Wind farm owner also completed purchase of 22.5% stake in German renewable project
The amount of electricity generated by Greencoat Renewables’ portfolio of wind farms declined 7 per cent in the first quarter due to low wind speeds but “strong cash generation” in the first three months of the year helped offset the impact of lower forward power prices, the company said in an update on Tuesday.
Greencoat, which operates 35 wind farms located in Ireland, Finland, France, Germany, Spain and Sweden, saw its cash position improve by almost 17 per cent between January and March to €217 million despite paying a €17 million quarterly dividend during the period. The company also used some cash to complete the acquisition of a 22.5 per cent stake in the Butendiek German wind farm from Marguerite Pantheon in January.
Analysts from Davy Stockbrokers said in a note on Tuesday that the update highlights “a continuation of strong generation recorded throughout 2022″ with Greencoat’s portfolio “heavily contracted”. This offset the impact of falling near-term future power prices and a 7 per cent decline in Greencoat’s net generation due to low wind speeds.
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