Greencoat Renewables has released its financial and operational results for the year ending 31 December 2024. The company generated 3,443 GWh of clean electricity during the year, with a total installed capacity of 1.5 GW across 39 renewable generation and storage assets in five European countries.
Financially, Greencoat Renewables reported cash generation of €148.61 million, supporting a gross dividend cover of 2.0 times. A total of €100 million was returned to shareholders through dividends and share buybacks, representing around 8% of the company’s net asset value at the start of the year. The net asset value per share stood at 110.5 cents, with a total return of 4.5% including dividends.
During the year, the company completed its first asset sale, divesting the Kokkoneva wind farm in Finland at a premium to net asset value. Proceeds from this sale were used to reduce debt, contributing to a reduction in aggregate group debt to €1,263 million, equivalent to 51% of gross asset value. This was achieved through a combination of operational cash flow and asset disposals. Additionally, the company secured a new €150 million five-year term debt facility, which was used to repay its revolving credit facility. An early agreement was also reached to extend €235 million of an existing loan facility due to mature in October 2025 for an additional five years.
In terms of expansion, Greencoat Renewables completed the acquisition of the South Meath solar farm in Ireland, marking its first investment in the Irish solar market. The transaction was completed under a forward sale agreement that had been committed to in July 2022. The company also strengthened its position in the Irish market by securing two long-term power purchase agreements with strong counterparties.
