Greencoat Renewables PLC on Monday announced a largely unchanged net asset value alongside a higher dividend as it highlighted the investment case for renewables.

Greencoat Renewables is a Dublin-based investor, which backs euro-denominated renewable energy infrastructure assets.

Greencoat said net asset value per share stood at 112.1 euro cents as at June 30, unchanged from December 31. It was down 1.0% from 113.2c at June 30, 2023.

Further, the company said revenue rose 2.3% to €223.5 million in the first half of 2024 from €218.4 million a year ago. Operating expenses however increased 13% to €78.2 million from €69.0 million.

Greencoat generated 1,927 gigawatt hours of electricity, up 29% from 1,489 GWh a year ago.

Greencoat said it declared dividends of 3.37 euro cents for the first half of 2024, up 5.0% from 3.21c a year ago.

Chair Ronan Murphy said: ‘The opportunity and investment case for renewables remains strong with operating assets attractively priced in historical terms. We are well positioned to take advantage of opportunities as they arise through our on the ground experts and active approach to asset management. As such, we are confident and determined to continue to play a leading role in enabling the energy transition while delivering for our shareholders.’

The company said that big tech and artificial intelligence were driving increased demand for clean energy.

Greencoat shares were flat at 92 euro cents on late Monday morning in London.

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