TIDMGRP
RNS Number : 0185Z
Greencoat Renewables PLC
12 September 2022
Greencoat Renewables 2022 Interim Results
Dublin, London | 12 September 2022: Greencoat Renewables PLC
("Greencoat Renewables" or the "Company"), the renewable
infrastructure company invested in euro-denominated assets, today
announces its results for the six months ended 30 June 2022.
Highlights - Continued Investment across Geographies and
Technologies
-- The Group's investments generated 1,127GWh of electricity (H1 2021: 745GWh) in the period.
-- Net cash generation of EUR92.1 million (H1 2021:
EUR40.2million), delivering gross dividend cover of 3.0x (H1 2021
1.8x).
-- Total installed capacity increased to 1,028MW (H1 2021:
686MW) in the period, as a result of an increase in portfolio size
to 28 wind farms (H1 2021: 23) and the Killala battery project
becoming operational.
-- GAV increased to EUR2,155 million (H1 2021: EUR1,442 million)
and NAV increased to EUR1,256 million (H1 2021: EUR749
million).
-- Delivered continued geographic diversity with acquisitions
across Germany and Spain as well as continued investments in
Ireland.
-- Declared total dividends of 3.09 cent per share with respect to the period.
-- Successful capital raising activity in the period with gross
proceeds of EUR281.5 million raised in an oversubscribed
placing.
-- EUR898.7 million Aggregate Group Debt, equivalent to 42% of GAV.
Commenting on the results, Ronan Murphy, Non-Executive Chairman
of Greencoat Renewables, said:
"The six months to 30 June 2022 was another active period for
the Company, as we added 217MW of new generating assets to the
portfolio, taking our total installed capacity above the 1GW
threshold. We achieved a further milestone with the acquisition of
our first offshore wind asset in Germany and strengthened our
European diversification with agreements to acquire new assets in
Spain, Sweden and France.
Over the past 12 months we have committed EUR867 million into
renewable generation assets, with elevated power prices supporting
increased levels of reinvestment.
With Europe expected to require EUR1 trillion of new clean
energy investment by 2040, the Company is well positioned to play a
significant role in enabling and accelerating this transition,
directly contributing to meeting emissions targets and reducing
reliance on gas across Europe."
Key Metrics
As at 30 June 2022
-------------------------------------------------------- -------------------
Market capitalisation EUR1,346.7 million
Share price 118.0 cent
Dividends with respect to the period EUR35.3 million
Dividends with respect to the period per share 3.09 cent
GAV EUR2,154.8 million
NAV EUR1,256.1 million
NAV per share 110.1 cent
Premium to NAV 7.2%
CO(2) emissions reduced per annum 677,000 tonnes
Homes powered per annum 485,800 homes
Funds committed in community funds and social projects > EUR1 million
-------------------------------------------------------- -------------------
Conference call for analysts and investors
A conference call and webcast for analysts and investors will be
held at 10.00am BST today, 12 September 2022. To register please
contact FTI Consulting by email at Greencoat@fticonsulting.com
.
Presentation materials are available on the Company's website:
www.greencoat-renewables.com
---S ---
For further information on the Announcement, please contact:
Greencoat Renewables PLC: +44 20 7832 9400
Bertrand Gautier
Paul O'Donnell
Tom Rayner
Davy (Joint Broker, Nomad and
Euronext Growth Listing Sponsor) +353 1 6796363
Ronan Veale
Barry Murphy
RBC (Joint Broker) +44 20 7653 4000
Matthew Coakes
Duncan Smith
Elizabeth Evans
FTI Consulting (Media Enquiries) greencoat@fticonsulting.com
Melanie Farrell +353 86 401 5250
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 Greencoat Capital LLP, an
experienced investment manager in the listed renewable energy
infrastructure sector.
Greencoat Renewables PLC
Interim Report
For the six months ended 30 June 2022
At a Glance
Summary
Greencoat Renewables PLC is a sector-focused listed renewable
infrastructure company, investing in renewable electricity
generation assets. The Company's aim is to provide investors with
an annual dividend that increases progressively whilst growing the
capital value of its investment portfolio in the long term through
reinvestment of excess cash flow and the prudent use of portfolio
leverage.
Highlights
-- The Group generated 1,127GWh of electricity, which was 4%
behind budget, predominantly due to constraints and curtailments in
Ireland.
-- Net cash generation (Group and wind farm SPVs) was EUR92.1
million (gross of SPV level debt repayment).
-- Acquisition of three wind farms, across multiple geographies:
Borkum Riffgrund 1 in Germany, Soliedra in Spain and Tullahennel in
Ireland, along with the forward sale acquisition of Erstrask North
in Sweden.
-- Increased portfolio to 28 wind farms, and a co-located
battery project at Killala, bringing total installed capacity to
1,028MW and GAV to EUR2,155 million.
-- The Company has declared total dividends of 3.09 cent per share with respect to the period.
-- EUR898.7 million Aggregate Group Debt, equivalent to 42% of GAV.
Key Metrics
As at
30 June 2022
Market capitalisation EUR1,346.7 million
Share price 118.0 cent
Dividends with respect to the period EUR35.3 million
Dividends with respect to the period per share 3.09 cent
GAV EUR2,154.8 million
NAV EUR1,256.1 million
NAV per share 110.1 cent
Premium to NAV 7.2%
CO(2) emissions reduced per annum 677,000 tonnes
Homes powered per annum 485,800 homes
Funds committed in community funds and social projects > EUR1 million
Chairman's Statement
I am pleased to present Greencoat Renewables PLC's interim
results for the six months ended 30 June 2022. It was a successful
period in which the Company continued to build one of Europe's
leading renewable infrastructure businesses. Our strategic progress
was allied to a strong performance from our existing portfolio,
delivering stable returns to our shareholders.
The period saw 217MW of new generating assets added to the
Company's portfolio, taking our total installed capacity above the
1GW threshold. The Company achieved a significant milestone with
the acquisition of our first offshore wind asset in Germany and
further strengthened our European diversification with a commitment
to acquire new assets in Spain, Sweden and France.
We are proud that the business contributes directly to a more
sustainable economy, with the current portfolio generating enough
clean electricity to eliminate 677,000 tonnes of CO(2) emissions
from thermal generation.
Beyond electricity, we are focused on operating responsibly
across the ESG spectrum and I am pleased with our progress and
wider impact. We continue to work towards best-practice disclosure
and the business is now reporting in line with TCFD
recommendations, SFDR Article 9, and is 100% aligned to the EU
Taxonomy for Climate Change Mitigation.
In April, the Company raised EUR281.5 million at an issue price
of EUR1.12 per share in an oversubscribed placing, and I thank
shareholders for their continued support. Our equity issuance
strategy enables us to maintain sufficient agility to take
advantage of current and future acquisition opportunities, while
maintaining our gearing position within the Company's Investment
Policy.
In summary, it has been a successful first half of the year in a
period which saw considerable disruption to energy markets and
indeed to economies and lives across the Continent. The importance
of the transition to clean energy and securing energy independence
is clearer than ever. With the EU expecting a requirement for up to
EUR1 trillion in new investment by 2040, the Company is set to play
a significant role in enabling and accelerating this
transition.
Performance
The portfolio generated 1,127GWh in the period, up from 745GWh
for the corresponding period last year.
Wind resource over the period was above forecast, while
generation over the period was less than 4% below budget,
predominately due to constraints and curtailments in Ireland.
As the portfolio has grown into new geographies, the business
has benefitted from increased diversification both in terms of
weather systems and power markets. Low correlation of wind speeds
between Continental Europe and Ireland ensures stability of
cashflows in periods of lower regional wind resource.
Net cash generation in the period was EUR92.1 million,
delivering a gross dividend cover of 3.0x. In line with the
Company's strategy, cash has been used to pay down debt and
reinvest in the portfolio.
The past two years have emphasised the potential volatility in
power prices and the corresponding importance of a prudent approach
to forward price curves and contracting. The Investment Manager's
in-house expertise in structuring and delivering both corporate and
utility PPA's is an increasingly valuable tool for managing this
power price risk. We now have merchant assets in Spain, Sweden, and
Ireland, providing opportunities for a pan-European approach to
providing renewable PPA's to corporate customers where
required.
The Group's optimisation strategy continued with increased
revenues from system services, alongside performance enhancement
measures implemented across the portfolio.
Following the successful commissioning of our first co-located
battery project at Killala wind farm in Ireland, we continue to
assess opportunities to enhance the existing portfolio and to
optimise investments with co-located facilities to maximise
value.
Dividend and Returns
We are pleased to announce an increase in the Company's annual
dividend for 2022 in line with the existing policy. The targeted
annual dividend is now 6.18 cent per share, up from 6.06 cent per
share in 2021, an increase of 2%.
The Company paid a quarterly dividend of 1.515 cents per share
with respect to Q4, 2021 on 25 February 2022, a second and third
dividend of 1.545 cents per share on 1 June and 26 August 2022,
with a future dividend payment scheduled for November 2022.
NAV per share increased in the period from 105.1 cent per share
on 31 December 2021 to 110.1 cent per share on 30 June 2022. This
increase is attributable to higher power prices in the near term
and adjustments to short term inflation assumptions in Ireland and
Continental Europe.
Acquisitions & Diversification
The Company's plans for growth and diversification continued
successfully with value accretive opportunities emerging across
Continental Europe and consolidation of our leading position in
Ireland. In aggregate, the Company committed or deployed over
EUR712 million in the first six months of the year. A number of
these transactions were in off-market, bilateral processes.
The past 12 months has seen 281MW of net capacity added outside
of Ireland, and 50MW of net capacity within Ireland, reflective of
the scale of opportunities we are seeing in Continental Europe.
In light of the increasing scope in the acquisition pipeline
across Continental Europe, the Board is considering a change to the
Investment Policy regarding the 40% limit on non-Ireland
investments, in order to support the Company's continued
diversification in Europe, providing access to a wider set of
opportunities.
In total, three new assets were acquired in the first half of
2022:
Germany - A 50% stake in the 312MW offshore wind farm Borkum
Riffgrund 1, alongside Ørsted, benefitting from a government-backed
floor price until 2035.
Ireland - Tullahennel wind farm, a 37.1MW onshore wind farm
which benefits from a long-term government-backed guaranteed floor
price.
Spain - Soliedra wind farm, a 24MW onshore wind farm currently
uncontracted with flexibility in the future to contract via a
corporate PPA.
In addition, the Group entered into a forward sale agreement to
acquire Erstrask North, a 134.4MW onshore wind farm located in
Sweden.
The expansion into the Nordics last year and into Spain and
Germany this year is indicative of the Company's intentions, seeing
opportunities to aggregate significant investments in diversified
geographies, as we have demonstrated in Ireland.
The Company continues to explore new European markets where we
can see low Levelized Cost of Electricity ("LCOE") opportunities in
both wind and solar, with underlying Euro denominated cashflows.
This includes opportunities in the Baltics and Italy.
As at 30 June 2022, the Group's portfolio comprised 28
operational wind farms and a co-located battery project, with an
aggregate net capacity of 1,027.6MW, with a further 356.1MW
contracted to acquire.
Gearing
During the period, the Group entered into a new EUR275 million
5-year term debt facility to support value accretive acquisitions.
This new term debt is complementary to the existing term debt
facilities with bullet payments due between 2025 and 2028. More
details are contained in the Interim Report.
The Revolving Credit Facility ("RCF") was utilised early in the
year to support acquisition activity and was repaid following the
equity raise in early April in line with the Company's investment
model. As at 30 June 2022, the RCF remains undrawn, with EUR300
million available.
A significant portion of the excess cash generated was used to
directly acquire new assets for the portfolio, including Soliedra
and more recently acquisitions in Q3, 2022, including a 67.7MW
portfolio comprised of four wind farms in France from Axpo and the
expected forward-sale acquisition of Kokkoneva, a 43.2MW wind farm
in Finland, following successful commissioning.
Total Group debt, including the Company and SPV's, as at 30 June
2022 amounted to EUR898.7 million, which is 42% of GAV. While
interest rates are rising, it is important to note that the Group
has entered into long term interest rate hedges to minimise this
risk. The Group continues its prudent use of low-cost debt (limited
to 60% of GAV) which has further enhanced the Group's cash yield,
while maintaining gearing levels well within the guidelines
detailed in the Company's Investment Policy.
Principal Risks and Uncertainties
As detailed in the Company's Annual Report for the year ended 31
December 2021, the principal risks and uncertainties affecting the
Company are generally unchanged and include:
-- Dependence on the Investment Manager;
-- Regulatory risks;
-- Financing risks; and
-- Risks of investment returns becoming unattractive.
Further, as detailed in the Company's Annual Report for the year
to 31 December 2021, the principal risks and uncertainties
affecting the investee companies are summarised as follows:
-- Electricity prices (volatility in the market price of
electricity);
-- Dispatch down (reduction of output due to grid constraints
and curtailments);
-- Regulation (changes in government policy or laws on renewable
energy);
-- Wind resource (short term volatility);
-- Asset life (lower than expected life of the wind farm);
-- Market structure (risk of market structure change); and
-- Health and Safety and the Environment.
The principal risks outlined above remain the most likely to
affect the Company and its investee companies in the second half of
the year.
Environmental, Social and Governance
Central to the Company's strategy is growing a successful
business that supports the transition to a net-zero carbon economy,
in a way that positively impacts the communities and local
environment in which we operate. With a continued focus on the
challenges associated with climate change, the Company is also
mindful of the current energy security risk and the role the
Company has in mitigating this across Europe.
During 2022, the Company has made strong progress on key ESG
areas including;
-- The completion of the first phase of physical risk modelling
in line with TCFD recommendations;
-- The commencement of the first modern slavery audits of
material service providers;
-- The completion of the first wind turbine recyclability study
for the Company;
-- The completion of the CDP submission for the reporting year
of 2021; and
-- The integration of the Company's ESG strategy across new
geographies and technologies.
In addition, the Company's activities are aligned to the EU
Taxonomy for Climate Change Mitigation and is reporting in line
with the requirements for SFDR Article 9. The continued evolution
of the Company's ESG strategy and its successful implementation
will ensure the long-term success of the Company and protect the
interests of shareholders and all stakeholders.
Board Composition and Governance
The Board places significant emphasis on reviewing its
composition and skills; and ensuring that the Board's diversity -
including gender, background, expertise and ethnicity, among other
considerations - meets the needs of the business; matches the
expectations of stakeholders; and brings fresh thinking to Board
deliberations.
The Board has been engaged in a process to identify an
additional candidate to appoint as a non-executive Director over
the past year, with the support of an independent executive search
agency. The Board was pleased to appoint Eva Lindqvist as an
independent Director on 7 July 2022.
Eva is an experienced company Chair and Non-Executive Director
with international experience in telecoms and infrastructure,
having worked for more than 30 years across these sectors. She
brings valuable senior experience to the Board and her appointment
will also raise female representation on the Board to 40%, an
important metric for the Company.
The Board notes that the re-appointment of Marco Graziano,
Chairman of the Nominations Committee, as a non-executive director
at the 2022 AGM was opposed by c.21% of shareholders. Following a
consultation process held with shareholders, feedback indicated
that opposition to Marco's reappointment was driven by the lack of
gender diversity of the Board with only a 25% female representation
at the time of the AGM. Since the summer of 2021, the Board was
engaged in a process to appoint an additional Director to the Board
and following the appointment of Eva Lindqvist as outlined, the
increased female representation on the Board has addressed the
issue raised by shareholders, aligns with market best-practice and
meets the target for gender diversity set by the Board.
Outlook
The outlook for the Company remains strong, with a considerable
pipeline of attractive assets in Continental Europe, and the
opportunity for further consolidation of the Irish market.
Over the past six months, the Company has invested and committed
EUR712 million into renewable generation assets across four
countries. The Investment Manager's position as a long-standing
strategic partner of developers and utilities creates co-investment
opportunities which further enhance the ability of the business to
identify and execute value accretive transactions.
The Company is clearly benefiting from having access to the
widest opportunity set, enabled by our scale and geographic reach,
with our core focus remaining the acquisition of contracted wind
and solar assets. Whilst Ireland remains a core market, we expect
future acquisitions to be weighted towards Europe as the Company
continues to diversify. In particular, we expect to see continued
growth in our offshore portfolio where we see significant value and
potential for acquisitions.
Investment Management Agreement
We are pleased to announce that the Board has agreed a new
five-year agreement with the Investment Manager. This process was
commenced early in the year and was supported by the Company's
brokers, RBC and J&E Davy, who provided benchmarking and
independent recommendations that were reviewed and challenged by
the Board. The new contract was agreed on beneficial terms to the
Company, with an additional tier added to the cash fee structure,
which will see a reduction in the fee charged in respect of NAV
over EUR1,750 million, reflecting continued economies of scale as
the business grows.
Annual General Meeting
The AGM took place on Friday 29 April 2022, with all resolutions
passed without amendment.
Conclusion
In conclusion, the Board and I are very pleased with the overall
performance of the Company in the six-month period and, in
addition, we are excited about the future direction as the Company
continues to expand its geographical diversity and technology
mix.
Rónán Murphy
Chairman
11 September 2022.
Investment Manager's Report
Information about Investment Manager
Greencoat Capital LLP, the Investment Manager, is responsible
for the day-to-day management of the Group's investment portfolio
in accordance with the Company's investment objective and policy,
subject to the overall supervision of the Board.
The Investment Manager is an experienced manager of renewable
infrastructure assets with over EUR10 billion of assets under
management. Following the recent investment by Schroders plc, the
Investment Manager continues to operate in an independent capacity,
and has a dedicated, unchanged team managing the Group, led by
Bertrand Gautier and Paul O'Donnell.
The Investment Manager is authorised and regulated by the
Financial Conduct Authority and is a full scope UK AIFM.
Portfolio Performance
Portfolio generation for the six months ended 30 June 2022 was
1,127GWh, 3.7% below budget. Wind resource was slightly above
budget in our operating geographies, however, forced grid outages,
constraints, and curtailments in Ireland were above expectations
due to a continued backlog in the grid's delivery of upgrade
projects. The Investment Manager is actively engaged with the
regulator and wider industry to ensure full implementation of the
EU Clean Energy Package.
Power Prices
Electricity demand and prices continued to increase over the
period as Europe experienced a shortage of gas supply as well as
the ongoing economic recovery from the pandemic. Independent power
price forecasts continue to view this as a short-to-medium-term
spike, with expectations of a reversion to pre-pandemic levels in
12-24 months.
The Group operates a highly contracted portfolio, which we
continue to view as the most prudent long-term approach. In the
nearer term, the Group continues to benefit from merchant exposure
in Sweden and Spain, along with certain assets in Ireland being
exposed to higher power prices via the REFIT mechanism.
Inflation
Approximately 70% of portfolio cashflows are underpinned by
government support mechanisms with underlying contracted tariffs
that are inflation-linked to 2032. The past year saw significant
rises in inflation across Europe, and we are currently forecasting
2022 inflation to be 6.0% in Ireland and a similar level in the
rest of Europe. We remain pleased to have a portfolio of assets
with such high levels of inherent protection.
Portfolio Management
The Group continues to actively manage its portfolio in concert
with its O&M partners. As one of the largest operators of
renewable assets in Europe, the Investment Manager is able to
leverage its scale and experience to identify opportunities to
optimise the portfolio. The Group's size also enables it to achieve
economies of scale in contractual arrangements with its O&M
partners.
Notable achievements include:
Performance improvement
-- Killala turbine smart yaw upgrade providing a 0.6% energy
yield improvement;
-- Power upgrade on two sites, Knockacummer and Glencarbry,
providing a c. 1% energy yield improvement;
-- Signed new HV maintenance contracts at a portfolio level to
improve overall service and reduce costs; and
-- Increased participation in DS3 ancillary grid services.
Active PPA strategy
-- Implemented a new trading strategy at Knockacummer and
Ballybane from 1 January 2022, which optimised constraint payments
to yield additional revenue streams;
-- Actively tendering a number of renewable assets for long term
PPAs, where the original support regimes are ending in 2023 and
2024.
Co-located battery project at Killala wind farm
The Killala Battery facility was fully operational in time for
the DS3 contract start date of 1 April 2022, six months ahead of
project schedule and within budget. The project is retendering for
additional DS3 services in the current gate. Capacity market
revenue will commence in Q4 2022, following the unit's success in
the T-1 2022/2023 auction.
Health and safety
Health and safety are of paramount importance for both the Group
and the Investment Manager. The Investment Manager reviews, on a
monthly basis, comprehensive reports provided by operational site
managers, which are also reviewed by Directors at Board meetings.
In the period there have been in excess of 110 audits and site
inspections across the portfolio carried out by our operations
managers to ensure best practice is maintained.
The Investment Manager is pleased to report that there were no
major incidents in the period ended 30 June 2022, with plans in
place to ensure all sites receive an annual inspection by the
Investment Manager during 2022.
Acquisitions
During the six-month period ending 30 June 2022, the Group
completed three material acquisitions as noted below:
-- The 312MW Borkum Riffgrund 1 offshore wind farm, located in
the North Sea, part of Germany's exclusive economic zone. The wind
farm was developed and constructed by Ørsted, who remains a 50%
shareholder and will continue to provide operation, maintenance and
management services under a long-term contract. The wind farm
benefits from a fixed-price CfD until September 2024. After this
period, the project benefits from a government-backed floor price
until May 2035. This provides exposure to power price upside, as
well as the emerging European corporate PPA market opportunity.
-- The 24MW Soliedra wind farm located in Soria, in the region
of Castilla y Leon, Spain. The Soliedra wind farm is currently
contracted as a merchant asset, however, has flexibility in the
future to be contracted via a corporate PPA.
-- The 37MW Tullahennel wind farm, located in County Kerry,
Ireland with revenues contracted under the REFIT 2 scheme,
providing a long-term guaranteed minimum floor price for the
electricity generated until December 2032.
In addition to the above, the Group entered into an agreement in
May 2022 to acquire a 67.7MW portfolio of operating wind farms in
France which all benefit from French government long-term
fixed-price contracts. The acquisition comprises 4 wind farms:
-- The 16MW Arcy-Précy windfarm located in the Burgundy region
of France with a government-backed, fixed-price contract until
August 2041;
-- The 9.4MW Butte de Menonville windfarm located in the Centre
Val-de-Loire region of France with a government-backed, fixed-price
contract until June 2041;
-- The 21.6MW Genonville windfarm located in the Centre
Val-de-Loire region of France with a government-backed, fixed-price
contract until February 2042.
-- The 20.7MW Grande Pièce windfarm, located in the Centre
Val-de-Loire region of France with a government-backed, fixed-price
contracted until August 2032.
The transaction which completed on 6 September 2022 is the
Group's second portfolio acquisition in France.
Forward sale commitments
During the period, the Group entered into a forward sale
commitment to acquire Erstrask North, a 134.4MW wind farm located
in Norrbotten County, Sweden. This is the Group's second
acquisition in this location, having acquired Erstrask South wind
farm in October 2021. The wind farm construction is being financed
and managed by Enercon, who will provide long term operations and
maintenance services once fully commissioned in Q4 2023.
Other existing forward sale commitments include:
-- Kokkoneva 43.2MW wind farm, located in Northern Ostrobothnia,
Finland, expected to reach commercial operations in Q3, 2022;
-- Torrubia, 50MW solar farm, located in La Muela, Spain. The
deal represents the Group's first solar transaction and is expected
to reach commercial operations in Q4, 2022;
-- Taghart 25.2MW wind farm, located in County Cavan, Ireland,
expected to reach commercial operations in Q4, 2022; and
-- Cloghan 37.8MW wind farm, located in County Offaly, Ireland,
expected to reach commercial operation in Q1, 2023.
In addition to the above commitments, post period end the Group
recently committed to acquire South Meath, an 80.5MW solar farm
located in County Meath, Ireland. This is the Group's first
co-investment, with the remaining 50% being acquired in partnership
with a pension fund, investing through a fund also managed by the
Investment Manager. Statkraft will finance and manage the
construction of the solar farm and will continue to provide
management services once operational, with commencement of
commercial operations expected in Q4 2023.
These projects, all under construction, are proceeding as
planned, with no material issues effecting the planned completion
timetable.
Financial Performance
Dividend cover for the six months ended 30 June 2022 was 2.7x
net and 3.0x gross of project level debt repayment. Cash balances,
which include the Group and the SPV wind farms, was EUR264.1
million at 30 June 2022.
Group and wind farm SPV cash flows For the six months ended
30 June 2022
Net (1) Gross (1)
EUR 000 EUR 000
Net cash generation 85,504 92,057
Dividends paid (31,114) (31,114)
SPV Capex & PSO Cashflow (2) 8,295 8,295
SPV level debt repayment - (6,553)
Acquisitions (3) (422,034) (422,034)
Acquisition costs (2,046) (2,046)
Equity issuance 281,514 281,514
Equity issuance costs (4,451) (4,451)
Net drawdown under debt facilities 275,000 275,000
Upfront finance costs (74) (74)
Movement in cash (Group and wind farm SPVs) 190,594 190,594
Opening cash balance (Group and wind farm SPVs) 73,464 73,464
Ending cash balance (Group and wind farm SPVs) 264,058 264,058
Net cash generation (1) 85,504 92,057
Dividends 31,114 31,114
Dividend cover 2.7x 3.0x
(1) The dividend cover table shows two scenarios: the first
reflects cash generation net of the Group's share of project level
debt repayment (EUR6,553k) and the second is the net cash
generation gross of SPV level debt repayments. The following wind
farms contain project level debt: Cloosh Valley, Raheenleagh,
Sliabh Bawn and Pasilly.
(2) Cashflows reflect residual capital expenditure from acquired
SPVs, being (EUR1.8 million), plus REFIT PSO working capital
movements of EUR10.1 million relating to wind farm SPV's.
(3) Acquisition consideration is net of the acquired SPV cash of
EUR17 million.
The following two tables provide further detail in relation to
net generation figures of EUR92.1 million (gross) and EUR85.5
million (net).
For the six months ended
Net Cash Generation - Breakdown 30 June 2022
Net Gross
EUR'000 EUR'000
Revenue 143,435 143,435
Operating expenses (33,017) (33,017)
Tax / VAT (1,848) (1,848)
--------------------------------- ------------- ------------
Wind farm operating cashflow 108,570 108,570
SPV level debt interest (2,774) (2,774)
SPV level debt repayment (6,553) -
--------------------------------- ------------- ------------
Wind farm cashflow 99,243 105,796
Management fee (4,614) (4,614)
Operating expenses (2,034) (2,034)
Ongoing finance costs (7,124) (7,124)
VAT 33 33
--------------------------------- ------------- ------------
Group cashflow (13,739) (13,739)
Net cash generation 85,504 92,057
--------------------------------- ------------- ------------
For the six months ended
Net Cash Generation - Reconciliation to Net Cash Flows from Operating Activities 30 June 2022
Net Gross
EUR'000 EUR'000
Net cash flows from operating activities (1) 49,318 49,318
Movement in cash balances of wind farm SPVs (2) 46,541 46,541
SPV capex and PSO cashflow (3) (10,834) (10,834)
Cash used by the Company for SPV Bonds (35,370) (35,370)
Repayment of debt at SPV level (2) - 6,553
Repayment of shareholder loan investment (1) 41,858 41,858
Finance costs (1) (8,833) (8,833)
Upfront finance costs (cash) (4) 2,824 2,824
------------------------------------------------------------------------------------ ------------- ------------
Net cash generation 85,504 92,057
------------------------------------------------------------------------------------ ------------- ------------
(1) Condensed Consolidated Statement of Cash Flows.
(2) Note 8 to the Financial Statements, excludes acquired cash.
(3) Cashflows reflect REFIT working capital movements including
the PSO relating to wind farm SPVs, being EUR12 million less
residual capital expenditure from acquired SPVs of EUR1
million.
(4) EUR2,824k includes EUR2,750k Facility C arrangement fees
plus EUR74k professional fees (as per note 12 to the Financial
Statements).
During the period, the 5.0 cent per share NAV increase is
attributable to:
-- Cash generated over the period (minus dividend paid) of +6.3
cent;
-- Portfolio depreciation of -3.3 cent;
-- Impact of short-term CPI increase of +3.2 cent; and
-- Others (mostly mid to long-term power price forecast and
increased business rates) -1.2 cent.
The Group also acquired three wind farms for a total of EUR454
million. The investments were financed by a mix of group debt,
proceeds from the equity raise in April 2022, and organic cash
generation.
Dividends totalling EUR31.1 million were paid in the period on
25 February and 9 June 2022.
The share price at 30 June 2022 was 118.0 cents, representing a
7.2% premium to NAV.
Cent per share
NAV at 31 December 2021 105.1
Less February 2022 dividend (1.5)
NAV at 31 December 2021 (ex-dividend) 103.6
NAV at 30 June 2022 110.1
Less August 2022 dividend (1.5)
NAV at 30 June 2022 (ex-dividend) 108.6
Movement in NAV (ex-dividend) 5.0
Reconciliation of Statutory Net Assets to Reported NAV
As at As at
30 June 2022 31 December 2021
EUR'000 EUR'000
DCF valuation 1,892,237 1,470,117
Other relevant assets (wind farm SPVs) 2,169 20,397
Cash (wind farm SPVs) 131,744 68,419
----------------------------------------- -------------- ------------------
Fair value of investments (1) 2,026,150 1,558,933
Cash (Group) 132,315 5,045
Other relevant (liabilities)/assets (2) (3,645) 2,302
----------------------------------------- -------------- ------------------
GAV 2,154,820 1,566,280
Aggregate Group Debt (3) (898,696) (631,080)
----------------------------------------- -------------- ------------------
NAV 1,256,124 935,200
Reconciling items - -
----------------------------------------- -------------- ------------------
Statutory net assets 1,256,124 935,200
Shares in issue 1,141,238,938 889,887,587
NAV per share (cent) 110.1 105.1
----------------------------------------- -------------- ------------------
(1) The fair value of investments are shown gross of EUR149
million debt and swap values held at wind farm SPV level that are
not included in the equivalent figure in the consolidated Statement
of Financial Position.
(2) Other relevant assets at 30 June 2022 include EUR2.2 million
of capitalised facility arrangement fees that are netted off
against loans and borrowings (consistent with Note 12) to the
financial statements.
(3) Aggregate Group debt includes EUR149 million debt and swaps
held at wind farm SPV level, plus three tranches of term debt being
EUR275 million Facility A term debt, EUR200 million 7-year term
debt and EUR275 million Facility C.
Gearing
As at 30 June 2022, the aggregate Group debt was EUR898.7
million, which equates to 42% of GAV. This comprises EUR750.0
million drawn under the Group's term debt facilities, plus the
Group's proportionate share of asset level, long-term project
finance debt of EUR149 million.
The Group's RCF at 30 June 2022 remains undrawn, with EUR300
million available to fund future investments. The group will
continue to optimise the capital structure and take advantage of
favourable debt market conditions.
Equity Issuance
In April 2022, the Company issued 251,351,351 new shares at an
issue price of 112 cent per share raising gross proceeds of
EUR281.5 million in an oversubscribed and NAV-accretive share
placing. Net proceeds from the equity raise were used to repay the
Group's drawn RCF and to fund future acquisitions in line with the
Company's strategy.
Environmental, Social and Governance
The Group continues to make progress in 2022 on its ESG
ambitions, as outlined in its ESG policy. The following summarises
our ESG accomplishments in 2022:
-- Completion of the first phase of physical risk modelling in
line with TCFD recommendations and SFDR;
-- Completion of the CDP submission for the reporting year of
2021;
-- Commencement of the first Modern Slavery audits on material
service providers;
-- Completion of the Company's first study on wind turbine
recyclability; and
-- Continuation of engagement with material service providers on
recyclability and emissions.
The continued evolution of our ESG strategy and its successful
implementation will ensure the long-term success of our business
and protect the interests of shareholders and all stakeholders.
Further details of the Group's ESG initiatives, including its
SFDR Disclosure Statement, can be found in the latest ESG report,
available on the Company's website www.greencoat-renewables.com
Outlook
In summary, we are pleased to report another successful period
for the Company, as a result of a strong operational performance,
inherent inflation protection, and exposure to current power
prices.
The outlook for the Group remains positive with an excellent
pipeline in the medium term, combined with significant long-term
growth in European renewables.
Driven by the transition to Net Zero and recent energy security
concerns, we have seen a strong commitment to renewable deployment,
and increased or accelerated targets for renewable capacity across
our target European geographies.
Accordingly, the Group has high confidence in its European
growth strategy, and sees excellent opportunities for continued
diversification across geographies, technologies, and pricing
structures. In particular, we believe the Group to be well-placed
to take advantage of a growing opportunity to invest in European
offshore wind, benefitting from the experience and existing
relationships of the Investment Manager.
Given the accelerating opportunity in Continental Europe, we
plan to consult shareholders on a change to the current 40% limit
on investments outside of Ireland, to ensure that the Group is well
placed to deliver on our growth potential with the full range of
opportunities available in the market.
Statement of Directors' Responsibilities
The Directors acknowledge responsibility for the interim results
and approve this Half Year Report. The Directors confirm that to
the best of their knowledge:
a) the condensed financial statements have been prepared in
accordance with IAS 34 "Interim Financial Reporting" and give a
true and fair view of the assets, liabilities and financial
position and the profit of the Group as required by DTR 4.2.4R;
b) the interim management report, included within the Chairman's
Statement and Investment Manager's Report, includes a fair review
of the information required by DTR 4.2.7R, being the significant
events of the first half of the year and the principal risks and
uncertainties for the remaining six months of the year; and
c) the condensed financial statements include a fair review of
the related party transactions, as required by DTR 4.2.8R.
The Responsibility Statement has been approved by the Board.
Rónán Murphy
Chairman
11 September 2022.
Condensed Consolidated Statement of Comprehensive Income
(unaudited)
For the six months ended 30 June 2022
For the six months ended For the six months ended
Note 30 June 2022 30 June 2021
EUR'000 EUR'000
Return on investments 3 91,182 32,991
Other income 13 -
--------------------------------------------------------- ----- ------------------------- -------------------------
Total income and gains 91,195 32,991
Operating expenses 4 (7,807) (4,605)
Investment acquisition costs (3,419) (2,309)
--------------------------------------------------------- ----- ------------------------- -------------------------
Operating profit 79,969 26,077
Finance expense 12 (4,926) (3,362)
--------------------------------------------------------- ----- ------------------------- -------------------------
Profit for the period before tax 75,043 22,715
Taxation 5 - -
--------------------------------------------------------- ----- ------------------------- -------------------------
Profit for the period after tax 75,043 22,715
Profit and total comprehensive income attributable to:
Equity holders of the Company 75,043 22,715
Earnings per share
--------------------------------------------------------- ----- ------------------------- -------------------------
Basic and diluted earnings from continuing operations
during the period (cent) 6 7.42 3.06
--------------------------------------------------------- ----- ------------------------- -------------------------
The accompanying notes form an integral part of the condensed
consolidated interim financial statements.
Condensed Consolidated Statement of Financial Position
(unaudited)
As at 30 June 2022
Note 30 June 2022 31 December 2021
EUR'000 EUR'000
Non current assets
Investments at fair value through profit or loss 8 1,877,453 1,408,802
-------------------------------------------------- ----- ------------- -----------------
1,877,453 1,408,802
Current assets
Receivables 10 386 359
Cash and cash equivalents 132,315 5,045
-------------------------------------------------- ----- ------------- -----------------
132,701 5,404
Current liabilities
Payables 11 (8,664) (6,297)
-------------------------------------------------- ----- ------------- -----------------
Net current assets/(liabilities) 124,037 (893)
Non current liabilities
Loans and borrowings 12 (745,366) (472,709)
-------------------------------------------------- ----- ------------- -----------------
Net assets 1,256,124 935,200
-------------------------------------------------- ----- ------------- -----------------
Capital and reserves
Called up share capital 14 11,413 8,898
Share premium account 14 942,885 668,405
Other distributable reserves 83,483 114,597
Retained earnings 218,343 143,300
-------------------------------------------------- ----- ------------- -----------------
Total shareholders' funds 1,256,124 935,200
-------------------------------------------------- ----- ------------- -----------------
Net assets per share (cent) 15 110.1 105.1
-------------------------------------------------- ----- ------------- -----------------
Authorised for issue by the Board on 11 September 2022 and
signed on its behalf by:
Rónán Murphy Kevin McNamara
Chairman Director
The accompanying notes form an integral part of the condensed
consolidated interim financial statements.
Condensed Consolidated Statement of Changes in Equity
(unaudited)
For the six months ended 30 June 2022
For the six Other
months distributable Retained
ended 30 June Share capital Share premium reserves earnings Total
2022 Note EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Opening net
assets
attributable to
shareholders (1
January 2022) 8,898 668,405 114,597 143,300 935,200
Issue of share
capital 2,515 278,999 - - 281,514
Share issue costs - (4,519) - - (4,519)
Interim dividends
paid in the
period 7 - - (31,114) - (31,114)
Profit and total
comprehensive
income for the
period - - - 75,043 75,043
------------------ ----- ----------------- ----------------- ----------------- ---------------- ----------
Closing net
assets
attributable to
shareholders 11,413 942,885 83,483 218,343 1,256,124
------------------ ----- ----------------- ----------------- ----------------- ---------------- ----------
After taking account of cumulative unrealised gains in fair
value of investments of EUR167,181,313, the total reserves
distributable by way of a dividend as at 30 June 2022 were
EUR134,645,847.
For the six months ended 30 June 2021
For the six Other
months distributable
ended 30 June Share capital Share premium reserves Retained earnings Total
2021 Note EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Opening net assets
attributable to
shareholders (1
January 2021) 7,412 507,476 161,768 72,157 748,813
Share issue costs - 44 - - 44
Interim dividends
paid in the
period 7 - - (22,460) - (22,460)
Profit and total
comprehensive
income for the
period - - - 22,715 22,715
------------------- ----- ------------------ ------------------ ------------------- ------------------ ---------
Closing net assets
attributable to
shareholders 7,412 507,520 139,308 94,872 749,112
------------------- ----- ------------------ ------------------ ------------------- ------------------ ---------
After taking account of cumulative unrealised gains in fair
value of investments of EUR91,075,313 the total reserves
distributable by way of a dividend as at 30 June 2021 were
EUR143,104,623.
The accompanying notes form an integral part of the condensed
consolidated interim financial statements .
Condensed Consolidated Statement of Cash Flows (unaudited)
For the six months ended 30 June 2022
For the six months ended 30 June For the six months ended 30 June
Note 2022 2021
EUR'000 EUR'000
Net cash flows from operating
activities 16 49,318 5,631
Cash flows from investing
activities
Acquisition of investments 8 (474,099) (296,672)
Investment acquisition costs (1,855) (2,590)
Repayment of shareholder loan
investments 8 41,858 31,097
------------------------------------ ----- ----------------------------------- ------------------------------------
Net cash flows from investing
activities (434,096) (268,165)
Cash flows from financing
activities
Issue of share capital 281,514 -
Payment of issue costs (4,519) (103)
Dividends paid 7 (31,114) (22,460)
Amounts drawn down on loan
facilities 12 370,660 360,000
Amounts repaid on loan facilities 12 (95,660) (85,000)
Finance costs (8,833) (1,682)
------------------------------------ ----- ----------------------------------- ------------------------------------
Net cash flows from financing
activities 512,048 250,755
Net (decrease)/increase in cash and
cash equivalents during the period 127,270 (11,779)
Cash and cash equivalents at the
beginning of the period 5,045 16,517
Cash and cash equivalents at the
end of the period 132,315 4,738
------------------------------------ ----- ----------------------------------- ------------------------------------
The accompanying notes form an integral part of the condensed
consolidated interim financial statements.
Notes to the Unaudited Condensed Consolidated Financial
Statements
For the six months ended 30 June 2022
1. Significant accounting policies
Basis of accounting
The condensed consolidated nancial statements included in this
Half Year Report have been prepared in accordance with IAS 34
"Interim Financial Reporting". The same accounting policies,
presentation and methods of computation are followed in these
condensed consolidated nancial statements as were applied in the
preparation of the Group's consolidated annual nancial statements
for the year ended 31 December 2021 and are expected to continue to
apply in the Group's consolidated nancial statements for the year
ended 31 December 2022.
The Group's consolidated annual nancial statements were prepared
on the historic cost basis, as modi ed for the measurement of
certain nancial instruments at fair value through pro t or loss and
in accordance with IFRS to the extent that they have been adopted
by the EU and with those parts of the Companies Act 2014 (including
amendments by the Companies (Accounting) Act 2017) applicable to
companies reporting under IFRS.
These condensed consolidated nancial statements are presented in
Euro ("EUR") which is the currency of the primary economic
environment in which the Group operates and are rounded to the
nearest thousand, unless otherwise stated.
These condensed nancial statements do not include all
information and disclosures required in the annual nancial
statements and should be read in conjunction with the Group's
consolidated annual nancial statements as of 31 December 2021. The
audited annual accounts for the year ended 31 December 2021 have
been delivered to the Companies Registration Office. The audit
report thereon was unmodi ed.
Review
The Interim Report has not been audited or formally reviewed by
the Company's Auditor in accordance with the International
Standards on Auditing (ISAs) (Ireland) or International Standards
on Review Engagements (ISREs).
Going concern
As at 30 June 2022, the Group had net assets of EUR1,256 million
(31 December 2021: EUR935.2 million) and cash balances of EUR132.3
million (31 December 2021: EUR5.0 million) which are sufficient to
meet current obligations as they fall due.
The COVID-19 pandemic has had a negative impact on the global
economy. The Directors and Investment Manager are actively
monitoring this and its potential effect on the Group and its SPVs.
In particular, they have considered the following speci c key
potential impacts:
-- Unavailability of key personnel at the Investment Manager or
Administrator;
-- Increased volatility in the fair value of investments;
-- Disruptions to maintenance or repair at the investee company
level; and
-- Allowance for expected counterparty credit losses.
In considering the above key potential impacts of COVID-19 on
the Group and SPV operations, the Directors have assessed these
with reference to the mitigation measures in place and do not
consider that the effects have created a material uncertainty over
the assessment of the Group as a going concern.
The Directors have reviewed Group forecasts and projections
which cover a period of at least 12 months from the date of
approval of this report, taking into account foreseeable changes in
investment and trading performance, which show that the Group has
suf cient nancial resources to continue in operation for at least
the next 12 months from the date of approval of this report.
On the basis of this review, and after making due enquiries, the
Directors have a reasonable expectation that the Company and the
Group have adequate resources to continue in operational existence
for at least up to September 2023. Accordingly, they continue to
adopt the going concern basis in preparing the nancial
statements.
Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors, as a
whole.
The key measure of performance used by the Board to assess the
Group's performance and to allocate resources is the total return
on the Group's net assets, as calculated under IFRS, and therefore
no reconciliation is required between the measure of profit or loss
used by the Board and that contained in the condensed consolidated
financial statements.
For management purposes, the Group is organised into one main
operating segment, which currently invests in wind farm assets.
The Group is engaged in a single segment of business, being
investment in renewable infrastructure to generate investment
returns while preserving capital. The Group presents the business
as a single segment comprising a homogeneous portfolio.
All of the Group's income is generated within Ireland and
Continental Europe. All of the Group's non-current assets are also
located in Ireland and Continental Europe.
Seasonal and cyclical variations
The Group's results do not vary signi cantly during reporting
periods as a result of seasonal activity.
2. Investment management fees
Under the terms of the Investment Management Agreement, the
Investment Manager is entitled to a management fee from the
Company, which is calculated quarterly in arrears and remains at
0.25% of NAV per quarter on that part of NAV up to and including
EUR1 billion, 0.2% of NAV per quarter on that part of NAV from EUR1
billion to EUR1.75 billion and 0.1875% of NAV per quarter on that
part of NAV over EUR1.75 billion.
During the period the Investment Management Agreement was
extended for a further five-year term, commencing on 25 July
2022.
Investment management fees paid or accrued in the period were as
follows:
For the six For the six
months ended months ended
30 June 2022 30 June 2021
EUR'000 EUR'000
Investment management fees 5,732 3,691
---------------------------- -------------- --------------
5,732 3,691
---------------------------- -------------- --------------
As at 30 June 2022, EUR3,070,207 was payable in relation to
investment management fees (31 December 2021: EUR2,155,526).
3. Return on investments
For the six For the six
months ended months ended
30 June 2022 30 June 2021
EUR'000 EUR'000
Dividends received (note 17) 45,300 1,498
Unrealised movement in fair value of investments (note 8) 33,922 25,776
Interest on shareholder loan investment 11,960 5,717
91,182 32,991
----------------------------------------------------------- -------------- --------------
*
4. Operating expenses
For the six For the six
months ended months ended
30 June 2022 30 June 2021
EUR'000 EUR'000
Investment management fees (note 2) 5,732 3,691
Other expenses 1,705 589
Group and SPV administration fees 152 126
Non-executive Directors' remuneration 170 159
Fees to the Company's Auditor:
for audit of the statutory financial statements 45 37
for other services 3 3
---------------------------------------------------- -------------- --------------
7,807 4,605
---------------------------------------------------- -------------- --------------
The fees to the Company's Auditor include EUR3,150 (2021:
EUR3,000) payable in relation to a limited review of these interim
financial statements, and estimated accruals apportioned across the
year for the audit of the statutory financial statements.
5. Taxation
Taxable income during the period was offset by management
expenses and the tax charge for the period ended 30 June 2022 is
EURnil (30 June 2021: EURnil). The Group is not expected to have
tax losses carried forward to offset against current and future
profits as at 30 June 2022 (30 June 2021: EURnil).
6. Earnings per share
For the six For the six
months ended months ended
30 June 2022 30 June 2021
Profit attributable to equity holders of the Company - EUR'000 75,043 22,715
Weighted average number of ordinary shares in issue 1,010,702,877 741,238,938
---------------------------------------------------------------------------- -------------- --------------
Basic and diluted earnings from continuing operations in the period (cent) 7.42 3.06
---------------------------------------------------------------------------- -------------- --------------
7. Dividends declared with respect to the period
Interim dividends paid during the period ended 30 June 2022 Dividend per Total
Share cent Dividend
With respect to the quarter ended 31 December 2021 1.5150 13,482
With respect to the quarter ended 31 March 2022 1.5450 17,632
------------------------------------------------------------- ------------- ----------
3.0600 31,114
------------------------------------------------------------- ------------- ----------
Interim dividends declared after 30 June 2022 and not accrued in the period Dividend per Total
Share cent Dividend
With respect to the quarter ended 30 June 2022 1.5450 17,632
------------------------------------------------------------------------------ ------------- ----------
1.5450 17,632
----------------------------------------------------------------------------- ------------- ----------
As disclosed in note 18, the Board approved a dividend of 1.5450
cent per share on 27 July 2022 in relation to the quarter ended 30
June 2022, bringing total dividends declared with respect to the
period to 3.09 cent per share. The record date for the dividend was
05 August 2022 and the payment date was 26 August 2022.
8. Investments at fair value through profit or loss
For the period ended 30 June 2022 Loans Equity interest Total
EUR'000 EUR'000 EUR'000
Opening balance 1 January 2022 779,865 628,937 1,408,802
Additions 395,418 78,679 474,097
Repayment of shareholder loan investments (41,858) - (41,858)
Shareholder loan adjustments 2,097 - 2,097
Unrealised movement in fair value of investments (note 3) 393 33,922 34,315
----------------------------------------------------------- ----------- ---------------- ----------
Closing balance 30 June 2022 1,135,915 741,538 1,877,453
----------------------------------------------------------- ----------- ---------------- ----------
For the period ended 30 June 2021 Loans Equity interest Total
EUR'000 EUR'000 EUR'000
Opening balance 1 January 2021 505,552 438,800 944,352
Additions 256,189 40,483 296,672
Repayment of shareholder loan investments (31,097) - (31,097)
Unrealised movement in fair value of investments (note 3) 1,741 24,035 25,776
----------------------------------------------------------- --------- ---------------- ----------
Closing balance 30 June 2021 732,385 503,318 1,235,703
----------------------------------------------------------- --------- ---------------- ----------
The unrealised movement in fair value of investments of the
Group during the period was made up as follows:
For the six For the six
months ended months ended
30 June 2022 30 June 2021
EUR'000 EUR'000
Decrease in valuation of investments (27,003) (18,457)
Movement in swap fair values at
SPV level 826 1,025
Repayment of debt at SPV level 6,553 8,316
Cash used by the Company for SPV (35,370) -
Bonds
Repayment of shareholder loan investments
(note 17) 41,858 31,097
Movement in cash balances of SPVs 46,541 1,205
Shareholder loan balance adjustment (2,097) -
Investment acquisition costs 3,007 2,590
------------------------------------------- -------------- --------------
34,315 25,776
------------------------------------------- -------------- --------------
Fair value measurements
As disclosed in the Company's Annual Report for the year ended
31 December 2021, IFRS 13 "Fair Value Measurement" requires
disclosure of fair value measurement by level. The level of fair
value hierarchy within the financial assets or financial
liabilities ranges from level 1 to level 3 and is determined on the
basis of the lowest level input that is significant to the fair
value measurement.
The fair value of the Group's investments is ultimately
determined by the underlying fair values of the SPV investments.
Due to their nature, they are always expected to be classified as
level 3, as the investments are not traded and contain unobservable
inputs. There have been no transfers between levels during the six
months ended 30 June 2022. All other financial instruments are
classified as level 2.
Sensitivity analysis
The fair value of the Group's investments is EUR1,877,453,243
(31 December 2021: EUR 1,408,802,257 ). The following analysis is
provided to illustrate the sensitivity of the fair value of
investments to a change in an individual input, while all other
variables remain constant. The Board considers these changes in
inputs to be within reasonable expected ranges. This is not
intended to imply the likelihood of change or that possible changes
in value would be restricted to this range.
Change in fair value of
Input Base case Change in input investments Change in NAV per share
EUR'000 cent
Discount rate 6 - 7% + 0.25% (33,090) (2.9)
- 0.25% 34,165 3.0
Energy yield P50 10-year P90 (118,993) (10.4)
10-year P10 118,284 10.4
Forecast by leading
Power price consultant - 10% (121,282) (10.6)
+ 10% 119,395 10.5
Inflation rate 2.0% - 0.5% (66,904) (5.9)
+ 0.5% 71,064 6.2
Asset Life 30 years - 5 years (149,089) (13.1)
+ 5 years 104,600 9.2
---------------- --------------------------- ---------------- --------------------------- ------------------------
The sensitivities above are assumed to be independent of each
other. Combined sensitivities are not presented.
9. Unconsolidated subsidiaries, associates and joint
ventures
The following table shows subsidiaries of the Group acquired
during the period. As the Company is regarded as an investment
entity under IFRS, these subsidiaries have not been consolidated in
the preparation of the financial statements:
Ownership Interest as at
Investment Place of Business Registered Office 30 June 2022
Riverside One, Sir John
Tullahennel Ireland Rogerson's Quay, Dublin 2 100%
Soliedra Spain Paseo Castellana 9, 28046 Madrid 100%
Borkum Riffgrund 1 Germany Van-der-Smissen-Straße 9 50%
22767 Hamburg
Boston Holding A/S* Denmark Koldingvej 2, 7190 Billund 100%
*Boston Holding A/S is the holding company of Borkum Riffgrund
oHG.
There are no other changes to unconsolidated subsidiaries of the
Group and there are no other changes to associates and joint
venture of the group as disclosed in the Company's Annual Report
for the year ended 31 December 2021.
There have been no changes to security deposits or guarantees as
disclosed in the Company's Annual Report for the year ended 31
December 2021.
10. Receivables
30 June 2022 31 December 2021
EUR'000 EUR'000
Sundry receivables 6 157
VAT receivable 48 118
Prepayments 79 46
Accrued income 209 20
Withholding tax receivable 44 18
386 359
------------------------------------ ------------- -----------------
11. Payables
30 June 2022 31 December 2021
EUR'000 EUR'000
Investment management fees payable 3,070 2,156
Other payables 2,258 1,739
Acquisition costs payable 2,142 1,327
Loan interest payable 798 781
Commitment fee payable 328 257
Share issue costs payable 68 37
8,664 6,297
------------------------------------ ------------- -----------------
12. Loans and borrowings
30 June 2022 31 December 2021
EUR'000 EUR'000
Opening balance 472,709 210,808
Revolving Credit Facility
Drawdowns 95,660 379,780
Repayments (95,660) (394,780)
Amortisation - 2,173
Term debt facilities
Drawdowns 275,000 275,000
Finance costs capitalised (2,829) (816)
Amortisation 486 544
Closing balance 745,366 472,709
----------------------------- --------- -----------------
Non current liabilities 745,366 472,709
----------------------------- --------- -----------------
For the six For the six
months ended months ended
30 June 2022 30 June 2021
EUR'000 EUR'000
Loan interest 3,495 1,820
Professional fees 22 441
Commitment fees 923 382
Facility arrangement fees 486 719
--------------------------- -------------- --------------
Finance expense 4,926 3,362
--------------------------- -------------- --------------
As at 30 June 2022, the principal balance of the RCF was EURnil
(31 December 2021: EURNil) accrued interest was EURnil (31 December
2021: EURNil) and the outstanding commitment fee was EUR328,258 (31
December 2021: EUR 256,719 ).
Details of the Group's term debt facilities under Facility A and
associated interest rate swaps are set out in the below table:
Facility A
Provider
CBA 7 October 2025 1.55 (0.399) 75,000 204
ING 7 October 2025 1.55 (0.300) 75,000 221
NAB 7 October 2025 1.55 (0.399) 75,000 204
NatWest 7 October 2025 1.55 (0.396) 50,000 136
============ ================ ===== ======== ======== ====
275,000 765
============================= ===== ======== ======== ====
These loans contain swaps that are contractually linked.
Accordingly, they have been treated as single fixed rate loan
agreements, which effectively set interest payable at fixed
rates.
In April 2022, the Group entered into a new 5-year term debt
arrangements with the existing tern debt lenders, being, CBA, ING,
NAB and NatWest.
Details of the Group's term debt facilities under Facility C and
associated interest rate swaps are set out in the below table:
Facility C
Provider
CBA 28 March 2027 1.45 2.0620 75,000 9
ING 28 March 2027 1.45 2.0587 75,000 9
NAB 28 March 2027 1.45 2.0570 75,000 9
NatWest 28 March 2027 1.45 2.0770 50,000 6
============ =============== ===== ======= ======== ===
275,000 33
============================ ===== ======= ======== ===
These loans contain swaps that are contractually linked.
Accordingly, they have been treated as single fixed rate loan
agreements, which effectively set interest payable at fixed
rates.
In 2021, the Group entered into a 7-year term debt arrangement
with AXA. This fixed rate non-amortising term debt of EUR200
million was utilised in three tranches. Details are set out in the
below table:
Loan Mid swap Loan
Provider Maturity date margin rate principal Accrued interest at 30 June 2022
% % EUR'000 EUR'000
--------------------------- -------- --------- ----------- ---------------------------------
AXA September 2028 1.85 (0.141) 150,000 -
AXA September 2028 1.85 (0.045) 50,000 -
200,000 -
--------------------------- -------- --------- ----------- ---------------------------------
All borrowing ranks pari passu with a debenture over the assets
of Holdco 1 and Holdco 2 and a floating charge over Holdco 1 and
Holdco 2's bank accounts.
13. Contingencies & Commitments
At the time of acquisition, wind farms which had less than 12
months' operational data may have a wind energy true-up applied,
whereby the purchase price for these wind farms may be adjusted so
that it is typically based on a 2-year operational record, once
operational data has become available.
The following wind energy true-ups remain outstanding and the
maximum adjustments are as follows: Letteragh: EUR2,500,000.
In December 2020, the Group entered into an agreement to acquire
the Taghart and Cloghan wind farms for a headline consideration of
EUR123 million. The investment is scheduled to complete in Q4, 2022
and Q1, 2023 respectively, once the wind farms are fully
operational.
In February 2021, the Group entered into an agreement to acquire
the Kokkoneva wind farm for headline consideration of EUR60
million. The investment is scheduled to complete in Q4, 2022 once
the wind farm is fully operational.
In December 2021, the Group entered into an agreement to acquire
Torrubia, a 50MW solar farm currently under construction in La
Muela, Spain. The investment is scheduled to complete in Q4, 2022
once the solar farm is fully operational.
In April 2022, the Group entered into an agreement to acquire
Erstrask North, a 134MW wind farm currently under construction in
Sweden. The investment is scheduled to complete in Q4, 2023 once
the wind farm is fully operational.
On 24 May 2022 the Group entered into an agreement to acquire a
67.7MW portfolio of operating wind farms in France, being:
-- The 16MW Arcy-Précy windfarm located in the Burgundy region
of France - government-backed, fixed-price contract until August
2041;
-- The 9.4MW Butte de Menonville windfarm located in the Centre
Val-de-Loire region of France - government-backed, fixed-price
contract until June 2041;
-- The 21.6MW Genonville windfarm located in the Centre
Val-de-Loire region of France - government-backed, fixed-price
contract until February 2042.
-- The 20.7MW Grande Pièce windfarm, located in the Centre
Val-de-Loire region of France - government-backed, fixed-price
contracted until August 2032.
14. Share capital - ordinary shares
At 30 June 2022, the Company had issued share capital of
1,141,238,938 ordinary shares of EUR0.01 each.
Date Issued and fully paid Number of shares issued Share capital Share premium Total
EUR'000 EUR'000 EUR'000
1 January 2022 Opening balance 889,887,587 8,898 668,405 677,303
5 April 2022 Issued and paid 251,351,351 2,515 278,999 281,514
5 April 2022 Issues costs paid - - (4,519) (4,519)
30 June 2022 1,141,238,938 11,413 942,885 954,298
----------------------------------------- ------------------------ -------------- -------------- --------
Shareholders are entitled to all dividends paid by the Company
and, on a winding up, provided the Company has satisfied all of its
liabilities, the Shareholders are entitled to all of the residual
assets of the Company.
15. Net assets per share
30 June 2022 31 December 2021
Net assets - EUR'000 1,256,124 935,200
Number of ordinary shares issued 1,141,238,938 889,887,587
---------------------------------- -------------- -----------------
Total net assets - cent 110.1 105.1
---------------------------------- -------------- -----------------
16. Reconciliation of operating profit for the period to net
cash from operating activities
For the six months ended For the six months ended
30 June 2022 30 June 2021
EUR'000 EUR'000
Operating profit for the period 79,969 26,077
Adjustments for:
Unrealised movement in fair value of investments (note 8) (34,315) (25,776)
Investment acquisition costs 3,419 2,309
Finance costs capitalised (2,829) (862)
Amortisation of finance costs 486 825
(Increase)/decrease in receivables (27) 3,756
(Decrease)/increase in payables 2,615 (698)
----------------------------------------------------------- ------------------------- -------------------------
Net cash flows from operating activities 49,318 5,631
----------------------------------------------------------- ------------------------- -------------------------
17. Related party transactions
During the period, Holdco made repayments of EUR8,000,000 (30
June 2021: EUR17,200,000). During the period, the Company also
received shareholder loan repayments from Knockacummer of
EUR6,850,400 (30 June 2021: EUR4,155,069) and Killhills of
EUR7,251,217 (30 June 2021: EUR1,100,000).
In April 2022, Rónán Murphy subscribed to 17,500 shares and
Marco Graziano 25,000 shares in the Company at an issue price of
112 cent per share.
The below table shows the Group's dividend income:
For the six For the six
months ending months ending
30 June 2022 30 June 2021
---------------- ----------------
Dividend Income Dividend Income
EUR000 EUR000
---------------- ----------------
Ballybane 2,800 -
Raheenleagh 1,000 500
Lisdowney 800 -
Knocknalour 500 248
Knockacummer 22,600 -
Killhills 1,300 -
Glanaruddery 4,400 -
Gortahile 1,250 750
Letteragh 600 -
Garranereagh 850 -
Cordal 7,300 -
Beam Hill 1,900 -
-------------- ---------------- ----------------
45,300 1,498
-------------- ---------------- ----------------
The table below shows the Group's shareholder loans with the
wind farm investments.
Loans Loan Loans Loan Loans Accrued Total Interest
at 1 balance advanced Repayments balance interest on shareholder
January adjusted in the at 30 at 30 loan in
2022(1) in the period June 2022 June the period
period 2022
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Cordal 168,499 - - (18,499) 150,000 821 150,821 1,663
Glencarbry 71,263 - - (4,263) 67,000 353 67,353 708
Monaincha 63,474 863 - - 64,336 325 64,662 647
Glanaruddery 46,333 - - - 46,333 234 46,568 466
Knockacummer 46,229 2,713 - (6,850) 42,092 787 42,879 1,565
Erstrask South 44,334 - - - 44,334 448 44,782 892
Sommette 40,206 - - - 40,206 601 40,807 1,196
Ballybane 35,808 - - - 35,808 181 35,989 360
Killala 32,069 (3,263) 700 (1,400) 28,106 492 28,598 534
GRP Sweden 25,223 - - - 25,223 709 25,932 507
Letteragh 25,200 - - 25,200 207 25,407 412
Killhills 21,471 (663) - (7,251) 13,556 67 13,624 134
Cnoc 16,247 - - (2,247) 14,000 78 14,078 159
Saint Martin 15,819 (321) - - 15,498 232 15,730 461
Gortahile 15,640 - - - 15,640 79 15,719 157
Kostroma 14,481 646 - - 15,127 257 15,383 152
Tullynamoyle
II 13,861 - - - 13,861 70 13,931 139
Garranereagh 13,233 (863) - - 12,370 63 12,433 124
Carrickallen 12,998 - - - 12,998 394 13,392 261
Lisdowney 9,603 - - - 9,603 72 9,675 143
Pasilly 8,720 - - - 8,720 259 8,979 259
Beam Hill
Extension 8,640 - - - 8,640 44 8,683 87
Ballincollig
Hill 7,824 - - - 7,824 83 7,907 79
Knocknalour 5,795 - - - 5,795 48 5,842 95
Sliabh Bawn 5,052 2,985 - - 8,037 - 8,037 -
Cloosh Valley 4,574 - - - 4,574 - 4,574 -
Borkum
Riffgrund
1 - - 275,346 - 275,346 59 275,405 59
Tullahennel - - 58,162 - 58,162 413 58,575 413
Boston Holding
A/S - - 31,890 - 31,890 - 31,890 -
Soliedra - - 29,322 (1,347) 27,974 286 28,260 286
772,596 2,097 395,418 (41,858) 1,128,253 7,662 1,135,915 11,960
--------------- --------- ---------- ---------- ------------ ----------- ---------- ---------- ---------------
(1) EUR772,595k excluded accrued interest at 31 December 2021 of
EUR7,269k.
*The balance of accrued interest at 30 June 2022 is EUR7,662k,
with movement in the period being EUR393k.
18. Subsequent events
On 18 July 2022 the Group entered into an acquisition agreement
to acquire the 80.5MW South Meath Solar Farm from Statkraft. The
Group will acquire a 50% stake in the asset with the remaining 50%
being acquired in partnership with a pension fund, investing
through a fund also managed by Greencoat Capital LLP, the Group's
Investment Manager. The asset is currently under construction in
County Meath, Ireland, with commencement of commercial operations
expected in Q4 2023. The transaction is structured under a forward
sale model and will only complete once the solar farm is fully
operational.
On 28 July 2022, the Board approved a dividend of EUR17.6
million, equivalent to 1.545 cent per share in relation to the
quarter ended 30 June 2022. The record date for the dividend was 5
August 2022 and the payment date was 26 August 2022.
On 6 September 2022 the Group completed the acquisition of the
67.7MW portfolio of operating wind farms in France, being:
-- The 16MW Arcy-Précy windfarm located in the Burgundy region
of France - government-backed, fixed-price contract until August
2041;
-- The 9.4MW Butte de Menonville windfarm located in the Centre
Val-de-Loire region of France - government-backed, fixed-price
contract until June 2041;
-- The 21.6MW Genonville windfarm located in the Centre
Val-de-Loire region of France - government-backed, fixed-price
contract until February 2042.
-- The 20.7MW Grande Pièce windfarm, located in the Centre
Val-de-Loire region of France - government-backed, fixed-price
contracted until August 2032.
19. Board approval
The Group's Interim Report and Financial Statements were
approved by the Board of Directors on 11 September 2022.
Company Information
Directors (all non-executive) Registered Company Number
Rónán Murphy 598470
Emer Gilvarry
Kevin McNamara Registered Office
Marco Graziano Riverside One
Eva Lindqvist (appointed 7 July 2022) Sir John Rogerson's Quay
Dublin 2
Investment Manager
Greencoat Capital LLP Registered Auditor
4(th) Floor, The Peak BDO
5 Wilton Road Beaux Lane House
London SW1V 1AN Mercer Street Lower
Dublin 2
Company Secretary
Ocorian Administration (UK) Limited Legal Advisers
Unit 18 Innovation Centre McCann Fitzgerald
Northern Ireland Science Park Riverside One
Queens Road Sir John Rogerson's Quay
Belfast BT3 9DT Dublin 2
Joint Broker, NOMAD and
Administrator Euronext Growth Listing Sponsor
Northern Trust International Fund J&E Davy
Administration Services (Ireland) Limited Davy House
54-62 Townsend Street, Dublin 2 49 Dawson Street
Dublin 2
Depositary
Northern Trust International Fiduciary Joint Broker
Services (Ireland) Limited RBC Capital Markets
Georges Court 100 Bishopsgate
54-62 Townsend Street London, EC2N 4AA
Dublin 2
Account Banks
Registrar Allied Irish Banks plc.
Computershare Investor Services 40/41 Westmoreland Street
(Ireland) Limited Dublin 2
3100 Lake Drive
Citywest Business Campus Northern Trust International Fiduciary
Dublin 24 Services (Ireland) Limited
Georges Court
56-62 Townsend Street
Dublin 2
Defined Terms
Admission Document means the Admission Document of the Company
published on 31 December 2019
Aggregate Group Debt means the Group's proportionate share of
outstanding third-party debt.
AIB means Allied Irish Bank plc
AIC means the Association of Investment Companies
AIC Code of Corporate Governance sets out a framework of best
practice in respect of the governance of investment companies. It
has been endorsed by the Financial Reporting Council as an
alternative means for our members to meet their obligations in
relation to the UK Corporate Governance Code
AIC Guide means the AIC's Corporate Governance Guide for
Investment Companies
AIF means Alternative Investment Funds (as defined in AIFMD)
AIFM means Alternative Investment Fund Manager (as defined in
AIFMD)
AIFMD means Alternative Investment Fund Managers Directive
AGM means Annual General Meeting of the Company
AXA means funds managed by AXA Investment Managers UK
Limited
Ballincollig Hill means Tra Investments Limited
Ballybane means Ballybane Windfarms Limited
BDO means the Company's Auditor as at the reporting date
Beam means Beam Hill and Beam Hill Extension
Beam Hill means Beam Wind Limited
Beam Hill Extension means Meenaward Wind Farm Limited
Board means the Directors of the Company
Borkum Riffgrund 1 means Borkum Riffgrund oHG
Boston Holding means Boston Holding A/S
Brexit means the withdrawal of the United Kingdom from the
European Union
Carrickallen means Carrickallen Wind Limited
CBA means Commonwealth Bank of Australia#
CBI means the Central Bank of Ireland
CDP means Carbon Disclosure Project
CFD means Contract for Difference
CIBC means Canadian Imperial Bank of Commerce
Cloosh Valley means Cloosh Valley Wind Farm Holdings DAC and
Cloosh Valley Wind Farm DAC
Cnoc means Cnoc Windfarms Limited
Company means Greencoat Renewables PLC
Cordal means Cordal Windfarm Holdings Limited, Oak Energy Supply
Limited and Cordal Windfarms Limited
CPI means Consumer Price Index
DCF means Discounted Cash Flow
DS3 means Delivering a Secure, Sustainable Electricity
System
EGM means Extraordinary General Meeting of the Company
Erstrask South means Erstrask Vind South AB
ESG means the Environmental, Social and Governance
EU means the European Union
Euronext means the Euronext Dublin, formerly the Irish Stock
Exchange
EURIBOR means the Euro Interbank Offered Rate
Eurozone means the area comprising 19 of the 28 Member States
which have adopted the euro as their common currency and sole legal
tender
FCA means Financial Conduct Authority
FIT means Feed-In Tariff
FRC means Financial Reporting Council
GAV means Gross Asset Value as defined in the Admission
Document
Garranereagh means Sigatoka Limited
Glanaruddery means Glanaruddery Windfarms Limited and
Glanaruddery Energy Supply Limited
Glencarbry means Glencarbry Windfarm Limited
Gortahile means Gortahile Windfarm Limited
Group means the Company, Holdco, Holdco 1 and Holdco 2
GRP Sweden means GRP Sweden Holding AB
Holdco means GR Wind Farms 1 Limited
Holdco 1 means Greencoat Renewables 1 Holdings Limited
Holdco 2 means Greencoat Renewables 2 Holdings Limited
Holdcos mean GR Wind Farms 1 Limited, Greencoat Renewables 1
Holdings Limited and Greencoat Renewables 2 Holdings Limited
IAS means International Accounting Standards
IFRS means International Financial Reporting Standards
ING means ING Bank N.V.
Investment Management Agreement means the agreement between the
Company and the Investment Manager
Investment Manager means Greencoat Capital LLP
IPEV means the International Private Equity and Venture Capital
Valuation Guidelines
IPO means Initial Public Offering
Irish Corporate Governance Annex is a corporate governance annex
addressed to companies with a primary equity listing on the Main
Securities Market of Euronext
IRR means internal rate of return
I-SEM means the Integrated Single Electricity Market, which is
the wholesale electricity market arrangement for Ireland and
Northern Ireland
Killala means Killala Community Wind Farm DAC
Killhills means Killhills Windfarm Limited
Knockacummer means Knockacummer Wind Farm Limited
Knocknalour means Knocknalour Wind Farm Holdings Limited and
Knocknalour Wind Farm Limited
Kostroma Holdings means Kostroma Holdings Limited
Letteragh means Seahound Wind Developments Limited
Lisdowney means Lisdowney Wind Farm Limited
Monaincha means Monaincha Wind Farm Limited
NAB means National Australia Bank
NatWest means National Westminster Bank
NAV means Net Asset Value as defined in the Admission
Document
NAV per Share means the Net Asset Value per Ordinary Share
NOMAD means a company that has been approved as a nominated
advisor for the Alternative Investment Market (AIM), by Euronext
Dublin and London Stock Exchange
O&M means operations and maintenance
Pasilly means Société d'Exploitation du Parc Eolien du
Tonnerois
PPA means Power Purchase Agreement entered into by the Group's
wind farms
PSO means Public Support Obligation
Raheenleagh means Raheenleagh Power DAC
RBC means Royal Bank of Canada
RCF means the Group's Revolving Credit Facility
REFIT means Renewable Energy Feed-In Tariff
RESS means Renewable Energy Support Scheme
Saint Martin means Parc Eolien Des Courtibeaux SAS
Santander means Abbey National Treasury Services Plc (trading as
Santander Global Corporate Banking)
SEM means the Single Electricity Market, which is the wholesale
electricity market operating in the Republic of Ireland and
Northern Ireland
SFDR means Sustainable Finance Disclosure Regulation
Sliabh Bawn means Sliabh Bawn Holding DAC, Sliabh Bawn Supply
DAC and Sliabh Bawn Power DAC
SMSF means SMSF Holdings Limited
Solar PV means a solar photovoltaic system, which is a power
system designed to supply usable solar power by means of
photovoltaics.
Soliedra means Parque Eolico Soliedra
Sommette means Parc Eolien Des Tournevents SAS
South Meath means SMSF Holdings Limited
SPVs means the Special Purpose Vehicles, which hold the Group's
investment portfolio of underlying operating wind farms
TCFD means Task Force on Climate-Related Financial
Disclosures
TSR means Total Shareholder Return
Tullahennel means Ronaver Energy Limited
Tullynamoyle II means Tullynamoyle Wind Farm II Limited
UK means United Kingdom of Great Britain and Northern
Ireland
UK Code means UK Corporate Governance Code issued by the
FRC.
Alternative Performance Measures
Performance Measure Definition
CO(2) emissions avoided The estimate of the portfolio's annual
per annum CO(2) emissions avoided through the displacement
of thermal generation, based on the portfolio's
estimated generation as at the relevant
reporting date.
--------------------------------------------------
Homes powered per annum The estimate of the number of homes powered
by electricity generated by the portfolio,
based on the portfolio's estimated generation
as at the relevant reporting date.
--------------------------------------------------
Generation The amount of energy generated by the
underlying SPV's (investments) in the
portfolio over the period.
--------------------------------------------------
NAV movement per share Movement in the ex-dividend Net Asset
(adjusting for dividends) Value per ordinary share during the year.
--------------------------------------------------
NAV per share The Net Asset Value per ordinary share.
--------------------------------------------------
Net cash generation The operating cash flow of the Group
and wind farm SPVs.
--------------------------------------------------
Premium to NAV The percentage difference between the
published NAV per ordinary share and
the quoted price of each ordinary share
as at the relevant reporting date.
--------------------------------------------------
Total return (NAV) The movement in the ex-dividend NAV per
ordinary share, plus dividend per ordinary
share declared or paid to shareholders
with respect to the year.
--------------------------------------------------
Total Shareholder Return The movement in share price, combined
with dividends paid during the year,
on the assumption that these dividends
have been reinvested.
--------------------------------------------------
Forward Looking Statements and other Important Information
This document may include statements that are, or may be deemed
to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "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.
These forward-looking statements include all matters that are
not historical facts. They may appear in a number of places
throughout this document and may include, but are not limited to,
statements regarding the intentions, beliefs or current
expectations of the Company, the Directors and/or the Investment
Manager concerning, amongst other things, the investment objectives
and investment policy, financing strategies, investment
performance, results of operations, financial condition, liquidity,
prospects, and distribution policy of the Company and the markets
in which it invests.
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
document.
In addition, even if actual investment performance, results of
operations, financial condition, liquidity, distribution policy and
the development of its financing strategies, are consistent with
any forward-looking statements contained in this document, those
results or developments may not be indicative of results or
developments in subsequent periods. A number of factors could cause
results and developments of the Company to differ materially from
those expressed or implied by the forward-looking statements
including, without limitation, general economic and business
conditions, global renewable energy market conditions, industry
trends, competition, changes in law or regulation, changes in
taxation regimes, the availability and cost of capital, currency
fluctuations, changes in its business strategy, political and
economic uncertainty. Any forward-looking statements herein speak
only at the date of this document.
As a result, you are cautioned not to place any reliance on any
such forward-looking statements and neither the Company nor any
other person accepts responsibility for the accuracy of such
statements.
Subject to their legal and regulatory obligations, the Company,
the Directors and the Investment Manager 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.
In addition, this document may include target figures for future
financial periods. Any such figures are targets only and are not
forecasts. Nothing in this document should be construed as a profit
forecast or a profit estimate.
This Interim Report has been prepared for the Company as a whole
and therefore gives greater emphasis to those matters which are
significant in respect of Greencoat Renewables PLC and its
subsidiary undertakings when viewed as a whole.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
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END
IR UAABRURUKAAR
(END) Dow Jones Newswires
September 12, 2022 02:01 ET (06:01 GMT)
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