Greencoat Renewables back in profit in first half

By Geoff Percival

Irish wind-farm operator Greencoat Renewables swung back into profit in the first half of the year, generating an after-tax surplus of €11.7m against a loss of just over €3.9m for the same period last year.

The company is backed by the Ireland Strategic Investment Fund, AIB, and Irish Life Investment Managers.

It acquired three wind farms, upping its portfolio to five, in the first six months. Its assets generated 195.3-gigawatt hours of electricity and the company generated net cash of €13.4m.

Greencoat raised €270m from a dual IPO in Dublin and London last year and in July of this year said it was going back to the market to tap investors for more money to fund acquisitions.

The issuance of a further 110m shares raised gross proceeds of €111m.

Earlier this month, the company announced a deal to buy a portfolio of four wind farms from State-owned forestry body Coillte. This will increase its portfolio to nine wind farms, and its net generating capacity to 299 megawatts.

“The outlook for the company is positive, we have a high-quality operating portfolio and a capital structure aligned for growth in an attractive secondary market for wind assets,” said Greencoat’s non- executive chairman Rónán Murphy.

Mr Murphy said Greencoat’s board of directors is supportive of value-accretive growth via further wind-farm investments, adding that “such acquisitions will be in the shareholders’ interest”.

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