REG - Greencoat Renewables - Interim Results to 30 June 2023

Greencoat RenewablesAnnouncement

18/09/2023 07:00

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RNS Number : 6849M  Greencoat Renewables PLC  18 September 2023

Greencoat Renewables 2023 Interim Results

 

Dublin, London | 18 September 2023: Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company") today announces its results for the six months
ended 30 June 2023, which have been published in full on the Company's
website: www.greencoat-renewables.com (http://www.greencoat-renewables.com/) .

 

Highlights

 

·    1,489 GWh of electricity generated in the period (H1 2022: 1,127 GWh)

 

·    Net cash generation of €125.5 million(1) (H1 2022: €92.1 million)
and delivering gross dividend cover of 3.5x(2) (H1 2022: 3.0x)

 

·    Completed three acquisitions totalling €275.5 million, increasing
the portfolio to 38 renewable generation and storage assets across six
European countries

 

·    Increased total capacity to 1.32GW (H1 2022: 1.03GW)

 

·    Aggregate Group Debt of €1,154.1 million, equivalent to 47% of GAV

 

·    Dividends of 3.21 cent per share declared with respect to the period

 

 

 

Commenting on the results, Ronan Murphy, Non-Executive Chairman of Greencoat
Renewables, said:

 

"I am pleased to confirm another successful period for the Company, evidenced
by continued strong cash generation, increased dividend cover and acquisitive
growth.

 

We deployed a total of €275.5 million in the period, acquiring three new
assets which increased our portfolio generation capacity to 1.32GW across six
European countries. The expansion of the portfolio demonstrates our ability to
selectively deploy capital into strategic locations that provide value
accretive opportunities for revenue diversification and long-term growth.

 

As Europe continues to pursue greater energy independence with Net Zero
targets, the opportunity and investment case for renewables remains strong.
Given our depth of experience and approach to active asset management, we are
well-positioned to play a leading role in enabling this energy transition."

 

 

(1)        Stated gross of scheduled SPV level debt repayments
amounting to €3.5 million.)

(2)        Net dividend cover for the same period was 3.4x.)

 

 

 

 

 

Key Metrics

                                                          As at 30 June 2023

 Market capitalisation                                    €1,162 million
 Share price                                              101.8 cent
 Dividends declared with respect to the period            €36.6 million
 Dividends declared with respect to the period per share  3.21 cent
 GAV                                                      €2,446 million
 NAV                                                      €1,292 million
 NAV per share                                            113.2 cent
 Premium / (Discount) to NAV                              (10.1)%
 CO(2) emissions reduced per annum                        >800,000 tonnes
 Homes powered per annum                                  >700,000 homes
 Funds committed in community funds and social projects    €1.4 million

 

 

A copy of the Interim 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, 18 September 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
                                                                    +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.

 

 

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