REG - Greencoat Renewables - Final Results Announcement

Greencoat RenewablesAnnouncement

06/03/2024 07:00

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RNS Number : 7144F  Greencoat Renewables PLC  06 March 2024

 
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 (http://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  (#_ftn1) (2022: €215.0
million) and delivering gross dividend cover of 2.7x 2  (#_ftn2) (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 CO(2) 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

     Market capitalisation                                       €1,160 million
     Share price                                                 101.6 cent
     Dividends with respect to the period                        €72.6 million
     Dividends with respect to the period per share              6.42 cent
     GAV                                                         €2,621 million
     NAV                                                         €1,279 million
     NAV per share                                               112.1 cent
     Discount to NAV                                             (9.4) %
     CO(2) emissions reduced per annum                           >1,300,000 tonnes
     Homes powered per annum                                     >750,000 homes
     Funds committed in community funds and social projects      €1.3 million

 

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
(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 (mailto:greencoat@fticonsulting.com) .

 

Presentation materials are available on the Company's
website: www.greencoat-renewables.com (http://www.greencoat-renewables.com/)
.

 

 

--- ENDS ---

 

For further details contact:

 Schroders Greencoat LLP (Investment Manager)
 Bertrand Gautier                                                   +44 20 7832 9400

 Paul O'Donnell

 Tom Rayner

 FTI Consulting (Investor Relations & Media)
 Melanie Farrell                                                    +353 1 765 0883
 Orla Cox                                                           greencoat@fticonsulting.com (mailto:greencoat@fticonsulting.com)
                                                                    +353 1 679 6363

 Davy (Broker, NOMAD and Euronext Growth Listing Sponsor)

 Ronan Veale

 Brian Garrahy
                                                                    +44 20 7653 4000

 RBC Capital Markets (Joint Broker)

 Matthew Coakes

 Elizabeth Evans

 

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.

 

 1  (#_ftnref1) (Stated gross of scheduled SPV level debt repayments amounting
to €7.2 million.)

 2  (#_ftnref2) (Net dividend cover for the same period was 2.6x.)

 

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