12th Sep 2019 12:22
(Alliance News) - Greencoat Renewables PLC said Thursday its net asset value rose in the first half of 2019, in spite of a lower performance from its portfolio.
As at June 30, the renewable infrastructure fund's net asset value per share was 103.5 euro cents, up 6.9% from 96.8 cents the same date a year before and up 0.1% from 103.4 cents at the end of December.
Net assets also increased by 36% to EUR539.4 million at the end of June from EUR394.0 million as at December 31.
The fund's total income and gains rose by 17% EUR20.2 million from EUR17.2 million a year before.
Greencoat's portfolio of special purpose vehicles, which operate wind farms in Ireland, generated 555.9 gigawatt hours in the interim period, 5% below budget due to a higher-than-expected curtailment. The curtailment was caused by a forced outage of a 220 kilovolt to 440 kilovolt grid transformer at Moneypoint power station in Ireland.
Greencoat declared an interim dividend of 3.015 cents per share, up from 3.0 cents the year before.
"I am pleased to announce strong six months results for Greencoat Renewables which also saw the generating portfolio grow and diversify, continued robust dividend cover, and another oversubscribed equity placing," said Chair Ronan Murphy.
"The outlook for the business remains positive, with an attractive pipeline of growth opportunities in Ireland, and the ability to make opportunistic acquisitions elsewhere in Europe. I would like to thank our new and existing shareholders for their strong support and the board looks forward to the company continuing to grow," Murphy added.
Shares in Greencoat Renewables were up 0.9% at EUR1.17 on Thursday in London.
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