REG - Greencoat Renewables - Net Asset Value(s)

Greencoat RenewablesAnnouncement

31/01/2024 15:15

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RNS Number : 5750B  Greencoat Renewables PLC  31 January 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, 31 January 2024: Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company") today announces that its unaudited Net Asset
Value as of 31 December 2023 is €1,279.4 million (112.1c per share).

 

Net Asset Value

 

 Net Asset Value / Net Asset Value per share  €1,279.4 million / 112.1c per share
 Q4 Dividend/Dividend per share               €18.3 million / 1.605c per share

 

Financial and Operation Highlights

 

 ·      2023 dividend cover of 2.7x (based on 2023 net cash generation of
 €197 million 1  (#_ftn1) )

 ·      2023 generation 9% below budget reflecting low wind resource (Q4
 generation 14% below budget)

 ·      Completed the committed acquisitions of the Erstrask North wind
 farm in Sweden (€137m) and follow on investment in Butendiek offshore wind
 farm in the German North Sea (€108m)

 ·      Aggregate Group Debt of €1,342 million (51% of GAV), comprising
 €925 million of term loan debt, €330 million of drawn RCF and €87
 million of SPV level debt

 o  2.7% weighted average cost of term debt and 3.7 years weighted average
 maturity of term debt

 o  98% of term debt fixed rate or fixed via a swap

 o  Total cash of €143 million with €20 million existing RCF capacity
 (c€122million total commitments) 2  (#_ftn2)

 ·      Good progress on asset recycling program with potential proceeds
 providing capacity for a range of capital allocation options

 ·      5% increase in target dividend to 6.74c per share for 2024
 reflecting Irish CPI

 o  Target 2024 dividend cover of 2.1x

 ·      0.9c decrease in NAV per share in Q4 to 112.1c (0.3c decrease
 y-o-y)

 ·      Unchanged levered IRR at 9% 3  (#_ftn3)

 

The Company's December 2023 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 1.605c per share
with respect to the quarter ended 31 December 2023.

 

 

 

 

 

                      Dividend Timetable

                      Ex-Dividend
Date:                    8 February2024

                      Record Date:
       9 February 2024

                      Payment Date:
    1 March 2024

 

-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 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  (#_ftnref1) Gross cash generation. Net cash generation of €189.5
million, 2.6x dividend cover.

 2  (#_ftnref2) Credit approvals obtained for additional 150.0 million term
debt facility.

 3  (#_ftnref3) Based on unlevered portfolio IRR of 7.1%, long term gearing
assumption of 40% and cost of debt assumption of 4.5%.

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