Greencoat Renewables launches €100m share buyback

Dublin-based energy investor Greencoat Renewables plans to buy back up to €100m of its shares over the next year as its stock trades well below the estimated value of its wind and solar assets.

The London Stock Exchange, Ireland’s Euronext and JSE AltX-listed company announced the buyback on Thursday when it released its 2025 results.

An initial €25m tranche of buybacks will begin immediately, with shares to be repurchased on the Euronext.

Greencoat said its shares are trading about 30% below the value of its assets, giving the group a market capitalisation of about €765m.

For 2025, Greencoat generated €114.6m in cash, down from €140.8m in 2024, while the estimated value of its assets per share fell to 99 euro cents from 110.5 euro cents a year earlier. The company maintained its 6.81 euro cents per share dividend.

Chair Ronan Murphy said the group delivered a solid operational performance despite low wind volumes across Europe, but management had reviewed its strategy “amid the persistent gap between the stock price and the value of assets”.

“Following a holistic portfolio review, we have begun an initial €300m-plus asset disposal programme to recycle capital and tighten focus on our strongest markets,” Murphy said.

Greencoat plans to sell up to €350m in assets over the next 18 months, lowering debt from 52% of total assets to about 45% by 2027.

During the year, the company completed the sale of a 116MW portfolio of Irish wind assets for €156m. It also acquired the Andella forward-sale renewable project in Spain.

Greencoat’s portfolio includes 36 renewable generation and storage assets across five European countries, with a total capacity of about 1.4GW. These assets generated 3,684GWh of electricity in 2025, enough to power about 770,000 homes.

The company invests in euro-denominated renewable energy infrastructure, focusing on operating assets in stable European markets, from which its projects generate consistent cash flows.