Greencoat Renewables power output 16% below budget – Greencoat Renewables has announced its results for the year ended 31 December 2021. On the plus side:
- The portfolio increased to 25 assets with a net generating capacity of 800MW (2020: 557MW).
- Geographic and technology diversification including acquisition of 4 wind farms, including first operational wind farm in Sweden increasing net generating capacity to 800MW and agreements to acquire the Kokkoneva wind farm in Finland, and the Torrubia solar farm in Spain, when they become operational in 2022.
- The portfolio generated 1,522 GWh of electricity in the period (2020: 1,404GWh).
- There were no material unplanned outages in the period with availability and curtailment for the portfolio broadly in line with budget.
- Net cash generation was €70.5m (2020: €66.4m) and gross dividend cover was 1.5x (2020: 1.7x).
- Portfolio’s exposure to higher market power prices and strong inflation protection, helping to deliver NAV growth of 4 cents in 2021.
- Declared dividend of 6.06 cents for the period, with a target of 6.18 cents per share for 2022.
- €631.1m of group debt as at 31 December 2021, equivalent to 40% of GAV, all of which is contracted on a medium term basis.
- Portfolio produced renewable energy for 339,000 homes, saving 608,856 tonnes of CO2 and over €1m committed to local communities across 153 community projects.
However, the power generated was a whopping 16% below budget as low wind resource in Ireland constrained output.
GRP : Greencoat Renewables power output 16% below budget
thanks alot of information