Greencoat Renewables pleased with 2018 performance

(Sharecast News) - Euro-denominated renewable infrastructure asset investment company Greencoat Renewables announced its results for the year ended 31 December on Monday, reporting that in 2018, it acquired 10 wind generation assets, increasing its portfolio to 12 wind farms in total.The AIM-traded firm said that brought its net generating capacity to 384MW from 137MW, with a gross asset value of €883.5m as at 31 December.Its net asset value at year-end was €392.8m, with net asset value per share rising to 103.4 euro cents from from 96.6 cents.The company's assets generated 440.5GWh of electricity in 2018, which was 9% below budget due mainly to low wind speeds, with Greencoat pointing out that is asset availability was on budget.On the financial front, the board reported "strong" cash flow and consistent returns, with net cash generation standing at €23.1m.The company's dividend cover for 2018 was 1.3x, with the board confirming a total dividend per share of 6 cents.Greencoat's directors said that consistent with its progressive dividend policy, it was targeting a dividend per share of 6.03 cents for 2019.Looking at its capital structure, Greencoat Renewables issued 110 million shares during the year in an oversubscribed placing at €1.01 per share.It also increased its revolving credit facility to €380m, with a syndicate of five domestic and international banks.Outstanding borrowings stood at €490.7m as at 31 December, which the firm said was equivalent to 56% of its gross asset value."We are delighted to present our first set of results for a full year following Greencoat Renewables' listing in July of 2017," said Greencoat Renewables non-executive chairman Ronan Murphy."The past 12 months have been transformational for the company, delivering on all of our strategic goals and diversifying the portfolio, whilst continuing to achieve operational excellence."Murphy said the secondary market for wind assets in Ireland had been "very active", with a number of value accretive opportunities sought and executed, growing the company's asset base from two to 12 wind farms and its capacity from 137MW to 384MW."We continue to see a significant aggregation opportunity for the business."We have also increased our target 2019 dividend to 6.03 cent consistent with our commitment to a progressive dividend policy."