THIS ANNOUNCEMENT IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED
STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, OR THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Net Asset Value and Dividend
Announcement
Dublin,
London, 31 January 2024: Greencoat Renewables
PLC ("Greencoat Renewables"
or the "Company") today
announces that its unaudited Net Asset Value as of 31 December 2023
is €1,279.4 million (112.1c per share).
Net Asset
Value
|
Net Asset
Value / Net Asset Value per share
|
€1,279.4 million / 112.1c per share
|
|
Q4
Dividend/Dividend per
share
|
€18.3 million / 1.605c per share
|
Financial and
Operation Highlights
|
· 2023
dividend cover of 2.7x (based on 2023 net cash generation of €197
million[1])
· 2023
generation 9% below budget reflecting low wind resource (Q4
generation 14% below budget)
· Completed the committed acquisitions of the Erstrask North
wind farm in Sweden (€137m) and follow on investment in Butendiek
offshore wind farm in the German North Sea (€108m)
· Aggregate Group Debt of €1,342 million (51% of GAV),
comprising €925 million of term loan debt, €330 million of drawn
RCF and €87 million of SPV level debt
o 2.7%
weighted average cost of term debt and 3.7 years weighted average
maturity of term debt
o 98%
of term debt fixed rate or fixed via a swap
o Total cash of €143 million with €20 million existing RCF
capacity (c€122million total commitments)[2]
· Good
progress on asset recycling program with potential proceeds
providing capacity for a range of capital allocation
options
· 5%
increase in target dividend to 6.74c per share for 2024 reflecting
Irish CPI
o Target 2024 dividend cover of 2.1x
· 0.9c
decrease in NAV per share in Q4 to 112.1c (0.3c decrease
y-o-y)
· Unchanged levered IRR at 9%[3]
|
The Company's December 2023 Factsheet is
available on the Company's website, www.greencoat-renewables.com.
The Company also announces a quarterly interim
dividend of 1.605c per share with respect to the quarter ended 31
December 2023.
Dividend
Timetable
Ex-Dividend
Date:
8 February2024
Record Date:
9 February 2024
Payment Date:
1 March
2024
-ENDS-
For further information on the Announcement, please
contact:
Greencoat Renewables
PLC:
+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
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
Orla Cox
About Greencoat Renewables
PLC
Greencoat Renewables PLC is an investor in euro-denominated
renewable energy infrastructure assets. Initially focused solely on
the acquisition and management of operating wind farms in Ireland,
the Company also invests in wind and solar assets in certain other
European countries with stable and robust renewable energy
frameworks. It is managed by Schroders Greencoat LLP, an
experienced investment manager in the listed renewable energy
infrastructure sector.
Forward
Looking Statements and Important Information
This announcement may include statements that
are, or may be deemed to be, "forward-looking statements",
including terms such as "believes", "estimates", "anticipates",
"expects", "intends", "may", "plans", "projects", "will", "explore"
or "should" or, in each case, their negative or other variations or
comparable terminology or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to future events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual investment performance, results
of operations, financial condition, liquidity, distribution policy
and the development of its financing strategies may differ
materially from the impression created by, or described in or
suggested by, the forward-looking statements contained in this
announcement. In addition, this announcement may include target
figures for future financial periods. Any such figures are targets
only and are not forecasts. Subject to their legal and regulatory
obligations, Greencoat Renewables, the Directors and Schroders
Greencoat LLP, expressly disclaim any obligations to update or
revise any forward-looking statement contained herein to reflect
any change in expectations with regard thereto or any change in
events, conditions or circumstances on which any statement is
based.
The financial information contained in this
announcement has not been audited or reviewed by Greencoat
Renewables' auditors in accordance with the International Standards
on Auditing (Ireland) or International Standard on Review
Engagements.