Greencoat Renewables PLC on Monday reported a profit surge as it benefited from high energy prices.

The Dublin-based investor in euro-denominated renewable energy infrastructure assets said pretax profit in 2022 jumped 92% to €136.6 million from €71.1 million in 2021. Revenue grew 85% to €172.4 million from €93.1 million.

The company explained that the 2022 wholesale electricity price rose 67% to €226 per megawatt hour, from €135 in 2021. The renewable energy feed-in tariff price, under which wind farms are provided with pricing certainty, rose 2.5% to €83 from €81 per MWh.

Greencoat said: ‘The price at which the output from the revenue generating assets is sold is a factor of both wholesale electricity prices and the revenue received under various government support regimes.’

Greencoat Renewables declared a dividend of 6.18 euro cents, up 2.0% from 6.06 euro cents it paid for 2021.

Looking ahead, the company said its outlook is strong, noting ‘increased stability and visibility over the regulatory landscape’ and protection against high inflation.

Greencoat Renewables shares were flat at €1.11 each in London on Monday.

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