Greencoat Renewables announces quarterly dividend amid challenging wind conditions

Greencoat Renewables, the Ireland-based company that obtained a secondary listing on the JSE last month has announced a quarterly interim dividend of 1.703 euro cents per share (1.685 euro cents) for the three months ending June 30.

The company, which invests in renewable energy technology across Europe, reported on Tuesday that its net asset value as of June 30 was €1.12 billion or 101 euro cents a share. This represents a decline from 112.1 euro cents at the same time last year, and 105.1 euro cents per share at the end of the first quarter, which concluded in March 2025.

Despite challenging wind resources, robust cash generation was reported throughout the quarter, with a gross cash generation of €21.2 million. The total cash generated during the first half of the year amounted to €68.7m.

Power generation for the second quarter and first half was 16.1% and 14.7% below budget, respectively, primarily due to European wind speeds being significantly below the long-term average.

Additionally, the company agreed to sell a 116MW portfolio of six Irish assets for total proceeds of €156m, representing a 4% premium to the last reported net asset value. The proceeds will be used for further repayment of the revolving credit facility.

As of now, the total debt stands at €1.35bn, equating to a gearing of 54.6% before the impact of the Irish disposal proceeds being allocated to debt repayment. The €350m revolving credit facility was extended by two years to February 2028 on similar terms, shortly after the end of the second quarter.

On Tuesday afternoon, Greencoat Renewables’ share price remained unchanged at R16.10 on the JSE, slightly lower than the R18.10 it traded at when it listed in June.

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