REG - Greencoat Renewables - Net Asset Value and Dividend Announcement

Greencoat RenewablesAnnouncement

25/04/2024 15:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240425:nRSY0941Ma&default-theme=true

RNS Number : 0941M  Greencoat Renewables PLC  25 April 2024

 

 

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  (#_ftn1)

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  (#_ftn2)

 

·      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 (http://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.

 

 

 

 

 

 

 1  Gross cash generation and equating to 4.0x dividend cover. Net cash
generation of €71.7 million, 3.9x dividend cover.

 2  Based on unlevered portfolio IRR of 7.1%, long term gearing assumption of
40% and cost of debt assumption of 4.5%.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUVOSRSUUSUAR