Greencoat Renewables Plc

Net Asset Value • Apr 25, 2024

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author: "Joseph Mc Daniel"
date: 2024-04-25 13:20:00+00:00
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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, 25 April 2024: Greencoat Renewables PLC (“Greencoat Renewables” or the “Company”) today announces that its unaudited Net Asset Value as of 31 March 2024 is €1,273.7 million (111.6c per share).

Net Asset Value

Net Asset Value / Net Asset Value per share	€1,273.7 million / 111.6c per share
Q1 Dividend/Dividend per share	€19.2 million / 1.685c per share

Financial and Operational Highlights

• Continued strong financial performance
• Strong Q1 net cash generation of €72.8 million[1]
• Q1 generation 12% below budget
• Dividends per share paid of 1.605c relating to Q4 2023 and 1.685c announced relating to Q1 2024
• Intention to launch initial buyback programme
• Tranche of €25 million intended to be executed within the next 6 months, funded from operating cashflow and reviewed upon completion subject to market conditions
• Stable NAV despite lower achieved power prices and lower short term forward curves
• 0.5c decrease in NAV per share to 111.6c
• Reduction in short-term power price (c15% down quarter on quarter) primarily offset by long-term price curve uplift
• Unchanged levered IRR at 9%[2]
• Cash generation supporting reduction in debt
• Aggregate Group Debt reduced to €1,326 million as a result of organically funded debt repayments in line with the Company’s commitment to reduce gearing levels
• 51% gross gearing, 49% net gearing
• Total cash of €161 million with €185 million of existing RCF capacity providing funding certainty for forward sales and supporting capital allocation optionality
• New debt facility
• €150 million 5-year term debt facility with an all-in interest rate of 4.1% agreed and used to repay RCF charged at 5.3%
• Active Asset Management
• Signed a 10-year power purchase agreement with Keppel DC REIT, a multinational data center owner and operator, for 100% of the production of the Ballybane phase 1 wind farm with an annual output of 67 GWh, underpinning the increased demand for renewable electricity and demonstrating the Company’s ability to create and sustain long-term value

The Company’s March 2024 Factsheet is available on the Company’s website, www.greencoat-renewables.com.

• The Company also announces a quarterly interim dividend of 1.685c per share with respect to the quarter ended 31 March 2024.
• Dividend Timetable
• Ex-Dividend Date: 02 May 2024
• Record Date: 03 May 2024
• Payment Date: 24 May 2024

-ENDS-

• For further information on the Announcement, please contact:
• Greencoat Renewables PLC: +44 20 7832 9400
• Bertrand Gautier
• Paul O’Donnell
• John Musk
• Davy (Joint Broker, Nomad and
• Euronext Growth Listing Sponsor) +353 1 6796363
• Ronan Veale
• Brian Garrahy
• RBC (Joint Broker) +44 20 7653 4000
• Matthew Coakes
• Elizabeth Evans
• FTI Consulting (Media Enquiries) +353 1 765 0886
• Melanie Farrell greencoat@fticonsulting.com
• Aoife Mullen
• 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.

1. Gross cash generation and equating to 4.0x dividend cover. Net cash generation of €71.7 million, 3.9x dividend cover. ↑
2. Based on unlevered portfolio IRR of 7.1%, long term gearing assumption of 40% and cost of debt assumption of 4.5%. ↑