Dublin-listed wind and solar energy group Greencoat Renewables saw cash revenues jump 15 per cent €379 million as its protfolio produced renewable energy to power roughly 750,000 homes.
Publishing its full-year results for last year, the company said it completed four acquisitions totalling €524.3 million, increasing the portfolio to 39 renewable generation and storage assets across six European markets.
The company is capitalising on the shift to renewable energy across Europe. It generated 3,754 gigawatt hours (GWh) of electricity in 2023, up from 2,487 in 2022.
Dividends of 6.42 cent per share were declared or paid with respect to 2023, in line with the company’s stated target.
Romantasy, QuitTok and other words from a dystopia-coded year
Have Ireland’s data centre builders shot themselves in the foot through their own greed?
The old order of globalisation may be collapsing – and bringing Germany with it
Wonderwallets: the cost of everything in 2024, from Oasis tickets to Leinster House bike shelter
Ronan Murphy, non-executive chairman of Greencoat Renewables, said: “I am pleased to report another positive year for the Company, with continued strong cash generation underpinning dividend cover and providing long term support for ourreinvestment strategy.”
“In deploying more than €500 million into four new assets, we have further diversified the portfolio and increased our generation capacity to 1.5GW across six European markets,” he said.
“Proactive revenue management has enabled us to deliver a number of power purchase agreements confirming that the Company is delivering on its strategy of maintaining a high contracted revenue mix,” he said.
“Despite the continued presence of macro-economic headwinds, the opportunity and investment case for renewables remains strong. The company remains wholly committed to the disciplined allocation of capital and, with a highly cash generative and pan European portfolio, is well positioned to continue to play a critical role in energy transition, whilst delivering attractive low risk returns for shareholders,” Mr Muprhy said.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly - Find the latest episode here
