Greencoat Renewables wind farms in Ireland generated cash flow of €11.8 million on the back of slightly worse than expected generation figures for the company’s first 10 months in operation.
Results for the February to December 2017 period for the listed company reveal its portfolio of 136.7MW generated 182.2GWh, 4% below target, due to low wind speeds.
No unplanned outages of other issues affected any of the assets, it added. Its projects include the 100MW Knockacummer (pictured) and 36.7MW Killhills projects in Cork and Tipperary respectively.
Overall, the 2017 accounts reveal a pre-tax loss of €2.6m, however, the company said it will pay out its first dividend in March in line with targets.
“The outlook for the Company is positive, we have a high-quality operating portfolio, a capital structure aligned for growth opportunities, and a strong position in an attractive secondary market for wind assets,” said chairman Ronan Murphy.
Greencoat’s portfolio will increase by 45MW this year with the confirmed purchases of the 36.3MW Dromadda More in Kerry and 9.2MW Lisdowney in Kilkenny set to go through.
The company is solely focused on investing in and operating wind farms in Ireland, and has an “attractive” acquisition pipeline in place that makes it “well positioned” to secure new projects in 2018.