REG - Greencoat Renewables - Net Asset Value and Dividend Announcement

Greencoat RenewablesAnnouncement

06/05/2025 14:15

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RNS Number : 5379H  Greencoat Renewables PLC  06 May 2025

 

 

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| 6 May 2025: Greencoat Renewables PLC ("Greencoat Renewables"
or the "Company") today announces that its unaudited Net Asset Value as of 31
March 2025 is €1,170 million (105.1c per share).

 

Net Asset Value

 

 Net Asset Value / Net Asset Value per share  €1,170 million / 105.1c per share
 Q1 Dividend/Dividend per share               €19.0 million / 1.7025c per share

 

Financial and Operational Highlights

 

 ·      Robust cash generation and dividend cover in challenging period

 o Q1 gross cash generation of €48 million1 with total generation -14% below
 budget, primarily due to wind speeds significantly below long-term average

 o Q1 solar performance in line with expectation underlining benefits of
 portfolio diversification

 o  Q1 gross dividend cover of 2.5x

 o  6.81 cent per share target dividend for 2025

·    Strong liquidity and completion of final forward sale asset

 o  Completed the acquisition of c€90 million Andella wind farm in Spain as
 part of forward sale commitment entered into in July 2022

 o  Robust balance sheet and strong liquidity position with total cash of
 €147 million and €149 million RCF availability

 o  Total debt of €1,354 million equating to 54% gearing

 o  Positive progress on disposal program with 2 transactions under
 exclusivity, expected to support de-leveraging to c50% gearing level once
 completed

 ·      Long-Term PPA signed post quarter end

o  Agreed a new 10-year Power Purchase Agreement ('PPA') with Keppel DC REIT
 who will purchase 100% of the electricity generated from Ballincollig wind
 farm, which has an annual output of 31.5 GWh

 o  The pay as produced PPA provides escalating contracted revenues and is
 effective from 1 April 2025

 o  Six PPAs entered into since the Company launched its re-contracting
 strategy representing c20% of its 5-year merchant volumes

 ·      Q1 NAV impacted by decline in power prices in Sweden and Germany

 o  Q1 NAV at 105.1c, due to:

 § +4.3c from Q1 net cash generation representing 3.9% return on opening NAV
 or 15.6% on an annualized basis

 § -4.5c relating to depreciation and Q4 2024 dividend paid in Q1 2025

 § -4.5c impact from power prices, due to drop in futures gas prices across
 Europe and continued low power prices in Northern Sweden

 o  Levered portfolio IRR at 9.4%2 on NAV implying c.13% on a share price
 adjusted basis and c.10% spread over 10-year Euro sovereign debt

 Q1 NAV per share movement

                                      cents per share
 NAV as at 31 December 2024            110.5
 Net cash generation                   4.3
 Depreciation                          (2.8)
 Dividend                              (1.7)
 Power price (short and long term)     (4.5)
 Operational update and miscellaneous  (0.7)
 NAV as at 31 March 2025               105.1

 

1 Net cash generation after project level debt repayments amounted to €47m

2 Based on unlevered portfolio IRR of 7.3%, long term gearing assumption of
40% and cost of debt assumption of 4.7%.

 

The Company's Q1 2025 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 1.7025c per share
with respect to the quarter ended 31 March 2025.

Dividend Timetable

Ex-Dividend Date:                    15 May 2025

Record Date:                            16 May
2025

Payment Date:                         6 June
2025

 

--- ENDS ---

 

For further information, please contact:

 

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

 Paul O'Donnell

 John Musk

 FTI Consulting (Investor Relations & Media)
 Sam Moore                                                                +353 87 737 9089
 Aoife Mullen                                                             greencoat@fticonsulting.com (mailto:greencoat@fticonsulting.com)

 Barclays Bank PLC (Joint Broker)

 Dion Di Miceli                                                           +44 20 7623 2323

 Stuart Muress

 James Atkinson

 Davy (Joint Broker, NOMAD and Euronext Growth Listing Sponsor)           +353 1 679 6363

 Brian Garrahy

 Ronan Veale
                                                                          +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 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.

 

 

 

 

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