REG - Greencoat Renewables - Net Asset Value and Dividend Announcement

Greencoat RenewablesAnnouncement

30/10/2025 14:00

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RNS Number : 5573F  Greencoat Renewables PLC  30 October 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 ANY OTHER JURISDICTION
IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

 

 

Net Asset Value and Dividend Announcement

 

Dublin, London, Johannesburg| 30 October 2025: Greencoat Renewables PLC
("Greencoat Renewables" or the "Company") today announces that its unaudited
Net Asset Value as of 30 September 2025 is €1,130 million (101.5c per
share).

 

Net Asset Value

 

 Net Asset Value / Net Asset Value per share  €1,130 million /101.5c per share
 Q3 Dividend/Dividend per share               €19.0 million / 1.70250c per share

 

Financial and Operational Highlights

 

 ·      Strong cash generation and dividend cover in low generation
 period

 o  Q3 gross cash generation of €23.2 million1 equating to 1.2x gross
 dividend cover in a low generation period

 o  Q3 generation 2% below budget

 o  6.81 cent per share target dividend for 2025, with full year gross
 dividend cover anticipated to be 1.6x

 ·    Completion of accretive disposals and reduced gearing

 o  Completed the disposal of a 116MW portfolio of six Irish assets for total
 proceeds of €156 million, representing a 4% premium to last reported net
 asset value

 o  Proceeds used for debt repayment resulting in a reduction in total debt to
 €1,209 million with gearing down to 51.7% from 54.6% at Q2

 o  Weighted average cost of debt of 2.9% increasing to 3.4% on a pro-forma
 basis from October 2025 post the extension of Facility A

 ·      Additional listing supporting improved liquidity for shareholders

 o  The Company's JSE listing is driving increased liquidity representing 14%
 of total volumes in Q3

 o  The Company expects to seek JSE approval to list on the Main Board, in
 order to achieve index inclusion and expand its access to a wider investor
 base in due course

 ·      Robust NAV and operational performance

 o  Q3 NAV up 0.5c at 101.5c:

 § +2.1c from Q3 net cash generation, offset by -1.7c of dividends paid, -0.2c
 for depreciation and -0.7c accruals movement

 § +1.5c short and long-term power price increase

 § +0.3c impact from higher near-term CPI

 § -0.5c reduction of GoOs forecasts (across Europe)

 § -0.3c miscellaneous operating updates

 Levered portfolio IRR at 9.3%(2) on NAV implying c.13% on a share price
 adjusted basis and c.10% spread over 10-year Euro sovereign debt

 Q3 NAV per share movement

                             cents per share
 NAV as at 30 June 2025       101.0
 Net cash generation          2.1
 Depreciation                 (0.2)
 Dividend                     (1.7)
 Accruals movement            (0.7)
 Power price                  1.5
 GoOs forecast                (0.5)
 CPI                          0.3
 Miscellaneous                (0.3)
 NAV as at 30 September 2025  101.5

 

 

(1) Net cash generation after project level debt repayments amounted to
€22.1m

(2) Based on unlevered portfolio IRR of 7.5%, long term gearing assumption of
35% (down from 40%) and cost of debt assumption of 4.7%.

 

 

The Company's Q3 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 1.70250c per share
with respect to the quarter ended 30 September 2025.

 

 

 
Dividend Timetable

 

 Currency conversion announcement (by 11h00 South African ("SA") time) for SA
 register:                                                                                     17 November 2025
 Last day to trade for SA register:                                                            18 November 2025
 Ex-Dividend Date for SA register:                                                             19 November 2025
 Ex-Dividend Date for United Kingdom ("UK") and Ireland register:
                                                                                               20 November 2025
 Record Date:                                                                                  21 November 2025
 Payment Date:                                                                                 12 December 2025

 

Irish Dividend Withholding Tax

 

The gross dividend will be subject to Irish Dividend Withholding Tax ("Irish
DWT") at a rate of 25%, which will be deducted from the amount paid to
shareholders. Shareholders who are not tax resident or ordinarily resident in
Ireland and who meet certain conditions may be entitled to claim a refund of
Irish DWT (being the full amount of the Irish DWT deducted) withheld from the
Irish Revenue Commissioners.

 

Shareholders beneficially entitled to the dividend who are not companies, are
not resident or ordinarily resident for the purposes of tax in Ireland, and
are tax resident in a relevant territory (such as South Africa) can apply for
a refund of Irish DWT. Companies can also apply for a refund if they are tax
resident in South Africa and not under the direct or indirect control of Irish
tax residents; are controlled by persons who are tax resident in South Africa
(or another country with which Ireland has a double taxation agreement) and
not controlled directly or indirectly by others; or if their principal class
of shares (or those of their parent company) are substantially and regularly
traded on a recognised stock exchange in Ireland or in a country with which
Ireland has a double taxation agreement. Such shareholders are not generally
expected to have any Irish tax charge on dividends.

 

A refund of Irish DWT withheld can be applied for with the Claim for refund of
Dividend Withholding Tax available on the Irish Revenue Commissioner's
official website and the following link:

 

https://www.revenue.ie/en/companies-and-charities/documents/dwt/dwt-claim-for-refund.pdf
(https://www.revenue.ie/en/companies-and-charities/documents/dwt/dwt-claim-for-refund.pdf)

 

Shareholders should complete the required details and select Option A or
Option B as appropriate. Shareholders will also be required to provide the
relevant Exemption Declaration with the form (Form V2A for individuals, Form
V2B for companies and Form V2C for other unincorporated shareholders). The
Forms V2A and V2C require confirmation from the local tax authority that the
shareholder is tax resident in that jurisdiction. The relevant forms can be
found at this link:

 

https://www.revenue.ie/en/companies-and-charities/dividend-withholding-tax/exemptions-for-non-residents.aspx
(https://www.revenue.ie/en/companies-and-charities/dividend-withholding-tax/exemptions-for-non-residents.aspx)

 

The relevant form must be filed with Irish Revenue before the expiry of four
years from the year in which the Irish DWT was deducted in order to claim the
refund.

 

South African income tax and dividends tax consequences

 

The dividend should be regarded as a 'foreign dividend' for South African
income tax and South African dividends tax purposes, paid from Ireland.

 

Foreign dividends received in respect of shares which are dual-listed on the
JSE are, however, exempt from income tax. Consequently, no South African
income tax should be incurred by the shareholders in respect of the dividend
received.

 

For shareholders on the South African register, the dividend is subject to
South African dividend tax at a rate of 20% ("SA DWT"), unless the shareholder
qualifies for an exemption.

 

Any shareholder who receives a dividend which is subject to SA DWT (i.e. where
no exemption is available) will qualify for a reduction in SA DWT in respect
of Irish DWT, to the extent that the Irish Revenue Commissioners does not
allow the refund of the Irish DWT after application for same (i.e. where there
is no right of recovery).

 

The ultimate result, should Irish DWT be refunded, is that the dividend will
be subject to SA DWT at a rate of 20% (unless a shareholder qualifies for an
exemption from SA DWT).

 

Additional information for shareholders on the South African Register

 

To facilitate settlement of the dividend to entitled SA shareholders, shares
may not be dematerialised or rematerialised between Wednesday, 19 November
2025 (the SA Ex-Dividend Date) and Friday, 21 November 2025 (the Record Date).
The exchange rate for determining the quarterly dividend paid in rand will be
confirmed by way of an announcement on Monday, 17 November 2025. Shares cannot
be moved between the SA Share Register, or between the SA, UK and Ireland
register, between Monday, 17 November 2025 and Friday, 21 November 2025. All
dates are inclusive.

 

The Company has a total of 1,113,535,009 shares in issue, of which 200,000 are
held in treasury. The dividend will be distributed by the Company (Irish tax
registration number 598470) and is regarded as a foreign dividend for
shareholders on the South African register.

 

 

General

 

These comments are provided for general information purposes only.
Shareholders should seek independent professional tax advice if they are
uncertain about their tax position.

 

 

--- ENDS ---

 

     For further information, please contact:

 

 Schroders Greencoat LLP (Investment Manager)
 Bertrand Gautier
 Paul O'Donnell
 John Musk                                        +44 20 7832 9400

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

 

 

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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