Renewable energy investor Greencoat Renewables said it generated a total of 3,443 GWh of clean electricity last year with total capacity of 1.5GWh across 39 renewable generation and storage assets in five European countries.
Greencoat Renewables reported cash generation of €148.61m for the year, down from €196.7m in 2023, while its aggregate group debt reduced to €1.263 billion from €1.342 billion last year.
During the year it completed the acquisition of the South Meath solar farm, the company's first investment into the Irish solar market, under forward sale agreement committed to in July 2022.
It also agreed two long-term power purchase agreements in Ireland, which it said highlighted the growing presence in the market and the increasing demand for clean energy from Big Tech and AI.
Greencoat said its portfolio generated renewable energy sufficient to power approximately 775,000 homes last year, which it said prevented around 1.4 million tonnes of CO₂ emissions - a 7% increase from 2023.
€100m was distributed to shareholders via dividends and share buybacks, it added.
Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said the company reported a strong operating performance despite a range of macro-economic headwinds which unsettled the sector.
"The company's structural cash generation capacity allowed us to allocate capital in a highly disciplined manner in line with our strategic objectives. Accordingly, in addition to meeting our dividend target for the year, we used operating cashflow and disposal proceeds to make material debt repayments, fund an accretive share buyback and part-fund our sole acquisition," Mr Murphy said.
"Overall, the company continues to explore ways in which it can achieve its strategic aims of diversifying its shareholder base and positioning itself to take advantage of growth opportunities as market conditions improve, including the possibility of an additional listing to enhance the company's profile, improve liquidity and support future growth," he added.
