(Alliance News) - Greencoat Renewables PLC on Monday lifted its annual dividend despite a drop in net asset value.
For 2019, the Irish renewable infrastructure fund said its net asset value per share dipped year-on-year to 103.1 euro cents from 103.4 cents. Net assets at the end of 2019 rose by 65% to EUR650.0 million from EUR392.8 million the same date the year before.
Over the year, Greencoat made a further investment in Cloosh Valley, and acquired three new wind farms, increasing its portfolio to 15 wind farms, and the net generating capacity to 462 megawatts.
However, the portfolio generated 1,154.0 gigawatt-hours, 4% below the budget of 1,206.2 GWh, due to a higher than expected level of curtailment caused by the failure of a 200 to 400 kilovolt grid transformer at Moneypoint.
Greencoat Renewables declared a dividend of 6.03 cents per share, up 0.5% from 6.00 cents the prior year.
Looking ahead, the company is targeting a full-year dividend of 6.06 cents per share for 2020.
In addition, Greencoat said it is able to make acquisitions in Belgium, Find, France Germany and Netherlands. The company is now assessing opportunities in the Nordic regions, an area outside of its investment policy.
"2019 represented another period of growth and delivery for the company as we consolidated our market leading position in Ireland. I am delighted to present another strong set of results, with all elements of our strategy delivered upon," said Non-Executive Chair Ronan Murphy.
"The additions to the portfolio this year demonstrate the strength of our relationships with developers and co-investors, as well as our ability to transact at all levels of the market. 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," Murphy added.
Shares in Greencoat Renewables were up 0.8% at EUR1.20 on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Greencoat Renewables (GRP)