In comparison to the same period in 2021, Greencoat Renewables reported a rise in gross asset value (GAV) for the first half of 2022.
GAV grew from €1.4 billion in the first half of 2021 to €2.2 billion in the first half of this year.
NAV, or net asset value, increased from €749 million in the first half of 2021 to €1.2 billion in the first half of 2022.
1,127 gigawatt-hours (GWh) of power were produced by the group’s investments in the first half of this year as opposed to 745 GWh during the same period in 2021.
Due to an expansion of the portfolio to 28 wind farms from 23 in the first half of 2021 and the start-up of the Killala battery project, the total installed capacity for the period climbed to 1028MW from 686MW in the first half of 2021.
Non-Executive Chairman of Greencoat Renewables, Ronan Murphy, said “The six months to 30 June 2022 was another active period for the Company, as we added 217MW of new generating assets to the portfolio, taking our total installed capacity above the 1GW threshold.”
“We achieved a further milestone with the acquisition of our first offshore wind asset in Germany and strengthened our European diversification with agreements to acquire new assets in Spain, Sweden and France.”
“Over the past 12 months we have committed €867m into renewable generation assets, with elevated power prices supporting increased levels of reinvestment.”
He also added “With Europe expected to require €1tn of new clean energy investment by 2040, the Company is well positioned to play a significant role in enabling and accelerating this transition, directly contributing to meeting emissions targets and reducing reliance on gas across Europe.”