected level of uncompensated grid curtailment mostly due to lower electricity demand as a result of the Covid-19 pandemic.  

During the six month period, the company entered the continental European market with acquisition of 51.9MW French portfolio of wind farms at Pasilly, Sommette and Saint Martin. 

It also continued its consolidation of the Irish wind market with acquisition of Letteragh wind farm in Co Clare.

Ronan Murphy, non-executive chairman, said the company feels "fortunate" that it 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," Mr Murphy said. 

"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," the CEO added.