THIS ANNOUNCEMENT IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED
STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, OR THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Net Asset Value and Dividend
Announcement
Dublin,
London, 25 April 2024: Greencoat Renewables PLC
("Greencoat Renewables" or
the "Company") today
announces that its unaudited Net Asset Value as of 31 March 2024 is
€1,273.7 million (111.6c per share).
Net Asset
Value
|
Net Asset
Value / Net Asset Value per share
|
€1,273.7 million / 111.6c per share
|
|
Q1
Dividend/Dividend per
share
|
€19.2 million / 1.685c per share
|
Financial and
Operational Highlights
· Continued strong financial performance
o Strong Q1 net cash generation of €72.8 million[1]
o Q1
generation 12% below budget
o Dividends per share paid of 1.605c relating to Q4 2023 and
1.685c announced relating to Q1 2024
· Intention to launch initial buyback programme
o Tranche of €25 million intended to be executed within the next
6 months, funded from operating cashflow and reviewed upon
completion subject to market conditions
· Stable
NAV despite lower achieved power prices and lower short term
forward curves
o 0.5c
decrease in NAV per share to 111.6c
o Reduction in short-term power price (c15% down quarter on
quarter) primarily offset by long-term price curve
uplift
o Unchanged levered IRR at 9%[2]
· Cash
generation supporting reduction in debt
o Aggregate Group Debt reduced to €1,326 million as a result of
organically funded debt repayments in line with the Company's
commitment to reduce gearing levels
o 51%
gross gearing, 49% net gearing
o Total cash of €161 million with €185 million of existing RCF
capacity providing funding certainty for forward sales and
supporting capital allocation optionality
· New
debt facility
o €150
million 5-year term debt facility with an all-in interest rate of
4.1% agreed and used to repay RCF charged at 5.3%
· Active
Asset Management
o Signed a 10-year power purchase agreement with Keppel DC REIT,
a multinational data center owner and operator, for 100% of the
production of the Ballybane phase 1 wind farm with an annual output
of 67 GWh, underpinning the increased demand for renewable
electricity and demonstrating the Company's ability to create and
sustain long-term value
The Company's March 2024 Factsheet is available
on the Company's website, www.greencoat-renewables.com.
The Company also announces a quarterly interim
dividend of 1.685c per share with respect to the quarter ended 31
March 2024.
Dividend
Timetable
Ex-Dividend Date:
02 May 2024
Record Date:
03 May 2024
Payment Date:
24 May 2024
-ENDS-
For further information on the Announcement, please
contact:
Greencoat Renewables
PLC:
+44 20 7832 9400
Bertrand Gautier
Paul O'Donnell
John Musk
Davy (Joint Broker, Nomad and
Euronext Growth Listing
Sponsor)
+353 1 6796363
Ronan Veale
Brian Garrahy
RBC (Joint
Broker)
+44 20 7653 4000
Matthew Coakes
Elizabeth Evans
FTI Consulting (Media
Enquiries)
+353 1 765 0886
Melanie Farrell
greencoat@fticonsulting.com
Aoife Mullen
About Greencoat Renewables
PLC
Greencoat Renewables PLC is an investor in
euro-denominated renewable energy infrastructure assets. Initially
focused solely on the acquisition and management of operating wind
farms in Ireland, the Company also invests in wind and solar assets
in certain other European countries with stable and robust
renewable energy frameworks. It is managed by Schroders Greencoat
LLP, an experienced investment manager in the listed renewable
energy infrastructure sector.
Forward
Looking Statements and Important Information
This announcement may include statements that
are, or may be deemed to be, "forward-looking statements",
including terms such as "believes", "estimates", "anticipates",
"expects", "intends", "may", "plans", "projects", "will", "explore"
or "should" or, in each case, their negative or other variations or
comparable terminology or by discussions of strategy, plans,
objectives, goals, future events or intentions. Forward-looking
statements include all matters that are not historical facts. By
their nature, forward-looking statements involve risks and
uncertainties because they relate to future events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance. The Company's actual investment performance, results
of operations, financial condition, liquidity, distribution policy
and the development of its financing strategies may differ
materially from the impression created by, or described in or
suggested by, the forward-looking statements contained in this
announcement. In addition, this announcement may include target
figures for future financial periods. Any such figures are targets
only and are not forecasts. Subject to their legal and regulatory
obligations, Greencoat Renewables, the Directors and Schroders
Greencoat LLP, expressly disclaim any obligations to update or
revise any forward-looking statement contained herein to reflect
any change in expectations with regard thereto or any change in
events, conditions or circumstances on which any statement is
based.
The financial information contained in this
announcement has not been audited or reviewed by Greencoat
Renewables' auditors in accordance with the International Standards
on Auditing (Ireland) or International Standard on Review
Engagements.