Greencoat Renewables returned to profit in the first half of the year, reporting an €11.9m profit after tax compared with a €68m loss in the same period last year.

The renewable energy investor generated €59.8m in net cash during the six months to the end of June, while earnings rose to 1.08 cent per share from a loss of 6.11 cent per share a year earlier.

Greencoat Renewables is an Irish renewable energy company which invests in wind and solar farms in Ireland and across Europe

The company said that Ireland remains its largest market and accounts for the majority of the group’s revenues and said its Irish operations performed in line with expectations during the first half of the year.

Across its portfolio, Greencoat generated 1,851 gigawatt hours (GWh) of renewable electricity during the six-month period.

However, overall electricity production was 6pc below budget which the company attributed mainly to lower wind levels during the first quarter.

Greencoat paid or declared dividends of 3.41 cent per share for the period, unchanged from the first half of 2025 and in line with its full-year dividend target, it said.

The total value of dividends relating to the period was €37.5m. 

The company has also announced €50m worth of share buyback programmes since March. As of September 10, it had spent €27.3m buying back just over 36 million shares.

Greencoat had a net asset value (NAV) of €1.06bn at the end of June, equivalent to 97.2 cent per share, down from 99 cent at the end of last year.

Its market capitalisation stood at €803m, while its share price was 73.9 cent.

Total group debt stood at €1.2bn, equivalent to 53.3pc of the value of its assets and the company said this was within the company’s 60pc investment policy limit.

In the results Greencoat also launched a Green Digital Infrastructure Platform during the period on a 50:50 basis with funds managed by Schroders Greencoat.

The company said it was continuing work on potential asset sales and development opportunities. 

“The first half of 2026 demonstrated the resilience of Greencoat Renewables’ portfolio and business model,” said Bernard Byrne, non-executive chairman of Greencoat Renewables.

“While generation was modestly below budget overall, our home market of Ireland, which accounts for the majority of the Group’s revenues, performed in line with expectations and underpinned strong cash generation and robust dividend cover.”