Greencoat Renewables announces resilient 2020 financial results amid COVID-19 storm

The non-executive chairman of Greencoat Renewables has described the outlook for the Irish clean energy investor as ‘very strong’, after releasing its latest full-year financial results for COVID-impacted 2020.

Greencoat shared pre-tax profits of €14 million, down from €18.3 million in 2019, but revenues across the period totalled €119 million, while net cash generation increased by 36% on the previous year to €66 million.

The company’s increased its renewable energy generation by 22% on 2019 to 1.403 GWh and acquired four further projects in 2020, growing its portfolio to 21 wind farm investments with a total net generating capacity of 557MW.

Commenting on the results, non-executive chairman Ronan Murphy said: “The highly contracted cashflows of our portfolio means that we will continue to experience negligible impact on low captured power prices.

“The group has demonstrated that it can continue to grow effectively despite the pandemic, and we have a significant pipeline of opportunities in Ireland and across Europe.”

Greencoat completed its first piece of business in continental Europe last year with the acquisition of three wind farms in France, and earlier this year, Greencoat announced an agreement to take on the Kokkoneva wind farm in Finland once it becomes operational in 2022.

It will also acquire the Cordal wind farm in Ireland, which is expected to close in April 2021.