Wind farm operator Greencoat Renewables boosts cash generation

As well as continuing to buy wind farms in Ireland, the company continued its expansion in continental Europe with its presence now covering France, Finland, Sweden and Spain. File Picture: Denis Minihane.

Wind farm operator Greencoat Renewables generated €70.5m in cash last year, up from €66.4m in 2020.

In its annual results, the renewable energy infrastructure company said it increased its portfolio of wind farms to 25 assets – with a net generating capacity of 800 megawatts of power – last year.

As well as continuing to buy wind farms in Ireland, the company continued its expansion in continental Europe with its presence now covering France, Finland, Sweden and Spain.

Greencoat closed the year with just over €630m in net debt. It declared a dividend of 6.06c per share for the year and is targeting a dividend of 6.18c per share for 2022.

“In a year of low wind resource, we are pleased to deliver a robust dividend cover, reflecting the resilience of our business model, and a continued solid financial and operational performance,” said non-executive chairman Ronan Murphy.