REG - Greencoat Renewables - Net Asset Value and Dividend Announcement

Greencoat RenewablesAnnouncement

30/01/2025 14:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250130:nRSd3364Va&default-theme=true

RNS Number : 3364V  Greencoat Renewables PLC  30 January 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| 30 January 2025: Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company") today announces that its unaudited Net Asset
Value as of 31 December 2024 is €1,230 million (110.5c per share).

 

Net Asset Value

 

 Net Asset Value / Net Asset Value per share  €1,230 million / 110.5c per share
 Q4 Dividend/Dividend per share               €18.8 million / 1.685c per share

 

Financial and Operational Highlights

 

·      Positive impact of disciplined capital allocation in 2024

o €100 million returned to shareholders in 2024 via dividends (6.74c per
share) and accretive €25 million share buyback completed

o  Completed the disposal of the Kokkoneva wind farm in Finland at a 6%
premium to last reported NAV

o  Recycled €96 million of operating cash and proceeds from disposal to
reduce debt (€53 million in Q4)

o  Contributed €16m from organic cash to the €33m South Meath solar farm
acquisition

 

·      Robust dividend cover in volatile market

o  Q4 gross cash generation of €31.9 million(1) with Q4 net generation 15%
below budget, mostly driven by low wind resource

o  Full year gross cash generation of €148.5 million(2) equating to 2.0x
net dividend cover, despite net generation 10% below budget for full year

o  6.81 cent per share target dividend for 2025

 

·    Balance sheet strengthened with extension of October 2025 term debt
to 2030

o  Agreement to extend €235 million of the €275 million term debt
maturing in October 2025 to October 2030 with next term loan maturing in March
2027

o  Strong liquidity with total cash of €107 million and €241 million of
the €350 million RCF facility remains undrawn

o  Reduced total debt to €1,263 million through organic deleveraging,
gearing decreased to 50.7% (51.7% in Q3)

 

·      Stable Q4 NAV with positive full year total NAV return including
dividends

o  Q4 NAV stable at 110.5c, supported by:

§ +3.0c from Q4 net cash generation

§ +0.2c from sale of Kokkoneva at 6% premium to NAV

§ +0.6c overall impact from power prices, with marginally higher longer term
captured power price assumptions, partially offset by lower near term forward
curves, particularly in Sweden

§ +0.6c from operational updates relating to 2025 budget, including growth in
ancillary revenues and marginally reduced O&M costs

o  Levered portfolio IRR at 9.3%3 on NAV implying c.12.4% on a share price
adjusted basis and c.10% spread over 10-year Euro sovereign debt

 

1 Net cash generation after project level debt repayments amounted to
€29.1m.

 

2 Net cash generation after project level debt repayments amounted to
€140.8m equating to 1.9x dividend cover.

 

3 Based on unlevered portfolio IRR of 7.2%, long term gearing assumption of
40% and cost of debt assumption of 4.7%.

 

The Company's Q4 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 December 2024.

 

                                                                                            Dividend
Timetable

 
Ex-Dividend Date:                   6 February  2025

 
Record Date:                            7 February
2025

 
Payment Date:                         28 February 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.

 

 

 

 

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  NAVURUSRVRUAOAR