Net Asset Value(s)

Greencoat Renewables PLC

31 January 2024

 

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Net Asset Value and Dividend Announcement

Dublin, London, 31 January 2024: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") today announces that its unaudited Net Asset Value as of 31 December 2023 is €1,279.4 million (112.1c per share).

Net Asset Value

Net Asset Value / Net Asset Value per share	€1,279.4 million / 112.1c per share
Q4 Dividend/Dividend per share	€18.3 million / 1.605c per share

Financial and Operation Highlights

·      2023 dividend cover of 2.7x (based on 2023 net cash generation of €197 million[1]) ·      2023 generation 9% below budget reflecting low wind resource (Q4 generation 14% below budget) ·      Completed the committed acquisitions of the Erstrask North wind farm in Sweden (€137m) and follow on investment in Butendiek offshore wind farm in the German North Sea (€108m) ·      Aggregate Group Debt of €1,342 million (51% of GAV), comprising €925 million of term loan debt, €330 million of drawn RCF and €87 million of SPV level debt o  2.7% weighted average cost of term debt and 3.7 years weighted average maturity of term debt o  98% of term debt fixed rate or fixed via a swap o  Total cash of €143 million with €20 million existing RCF capacity (c€122million total commitments)[2] ·      Good progress on asset recycling program with potential proceeds providing capacity for a range of capital allocation options ·      5% increase in target dividend to 6.74c per share for 2024 reflecting Irish CPI o  Target 2024 dividend cover of 2.1x  ·      0.9c decrease in NAV per share in Q4 to 112.1c (0.3c decrease y-o-y) ·      Unchanged levered IRR at 9%[3]

The Company's December 2023 Factsheet is available on the Company's website, www.greencoat-renewables.com.

The Company also announces a quarterly interim dividend of 1.605c per share with respect to the quarter ended 31 December 2023.

                      Dividend Timetable

                      Ex-Dividend Date:                    8 February2024

                      Record Date:                            9 February 2024

                      Payment Date:                         1 March 2024

-ENDS-

            For further information on the Announcement, please contact:

            Greencoat Renewables PLC:                                                                           [phone]

            Bertrand Gautier

            Paul O'Donnell                       

            Tom Rayner

            Davy (Joint Broker, Nomad and

            Euronext Growth Listing Sponsor)                                                                     [phone]

            Ronan Veale

            Brian Garrahy 

            RBC (Joint Broker)                                                                                          [phone]

            Matthew Coakes

            Elizabeth Evans

            FTI Consulting (Media Enquiries)                                                                   [phone]

            Melanie Farrell                                                                           [e-mail]

            Orla Cox

            About Greencoat Renewables PLC

            Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the Company also invests in wind and solar assets in certain other European countries with stable and robust renewable energy frameworks. It is managed by Schroders Greencoat LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

Forward Looking Statements and Important Information

This announcement may include statements that are, or may be deemed to be, "forward-looking statements", including terms such as "believes", "estimates", "anticipates", "expects", "intends", "may", "plans", "projects", "will", "explore" or "should" or, in each case, their negative or other variations or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to future events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the impression created by, or described in or suggested by, the forward-looking statements contained in this announcement. In addition, this announcement may include target figures for future financial periods. Any such figures are targets only and are not forecasts. Subject to their legal and regulatory obligations, Greencoat Renewables, the Directors and Schroders Greencoat LLP, expressly disclaim any obligations to update or revise any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

The financial information contained in this announcement has not been audited or reviewed by Greencoat Renewables' auditors in accordance with the International Standards on Auditing (Ireland) or International Standard on Review Engagements.

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[1] Gross cash generation. Net cash generation of €189.5 million, 2.6x dividend cover.

[2] Credit approvals obtained for additional 150.0 million term debt facility.

[3] Based on unlevered portfolio IRR of 7.1%, long term gearing assumption of 40% and cost of debt assumption of 4.5%.

 

END