Greencoat doubles in value after acquiring more wind farms

Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said 2019 represented another period of growth and delivery for the company. Stock Picture

Renewable energy investment company Greencoat has almost doubled in value as it continued to grow its portfolio of wind farms in Ireland.

The company is now the second-largest operator of wind farms in Ireland, with 15 farms in operation that generated 1,154GWh last year.

Announcing its results, Greencoat Renewables said there were no material unplanned outages or issues affecting any of the 15 wind farms last year which generated net operating cash flow of €48.8 million.

At the end of 2019, the company was worth €747.3 million, almost twice the market capitalisation of €391.4 million at the end of 2018.

Last month the company acquired a newly-operational wind farm in Co Clare for €35.4m.

The 14.1MW wind farm is located at Letteragh and consists of six Enercon turbines which have been operational since December.

Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said 2019 represented another period of growth and delivery for the company.

“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,” he said.

“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.

Brokers Davy said Greencoat’s 2019 results are the latest demonstration of its strong operational performance to date.

“It has significant balance sheet capacity and its pipeline is described as ‘attractive across a range of geographies and markets’. On this basis, its current growth trajectory should be maintained for, at least, the year to come."