The Dublin-based wind and solar firm, Greencoat Renewables, experienced a 15% rise in cash revenues to €379 million in its latest full-year earnings, citing strong production from its renewable energy assets that powered around 750,000 homes. Over the past year, the firm expanded its portfolio by acquiring four new assets for a total cost of €524.3 million, bringing its total to 39 renewable generation and storage facilities situated in six European markets.
While harnessing the push towards renewable energy across the continent, the firm’s electricity production increased to 3,754 gigawatt hours (GWh) in 2023, a jump from 2,487 in 2022. It also declared or paid dividends of 6.42 cents per share for 2023, which was according to the company’s predetermined goals.
Ronan Murphy, the Non-Executive Chairman of Greencoat Renewables, expressed satisfaction with the firm’s performance in the last year, noting the steady cash generation, healthy dividend cover, and supporting long-term reinvestment strategy. He went on to underline the significance of their €500 million investment into four new assets, which has broadened the portfolio and increased the company’s generation capability to 1.5GW over six European markets.
Murphy further highlighted the company’s effectiveness in managing revenue, allowing for several power purchase agreements, demonstrating the fulfilment of their strategy to maintain a high contracted revenue mix. Despite ongoing macro-economic challenges, Murphy stated that the opportunities and incentive for investing in renewable energy remain robust, with the company entirely dedicated to disciplined capital allocation.
In a broader context, he indicated that the company, boasting a highly cash-generative and pan-European portfolio, is ideally suited to continue its crucial role in energy transition whilst offering low-risk, appealing returns for investors. Murphy added that being committed to renewable energy puts the company in a robust position to support energy transition while delivering attractive returns.
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