(Alliance News) - Greencoat Renewables PLC said its net asset value rose in its latest half year, celebrating "another successful period" with three acquisitions and increased dividends.
The Dublin-based investor, which backs euro-denominated renewable energy infrastructure assets, said NAV at June 30 was 113.2 euro cents per share, up from 112.4 cents at December 31 and from 110.1 cents at June 30, 2022.
Shares in Greencoat were up 2.6% at EUR1.00 in London on Monday morning.
Greencoat declared total dividends of 3.21 euro cents per share with respect to the half year, up from 3.09 cents the prior year.
Greencoat also said its net cash generation increased 36% in the first half of 2023, to EUR125.5 million from EUR92.1 million the year before. Total capacity increased to 1.32 gigawatts from 1.03 GW.
The company noted three acquisitions for a total of EUR275.5 million over the period, including its purchase announced in early August of the 50 megawatt Andella wind farm in Valladolid, Spain. These grew its portfolio to 38 renewable generation and storage assets across six European nations.
"I am pleased to confirm another successful period for the company, evidenced by continued strong cash generation, increased dividend cover and acquisitive growth," said Non-Executive Chair Ronan Murphy. He added: "The expansion of the portfolio demonstrates our ability to selectively deploy capital into strategic locations that provide value accretive opportunities for revenue diversification and long-term growth.
"As Europe continues to pursue greater energy independence with Net Zero targets, the opportunity and investment case for renewables remains strong. Given our depth of experience and approach to active asset management, we are well-positioned to play a leading role in enabling this energy transition."
By Emma Curzon, Alliance News reporter
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