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 October 2024: Greencoat Renewables
PLC ("Greencoat Renewables"
or the "Company") today
announces that its unaudited Net Asset Value as of 30 September
2024 is €1,230 million (110.4c per share).
Net Asset
Value
|
Net Asset
Value / Net Asset Value per share
|
€1,230 million / 110.4c per share
|
|
Q3
Dividend/Dividend per
share
|
€18.8 million / 1.685c per share
|
Financial and Operational Highlights
|
· Robust
YTD cash performance underpinning high dividend cover
o Q3
net cash generation of €3.1 million1, driven by
seasonality and Q3 generation 13% below budget due to a combination
of wind resource and grid constraints
o YTD
net cash generation of €116.6 million2 equating to 2.1x
dividend cover with Full Year dividend cover expected to be
c.2.0x
o Dividends per share paid of 1.685c relating to Q2 2024 and
1.685c announced relating to Q3 2024, in line with Full Year
target
· Positive impact of capital allocation strategy with capacity
for further action
o Share buyback completed on 1 October 2024 with €25.0 million
used to acquire 27.7 million shares at an average price of
90.2c
o Completed the accretive acquisition of 50% of the 80MW South
Meath solar farm in Ireland following a sale forward signed in July
2022, with 15-year PPA providing contracted revenue to
2039
o Asset recycling and disposal activity progressing
· Big
Tech and AI driving growing demand for PPAs
o 15-year PPA with large international technology company
relating to the South Meath solar farm structured on a 'pay as
produce' basis equating to 40 GWh on an annual basis
o PPAs
continue to play an increasingly important role in active asset
management with over 450 GWh contracted with a wide range of
partners across multiple geographies since December 2023
·
Strong balance sheet and highly contracted
portfolio
o Total cash of €98.7 million with €191.0 million RCF
capacity
o Gearing stable at 52% with continued debt repayment using
operating cashflow in Q3
· 1.7c
decrease in NAV per share to 110.4c
o Low
cash generation driven by seasonality and underperforming
generation
o Movement in continental Europe power prices (-1.1c) and P50
revision (-1.1c), partially offset by inflation (+0.8c)
o Positive impact of share buyback amounting to
(+0.3c)
o Unchanged levered IRR at 9.2%3
|
1 Net cash generation
after project level debt repayments amounted to €2.0m
2 Net cash generation
after project level debt repayments amounted to €111.6m
3 Based on
unlevered portfolio IRR of 7.2%, long term gearing assumption of
40% and cost of debt assumption of 4.7%.
The Company's Q3 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 30 September 2024.
Dividend
Timetable
Ex-Dividend Date:
7 November 2024
Record Date:
8 November 2024
Payment Date:
29 November 2024
--- ENDS
---
For further information, please contact:
|
Schroders
Greencoat LLP (Investment Manager)
|
|
|
|
|
|
|
Bertrand Gautier
Paul O'Donnell
John Musk
|
|
|
|
|
+44 20 7832 9400
|
|
FTI Consulting
(Investor Relations & Media)
|
|
|
|
|
|
|
Sam Moore
|
|
|
|
|
+353 87 737 9089
|
|
Aoife Mullen
|
|
|
|
|
greencoat@fticonsulting.com
|
|
Barclays Bank
PLC (Joint Broker)
Dion Di Miceli
Stuart Muress
James Atkinson
|
|
|
|
|
+44 20 7623 2323
|
|
Davy (Joint
Broker, NOMAD and Euronext Growth Listing Sponsor)
Brian Garrahy
Ronan Veale
|
|
|
|
|
+353 1 679 6363
|
|
RBC Capital
Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans
|
|
|
|
|
+44 20 7653 4000
|
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.