REG - Greencoat Renewables - Net Asset Value and Dividend Announcement

Greencoat RenewablesAnnouncement

26/07/2023 09:00

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RNS Number : 2515H  Greencoat Renewables PLC  26 July 2023

 

 

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, 26 July 2023: Greencoat Renewables PLC ("Greencoat Renewables"
or the "Company") today announces that its unaudited Net Asset Value as of 30
June 2023 is €1,291.8 million (113.2c per share). The Company also provides
financial and operational highlights.

 

Net Asset Value

 

 Net Asset Value / Net Asset Value per share  €1,291.8 million / 113.2c per share
 Q2 Dividend/Dividend per share               €18.3 million / 1.605c per share

 

 

The Company's June 2023 Factsheet is available on the Company's website,
www.greencoat-renewables.com (http://www.greencoat-renewables.com) .

 

 

Financial and operational highlights

 

·    Gross dividend cover of 3.5x 1  (#_ftn1) (gross cash H1 generation of
€125 million, a 36% increase year-on-year)

·    1.2c increase in NAV per share in the period, driven by strong Q2
cash generation

·    Levered portfolio IRR of 9.0% 2  (#_ftn2) , unchanged in the period

·    Completed €275 million of committed sale forward acquisitions in
H1, part funded by €62 million of organic cash, increasing total capacity by
153MW, to 1.32GW

·    Aggregate Group Debt of €1,154 million (47% of GAV), comprising
€925 million of term loan debt, €138 million of drawn RCF and €91
million of SPV level debt

·    Cost of debt 2.8% with term loan debt maturity of 4.2 years 3 
(#_ftn3) , 98% of which is fixed rate or fixed via a swap

·    Total cash of €190 million with €212 million of capacity within
existing facilities

·    Dividends of 1.605 cent per share paid with respect to Q1 2023

 

The Company also announces a quarterly interim dividend of 1.605c per share
with respect to the quarter ended 30 June 2023.

 

 

 
Dividend Timetable

 
Ex-Dividend Date:                    10 August 2023

 
Record Date:                            11 August
2023

 
Payment Date:                         1 September 2023

 

-ENDS-

 

            For further information on the Announcement, please
contact:

 

            Greencoat Renewables
PLC:
+44 20 7832 9400

            Bertrand Gautier

            Paul O'Donnell
 

            Tom Rayner

 

            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

            Orla Cox

 

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 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.

 

 

 

 

 

 

 1  (#_ftnref1) Gross dividend cash is gross of SPV level debt repayment. Net
dividend cash cover for the same period was 3.4x, net of the Group's share of
SPV level debt repayment of €12.2m .

 2  (#_ftnref2) Based on unlevered portfolio IRR of 6.9%, long term gearing
assumption of 40% and long term cost of debt assumption of 4.5%.

 3  (#_ftnref3) Cost of debt on a weighted average basis (RCF and term loan
debt) and term loan maturity on a weighted average basis.

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