Greencoat Renewables has announced net cash generation of €23.1m for 2018 and said the Irish wind market remains very attractive with a stable and supportive regulatory regime.

The group, which is focused on investing solely in operating Irish wind assets, has declared total dividends of six cent per share for 2018.

It added that it is targeting a dividend of 6.03 cent per share for 2019.

The company today also announced plans to issue 100 million new shares in order to fund the acquisition of more renewable energy assets.

During the year, the company bought ten wind generation assets, increasing its portfolio to 12 wind farms in total. 

The new buys, which increased Greencoat's net generating capacity from 137MW to 384MW, included the acquisition of a majority of Coillte's shareholdings in three operating wind farms with net generation capacity of 79.6MW.  

The Coillte portfolio was co-developed with Bord na Mona, ESB, and SSE who remain joint venture partners in the assets. 

Greencoat Renewables said its portfolio generated 440.5GWh in the year. This was was 9% below budget, due to lower wind speeds during the summer period, with operational availability in line with budget. 

It said there were no material unplanned outages or issues affecting any of its assets during the year. 

The company said that wind remains the dominant renewable technology and it s in an excellent position to benefit as wind becomes an increasing proportion of Ireland's generation mix.