Net Asset Value and Dividend Announcement

Greencoat Renewables PLC

26 July 2023

 

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, 26 July 2023: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") today announces that its unaudited Net Asset Value as of 30 June 2023 is €1,291.8 million (113.2c per share). The Company also provides financial and operational highlights.  

Net Asset Value

Net Asset Value / Net Asset Value per share	€1,291.8 million / 113.2c per share
Q2 Dividend/Dividend per share	€18.3 million / 1.605c per share

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

Financial and operational highlights  

·    Gross dividend cover of 3.5x[1] (gross cash H1 generation of €125 million, a 36% increase year-on-year)

·    1.2c increase in NAV per share in the period, driven by strong Q2 cash generation

·    Levered portfolio IRR of 9.0%[2], unchanged in the period

·    Completed €275 million of committed sale forward acquisitions in H1, part funded by €62 million of organic cash, increasing total capacity by 153MW, to 1.32GW

·    Aggregate Group Debt of €1,154 million (47% of GAV), comprising €925 million of term loan debt, €138 million of drawn RCF and €91 million of SPV level debt

·    Cost of debt 2.8% with term loan debt maturity of 4.2 years[3], 98% of which is fixed rate or fixed via a swap

·    Total cash of €190 million with €212 million of capacity within existing facilities 

·    Dividends of 1.605 cent per share paid with respect to Q1 2023

The Company also announces a quarterly interim dividend of 1.605c per share with respect to the quarter ended 30 June 2023.

                                               Dividend Timetable

                                               Ex-Dividend Date:                    10 August 2023

                                               Record Date:                            11 August 2023

                                               Payment Date:                         1 September 2023

-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 is now also investing 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 dividend cash is gross of SPV level debt repayment. Net dividend cash cover for the same period was 3.4x, net of the Group's share of SPV level debt repayment of €12.2m .

[2] Based on unlevered portfolio IRR of 6.9%, long term gearing assumption of 40% and long term cost of debt assumption of 4.5%.

[3] Cost of debt on a weighted average basis (RCF and term loan debt) and term loan maturity on a weighted average basis.

 

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