Dublin-listed energy investor Greencoat Renewables said it generated €48.8 million in cash in 2019, a year in which net asset value rose to €650 million from €392.8 million.
The company, the first renewable energy infrastructure company to list on the Dublin exchange, reported a slight fall in net asset value per share to 103.1 per cent.
During the 12 months under review Greencoat acquired a 25 per cent stake in Cloosh Valley in Co Galway, one of the Republic’s biggest wind farms, for €34.5 million. It also bought three new wind farms to bring the total if has in its portfolio to 15.
Net generating capacity from the company’s wind farms now stands at 462 megawatts.
Wind farm operating cashflow increased by 110 per cent year-on-year to €61.5 million, equating to 12.5c per share on a weighted average basis.
The company said it had €366.9 million in outstanding borrowings at the end of 2019, equivalent to 36 per cent of gross asset value.
Greencoat on Monday announced that a special resolution would be proposed at its upcoming annual general meeting to allow the group to invest in Denmark, Norway and Sweden.
Non-executive chairman Ronan Murphy also confirmed an increase in the company's target 2020 dividend to 6.06 cent.
“2019 represented another period of growth and delivery for the company as we consolidated our market leading position in Ireland,” said Mr Murphy.
“We continue to find value in Ireland, and increasingly in continental Europe. The pipeline for further growth looks attractive across a range of geographies and markets.”
In a note to investors, Davy said the results indicated a “strong operational performance to date”.
It said the group had the financial headroom to address opportunities both domestically and in mainland Europe.
