Greencoat Renewables revenue jumps as demand continues to grow

The Glencarbry wind farm in Tipperary that was acquired by Greencoat Renewables.

Renewable energy investment vehicle Greencoat Renewables posted a jump in revenue as the demand for greener energy continues to grow.

The company posted a 15% increase in revenues to €379m, but also reported a decline in net cash generation to €197m from €215m in the previous year as it paid down debts and ramped up investment activity.

“Despite the continued presence of macro-economic headwinds, the opportunity and investment case for renewables remains strong,” said Ronan Murphy, Greencoat Renewables non-executive chairman.

The company pumped more than €500 million into four new assets and increased its portfolio to 39 renewable generation and storage assets across six European markets.

In Ireland, Greencoat Renewables powered 750,000 homes and secured exclusive access to 50% of a pipeline of onshore wind projects in Ireland by entering into a long term agreement with FuturEnergy Ireland, the state-backed joint venture between ESB and Coillte.

The company also acquired a 50% stake in the 80MW South Meath solar farm from Statkraft on a forward sale basis in 2022. The wind farm is expected to be fully operational by the end of June.

The company said it saved 1.3 million tonnes of CO2 emissions and committed €1.3m to local communities last year.

In its annual report published at the end of 2023, the company said “the combination of a high-yielding portfolio, prudent approach to pricing risk, and a strong balance sheet, positions” will offset disruption in the renewable energy sector.

Further growth in the sector could be hit by ongoing European price pressures and chronic planning backlogs in Ireland.