Renewable energy investor Greencoat Renewables said its net cash generation increased by 36% to €66.4m for the year to the end of December, up from €48.7m in 2019.

Greencoat Renewables said its generation levels increased last year by 22% to 1,404GWh - 3% below budget. 

During the year, it increased its portfolio to 21 wind farm investments, its net generating capacity rose to 557MW and its gross asset value (GAV) grew to €1.177 billion.
It bought four wind farms in Ireland last year, and also completed its first transaction in Continental Europe with the acquisition of three wind farms in France.

Since December, the company announced a deal to buy the Kokkoneva wind farm in Finland once it becomes operational in 2022 and also purchased the Cordal wind farm in Ireland which is expected to close in April 2021. 

Greencoat said it had declared total dividends of 6.06 cent per share with respect to the year, while it also placed a new three year €300m revolving credit facility and €200m of five year term loans during the year adding more stability to the capital structure.

Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said the company reported another strong set of results, both in terms of operational performance and continued implementation of its growth strategy. 

"While real challenges remain in the wider economy as a consequence of Covid-19, fortunately the company continues to perform extremely well, demonstrating the stability of our business model," Mr Murphy said. 

"The company has matured significantly in the three plus years since listing. We are much larger and more diversified and are benefiting from increasing economies of scale. We also have a considerable opportunity ahead of us as we bring our expertise and experience to the deep pool of renewable assets in Europe," he added.