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(Alliance News) - Greencoat Renewables PLC said that its net asset value had declined in 2023, though the company celebrated its portfolio's increased renewable generation capacity following an acquisition-laden year.
Greencoat is a Dublin-based investment company, focused on wind farms and renewable energy assets across Europe.
Net asset value per share dipped 0.3% to 112.1 cents over the year from 112.4 cents in 2022.
Greencoat delivered EUR196.7 million in net cash in 2023, down 8.5% from EUR215.0 million a year prior.
Greencoat paid 6.42 cents in dividends over the year, an 18% increase from 5.42 cents.
The company also completed four acquisitions in the year, costing a total of EUR524.3 million and increasing its portfolio to 39 renewable generation and storage assets.
Greencoat increased its total generation capacity to 1.5 gigawatts in 2023 from 1.2 GW the year before.
3,754 GW hours of electricity were generated in the full-year up from 2,487 in 2022. Greencoat said that its portfolio produced renewable energy to power around 750,000 homes during the year, saving 1.3 million tonnes of carbon dioxide in the process.
Non-Executive Chair Ronan Murphy said: "In deploying more than EUR500 million into four new assets, we have further diversified the portfolio and increased our generation capacity to 1.5GW across six European markets.
"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."
Shares in Greencoat were up 1.1% at 139.48 pence each in London on Wednesday morning.
By Hugh Cameron, Alliance News reporter
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