September 21 (Renewables Now) - Dublin-based Greencoat Renewables Plc (LON:GRP) this week said its portfolio generated 195.3 GWh in the first half of 2018, 9% below budget due to low wind speeds in May and June.
The fund, initially focused on wind assets in Ireland, ended the period with 194 MW of net generating capacity after investing EUR 131 million (USD 154m) in three acquisitions during the six months. It recently agreed to acquire a wind portfolio from Coilte that will increase its net generating capacity to 299 MW, while today, it announced the acquisition of a 9.2-MW wind farm in Ireland's County Wexford.
"The outlook for the Company is positive, we have a high quality operating portfolio and a capital structure aligned for growth in an attractive secondary market for wind assets," said non-executive chairman Ronan Murphy.
Net asset value (NAV) per share increased slightly to EUR 0.968 per share from EUR 0.966 per share at end-2017. Net cash generation in the first half was EUR 13.4 million, providing dividend cover of 1.7x, the company said.
Greencoat Renewables declared dividends of EUR 0.03 per share for the period. It aims to provide an annual dividend of EUR 0.06 per share that increases progressively.
(EUR 1 = USD 1.176)