Greencoat Renewables eyes acquisition opportunities across Europe

Irish wind farm operator made its first foray outside of Ireland last year with the purchase of a wind farm in France

Irish wind farm operator Greencoat Renewables is eyeing further expansion – both geographically and into other renewable technologies.

The company, which owns a number of wind farms in Ireland, reported a near 71% year-on-year increase in pre-tax profit, to €22.7m, for the first half of this year. Return on investment surged from €21.7m to €33m.

Greencoat made its first foray outside of Ireland last year, with the purchase of a wind farm in France. That was followed up, earlier this year, with a similar acquisition in Finland. The company said it has a strong pipeline of acquisition opportunities.

“The overall outlook for the company remains positive, with good dividend cover, appropriate gearing, and the ability to pursue a strong near and medium-term pipeline of opportunities in both Ireland and Europe,” said Greencoat’s non-executive chairman Rónán Murphy.

The past six months have been a successful period for Greencoat Renewables, marked by a strong operational performance and continued expansion into Europe, including our first investment into the Nordic market.

Mr Murphy said Greencoat’s business continues to deliver enhanced value from its existing portfolio.

Nonetheless, management is still eyeing significant development. This will see further geographic expansion into mainland Europe and moves into other renewable areas like solar power.

The company said it has considered “a number of solar opportunities” so far this year.

It has also progressed the development and construction of a battery storage facility co-located at its Killala wind farm in Co Mayo. The facility should be operational in the first half of next year and will act as a strategic pilot for the company.

“We continue to explore new opportunities to add further value to existing and new assets,” Greencoat said.