Greencoat Renewables has reported results for the six months ending 30 June 2025. The company generated 1,830 GWh of renewable electricity during the period, 15% below budget due to weaker wind resource (H1 2024: 1,927 GWh).
Gross cash generation stood at €68.7 million (H1 2024: €113.6 million), providing a dividend cover of 1.8 times (H1 2024: 3.0 times). Dividends of 3.41 cents per share were paid or declared in respect of the period, in line with the full-year dividend target. Net asset value per share was 101.0 cents (H2 2024: 110.5 cents), reflecting the reduction in P50 wind resource budgets previously announced.
Aggregate group debt totalled €1,351 million, equivalent to 54.6% of gross asset value. The company agreed the disposal of an Irish portfolio for €156 million, representing a 4% premium to the last reported book value, with proceeds allocated to debt repayment. Total accretive disposals now exceed €200 million.
Greencoat Renewables increased its illustrative five-year contracted cashflow profile to 76% through to 31 December 2029. A two-year extension of the revolving credit facility to February 2028 was agreed, and swaps were entered into to lock in a 3.9% cost of debt on Facility A through to October 2030.
A new 10-year Power Purchase Agreement was signed with Keppel DC REIT, the seventh since the launch of the re-contracting strategy, covering around 20% of five-year merchant volumes. Progress was also made on strategic initiatives through a revised management fee agreement and an additional listing on the Johannesburg Stock Exchange.
Bernard Byrne was appointed as a non-executive director, bringing finance and commercial experience to the board.
