REG - Greencoat Renewables - Net Asset Value and Dividend Announcement

Greencoat RenewablesAnnouncement

25/07/2024 14:45

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RNS Number : 8954X  Greencoat Renewables PLC  25 July 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 July 2024: Greencoat Renewables PLC ("Greencoat Renewables"
or the "Company") today announces that its unaudited Net Asset Value as of 30
June 2024 is €1,266 million (112.1c per share).

 

Net Asset Value

 

 Net Asset Value / Net Asset Value per share  €1,266 million / 112.1c per share
 Q2 Dividend/Dividend per share               €19.0 million / 1.685c per share

 

Financial and Operational Highlights

 

·      Continued strong cash generation and sector high dividend cover

o  Q2 gross net cash generation of €40.8 million(1) equating to 2.1x
dividend cover

o  H1 gross net cash generation of €113.6 million² equating to 3.0x
dividend cover

o  Cash received relating to prior periods offsetting reduced production (Q2
14% below budget, H1 13% below budget)

o  Dividends per share paid of 1.685c relating to Q1 2024 and 1.685c
announced relating to Q2 2024, in line with full year target

 

·      Increase in NAV

o  0.5c increase in NAV per share to 112.1c

o  Positive impact from continued strong cash generation and share buyback
whilst short term power price recovery offset by moderate long term pricing
decline

o  Unchanged levered IRR at 9.2%³

 

·      Artificial Intelligence and Big Tech driving demand for clean
energy

o  Accelerated technological advances and importance of secure, clean energy
driving demand for corporate Power Purchase Agreements ("PPA")

o  10 year PPA signed with leading data centre owner and operator in Ireland
in April 2024

o  PPA structured on a 'pay as produce' basis equating to 67GWh on an annual
basis

o  PPAs expected to play an increasingly important role in active asset
management, negotiations with reputable counterparties ongoing

 

·      Decisive capital allocation strategy with capacity for further
action

o  c.€100 million to be distributed in 2024 through increased y-o-y
dividend and share buyback programme

o  €25 million share buyback progressing well with €9.9 million deployed
to acquire 11.3 million shares to 30 June 2024 at an average 21% discount to
NAV

o  Asset recycling activity progressing well

o  Continued use of operating cashflow to support deleveraging with €15
million RCF pay down in Q1 and further €18 million in Q2

o  Q2 gearing at 51%

 

·    Strong balance sheet and highly contracted portfolio providing basis
for growth

o  Total cash of €151.1 million with €203.0 million of RCF capacity
providing funding certainty for forward commitments

o  Highly contracted and secure cashflows increasing operational and
strategic flexibility

 

1 Net cash generation of €38.0m and 2.0x dividend cover

2 Net cash generation of €109.7m and 2.9x dividend cover

3 Based on unlevered portfolio IRR of 7.1%, long term gearing assumption of
40% and cost of debt assumption of 4.7%.

 

The Company's June 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 30 June 2024.

 

                                               Dividend
Timetable

 
Ex-Dividend Date:                    1 August 2024

 
Record Date:                             2 August 2024

 
Payment Date:                          23 August
2024

 

--- 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)
 Melanie Farrell                                                          +353 1 765 0883
 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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