Renewable energy investor Greencoat Renewables has reported improved net cash generation and increased total capacity for the six months to the end of June.

Greencoat Renewables said its net cash generation amounted to €125.5m, up from €92.1m the same time last year.

The company said it generated a total of 1,489 GWh of electricity in the six month period, up from 1,127 GWh in the first six months of 2022.

It has declared a dividend of 3.21 cent per share declared for the six month period.

It also completed three acquisitions totalling €275.5m and said this increase its portfolio to 38 renewable generation and storage assets across six European countries.

Ronan Murphy, non-executive Chairman of Greencoat Renewables, said the six month period saw continued strong cash generation, increased dividend cover and acquisitive growth.

"The expansion of the portfolio demonstrates our ability to selectively deploy capital into strategic locations that provide value accretive opportunities for revenue diversification and long-term growth," Ronan Murphy said.

"As Europe continues to pursue greater energy independence with Net Zero targets, the opportunity and investment case for renewables remains strong. Given our depth of experience and approach to active asset management, we are well-positioned to play a leading role in enabling this energy transition," he added.