Greencoat Renewables returned to profit in the first half of the year, reporting €11.9 million profit after tax compared with a €68 million loss in the same period last year. The turnaround was driven largely by its Irish assets, which performed in line with expectations and continue to account for the majority of group revenue.

Greencoat Renewables is an Irish renewable energy investor listed on Euronext Dublin and the London Stock Exchange under ticker GRP, holding a net asset value of €1.06 billion and a market capitalisation of €803 million at the end of June, with its shares trading at 73.9 cent. The company invests in wind and solar assets across Ireland and Europe and reported group revenue of approximately €157 million for the half.

The structural driver is portfolio diversification beyond wind and solar generation into power-hungry digital infrastructure, reflected in a new Green Digital Infrastructure Platform launched during the period on a 50:50 basis with funds managed by Schroders Greencoat. The move positions the company to capture demand from data centre operators seeking renewable-backed power alongside its existing generation assets.

Net cash generated during the six months to end-June totalled €59.8 million, equating to dividend cover of 1.6 times, with earnings per share rising to 1.08 cent from a loss of 6.11 cent a year earlier. The portfolio produced 1,851 gigawatt hours of renewable electricity, 6% below budget, which the company attributed mainly to lower wind levels in the first quarter.

Dividends of 3.41 cent per share were paid or declared for the period, unchanged from the first half of 2025, with a total dividend value of €37.5 million. The company has bought back €27.3 million of shares since March under a €50 million buyback programme, part of a wider €100 million capital return objective, repurchasing just over 36 million shares as of 10 September. Total group debt stood at €1.2 billion, equivalent to 53.3% of asset value, within its 60% investment policy limit.

Bernard Byrne, non-executive chairman of Greencoat Renewables, said the results demonstrated "the resilience of Greencoat Renewables' portfolio and business model," adding that Ireland "performed in line with expectations and underpinned strong cash generation and robust dividend cover."

For the sector, Greencoat's move into digital infrastructure shows renewable energy investors increasingly underwriting data centre power demand directly rather than treating it as a separate offtake market.

Source: independent.ie / rte.ie / renews.biz