Greencoat Renewables Plc (LSE:GRP) reported a post-tax loss of €68 million for H1 2025, compared with a €34.6 million profit in the same period last year, as weaker wind conditions and lower power prices negatively affected output and valuations.
The Dublin-listed renewable investor generated €68.7 million in gross cash and €64.8 million in net cash after project-level debt repayments, providing dividend cover of 1.8x gross and 1.7x net. Revenue totaled €160.2 million, with implied EBITDA of €89.8 million. Electricity production reached 1,830 GWh, 15% below budget, which the company described as “one of the weakest Northern European wind resource periods on record.” Solar output met expectations.
Dividends for the period were 3.41 cents per share (€37.9 million), keeping Greencoat on track for its 2025 target of 6.81 cents. Net asset value stood at €1.12 billion (101.0 cents per share) as of 30 June, down from €1.23 billion (110.5 cents) at the end of 2024. Gross asset value was €2.48 billion.
The company completed the sale of a 116 MW portfolio of six Irish assets, including a 50% stake in Knockacummer, for €156.2 million, a 4% premium to book value. Proceeds of €139 million were applied to debt repayment, reducing pro forma gearing to approximately 52%. Total group debt was €1.35 billion (55% of gross asset value) before the disposal-linked repayment, and cash stood at €140.8 million, including €89.1 million of unrestricted cash.
Chairman Rónán Murphy said the portfolio, “delivered gross dividend cover of 1.8x whilst decisive action resulted in material progress on a range of strategic initiatives.”
He highlighted the asset disposal, new power purchase agreements, and an additional Johannesburg Stock Exchange listing as key steps to strengthen the balance sheet.
Greencoat extended its €350 million revolving credit facility to 2028 and entered swaps to lock in a 3.9% cost of debt through 2030. From October, the weighted average cost of debt is expected to be around 3.4%, compared with 2.9% at midyear.
The company plans to continue asset recycling, having raised more than €200 million through disposals since late 2024. Murphy noted: “Our strategy continues to adapt to evolving sector and capital market dynamics,”
adding that the EU’s binding 2030 target of 42.5% renewable generation is supporting demand for clean energy.
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