Greencoat Renewables generated less energy in H1 2025

Core Insights - Greencoat Renewables generated 1,830 GWh of renewable electricity in the first half of the year, a decrease from 1,927 GWh in the same period last year, attributed to a statistically low-wind year in Northern Europe [1] - Gross cash generation fell to €68.7 million from €113.6 million year-on-year [1] - The company declared dividends of 3.41 cents per share, aligning with its full-year dividend target [2] Financial Performance - The disposal of a portfolio of Irish assets for €156 million was completed, representing a 4% premium to the last reported book value, with proceeds allocated to debt repayment [2] - The company has entered into a new 10-year Power Purchase Agreement (PPA) with Keppel DC REIT, marking its seventh PPA since launching its re-contracting strategy [2] Strategic Developments - The first half of the year was characterized as busy and proactive, with strategic progress and good operational performance despite external challenges [3] - An innovative step was taken to broaden the investor base and improve liquidity through a secondary listing on the Johannesburg Stock Exchange [4] - A reduction in management fees was agreed upon, effective April 1, 2025 [4] Industry Outlook - The European renewables sector is described as resilient, supported by government commitments to decarbonization and increasing corporate demand for clean energy [4] - Greencoat Renewables' diversified portfolio and active asset management approach position the company well to capitalize on significant long-term sector growth despite current challenges [5]