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(Sharecast News) - Greencoat Renewables said in its interim results on Monday that its investments generated 1,127GWh of electricity in the first six months of the year, up from 745GWh year-on-year.
The AIM-traded firm said its net cash generation totalled €92.1m for the six months ended 30 June, up from €40.2m, delivering gross dividend cover of 3.0x, rising from 1.8x a year ago.
Its total installed capacity increased to 1,028MW from 686MW, as a result of an increase in the portfolio size to 28 wind farms from 23, and the Killala battery project becoming operational.
The company's gross asset value increased to €2.16bn from €1.44bn, and its net asset value expanded to €1.26bn from €749m.
Operationally, Greencoat said it delivered "continued geographic diversity" with acquisitions across Germany and Spain, as well as continued investments in Ireland.
The board declared total dividends of 3.09 euro cents per share for the period, and completed successful capital raising activity with gross proceeds of €281.5m from an oversubscribed placing in the half-year.
Aggregate group debt stood at €898.7m, equivalent to 42% of its gross asset value.
"The six months to 30 June was another active period for the company, as we added 217MW of new generating assets to the portfolio, taking our total installed capacity above the 1GW threshold," said non-executive chairman Ronan Murphy.
"We achieved a further milestone with the acquisition of our first offshore wind asset in Germany and strengthened our European diversification with agreements to acquire new assets in Spain, Sweden and France."
Murphy said that over the last 12 months, the company committed €867m into renewable generation assets, with elevated power prices supporting increased levels of reinvestment.
"With Europe expected to require €1trn of new clean energy investment by 2040, the company is well-positioned to play a significant role in enabling and accelerating this transition, directly contributing to meeting emissions targets and reducing reliance on gas across Europe."
At 1135 BST, shares in Greencoat Renewables were up 0.81% at 1.24p.
Reporting by Josh White at Sharecast.com.
