Greencoat Renewables reported gross cash generation of €68.7 million in the first half of 2025, down from €113.6 million in the same period last year, as wind resources across Northern Europe fell 15% below budget.
The Dublin-listed renewable energy investor said electricity generation for the six-month period reached 1,830 gigawatt hours (GWh), resulting in a dividend cover of 1.8 times. Dividends of 3.41 cents per share were declared or paid, in line with the company’s full-year target.
“Gross cash generation amounted to €68.7 million, translating to a robust gross dividend cover of 1.8x despite a statistically low-wind year across Northern Europe,” said Chairman Rónán Murphy. “The European renewables sector has proven to be resilient, underpinned by binding government commitments to decarbonisation, accelerating corporate demand for clean energy, and the convergence of digital and energy.”
Net asset value (NAV) per share stood at 101.0 cents, down from 110.5 cents at the end of 2024, reflecting a reduction in long-term P50 wind resource assumptions. Aggregate group debt was €1.35 billion, equivalent to 54.6% of gross asset value.
To support balance sheet management, Greencoat agreed the sale of a portfolio of Irish assets for €156 million—representing a 4% premium to book value—with proceeds directed towards debt reduction. Total NAV-accretive disposals now exceed €200 million.
The company increased its contracted revenue profile, with 76% of cash flows now secured through to the end of 2029. It also extended its revolving credit facility to February 2028 and entered into interest rate swaps to fix the cost of debt on Facility A at 3.9% until October 2030.
A new 10-year power purchase agreement (PPA) was signed with Keppel DC REIT, covering roughly 20% of the group’s projected merchant volumes over the next five years. This marks Greencoat’s seventh PPA since launching its re-contracting strategy.
Other developments during the period included a revised management fee structure, a secondary listing on the Johannesburg Stock Exchange, and the appointment of Bernard Byrne as a non-executive director, bringing additional financial and commercial experience to the board.
Murphy added: “Deleveraging through NAV-accretive disposals, the extension of our RCF, and the fixing of Facility A at an all-in cost of debt of 3.9% through to October 2030, further strengthens our balance sheet and enhances our financial flexibility.”
Greencoat Renewables continues to focus on stable income generation from its portfolio while positioning itself to adapt to changing market conditions across the European renewable energy landscape.
