Greencoat Renewables 2023 Final Results
Dublin, London
| 6 March 2024: Greencoat Renewables PLC
("Greencoat Renewables" or the "Company") today announces its
results for the year ended 31 December 2023, which have been
published in full on the Company's website: www.greencoat-renewables.com.
2023
Highlights
·
3,754 GWh of electricity generated in the period
(2022: 2,487 GWh)
·
Net cash generation of €196.7 million[1] (2022: €215.0 million) and delivering gross
dividend cover of 2.7x[2] (2022: 3.2x)
with cash revenues increasing by 15% from €330.6 million to
€379.2million
·
NAV per share of 112.1 cents (2022: 112.4
cents)
·
Completed four acquisitions totalling €524.3
million, increasing the portfolio to 39 renewable generation and
storage assets across six European markets
·
Increased total capacity to 1.5GW (2022:
1.2GW)
·
Aggregate Group Debt of €1,342.1 million,
equivalent to 51% of GAV
·
Dividends of 6.42 cent per share declared or paid
with respect to 2023, in line with the stated target
·
Portfolio produced renewable energy to power
c.750,000 homes, saving c.1.3 million tonnes of CO2
emissions and committed €1.3 million to local communities and
social projects
·
Good progress on asset recycling program with
potential proceeds providing capacity for a range of capital
allocation options including debt repayment and share
buybacks
Commenting on
the results, Ronan Murphy, Non-Executive Chairman of Greencoat
Renewables, said:
"I
am pleased to report another positive year for the Company, with
continued strong cash generation underpinning dividend cover and
providing long term support for our reinvestment
strategy.
In
deploying more than €500 million into four new assets, we have
further diversified the portfolio and increased our generation
capacity to 1.5GW across six European markets.
Proactive revenue management has enabled us to deliver a
number of power purchase agreements confirming that the Company is
delivering on its strategy of maintaining a high contracted revenue
mix.
Despite the continued presence of macro-economic headwinds,
the opportunity and investment case for renewables remains strong.
The Company remains wholly committed to the disciplined allocation
of capital and, with a highly cash generative and pan European
portfolio, is well positioned to continue to play a critical role
in energy transition, whilst delivering attractive low risk returns
for shareholders."
Key
Metrics
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Market
capitalisation
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€1,160 million
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Share
price
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101.6 cent
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Dividends
with respect to the period
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€72.6 million
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Dividends
with respect to the period per share
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6.42 cent
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GAV
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€2,621 million
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NAV
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€1,279 million
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NAV per
share
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112.1 cent
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Discount to
NAV
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(9.4) %
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CO2 emissions reduced per annum
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>1,300,000 tonnes
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Homes
powered per annum
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>750,000 homes
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Funds
committed in community funds and social projects
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€1.3 million
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A copy of the Final Results has been
submitted to the National Storage Mechanism and will shortly be
available for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.
Conference call for analysts and
investors
A conference call and webcast for
analysts and investors will be held at 10.00am BST today, 6 March
2023. 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.
--- ENDS
---
For further
details contact:
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Schroders Greencoat LLP (Investment Manager)
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Bertrand Gautier
Paul O'Donnell
Tom Rayner
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+44 20 7832 9400
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FTI
Consulting (Investor Relations & Media)
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Melanie Farrell
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+353 1 765 0883
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Orla Cox
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greencoat@fticonsulting.com
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Davy (Broker, NOMAD and Euronext Growth Listing
Sponsor)
Ronan Veale
Brian Garrahy
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+353 1 679 6363
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RBC
Capital Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans
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+44 20 7653 4000
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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 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.