REG - Greencoat Renewables - Interim Results to 30 June 2024

Greencoat RenewablesAnnouncement

16/09/2024 07:00

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RNS Number : 2299E  Greencoat Renewables PLC  16 September 2024

 
            Greencoat Renewables 2024 Interim Results

 

Dublin, London | 16 September 2024: Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company") today announces its results for the six months
ended 30 June 2024, which have been published in full on the Company's
website: www.greencoat-renewables.com (http://www.greencoat-renewables.com/) .

 

Highlights

 

·    1,927 GWh of clean electricity generated in period of low wind
resource (H1 2023: 1,489 GWh)

 

·    Net cash generation of €113.6 million 1  (H1 2023: €125.5
million) equating to gross dividend cover of 3.0x (H1

       2023: 3.5x)

 

·    Dividends of 3.37 cents per share paid or declared with respect to
the period

 

·    NAV per share of 112.1 cents (H1 2023: 113.2c)

 

·    Aggregate Group debt of €1.3 billion, equivalent to 51% of GAV

 

·    New €150 million 5-year term debt facility agreed in the period and
used to repay RCF

 

·    Disciplined capital allocation with operating cashflows funding €33
million in debt repayments with €25 million share

      buyback in progress

 

·    Big Tech and AI driving increased demand for clean energy and Power
Purchase Agreements ("PPA") market with 10

       year PPA signed in period with leading data centre owner in Ireland

 

·    Proactive revenue management increased contracted revenue between
2024 - 2028 to 77% of total revenue

 

·    Completed the purchase of a 50% share of the 80MWp South Meath solar
farm in County Meath, Ireland post period

       end including 15-year PPA with a leading technology company

 

Commenting on the results, Rónán Murphy, Non-Executive Chairman of Greencoat
Renewables, said:

 

"We are pleased to present another strong set of results for the six-month
period ended 30 June 2024, with Greencoat Renewables continuing to benefit
from strong cash generation and sector leading dividend cover. Disciplined
capital allocation has remained a key focus for the Board in a period where
the Company has continued to deleverage through operating cashflow whilst also
initiating a share buyback programme of up to €25 million.

 

As one of the largest listed owners of European renewables, with a diversified
portfolio across six European countries, we have the knowledge and the ability
to capitalise on long-term positive trends in the sector. Proactive revenue
management has enabled us to enter into Power Purchase Agreements with
reputable corporates, as we leverage the increasing demand from Big Tech for
clean energy.

 

The opportunity and investment case for renewables remains strong with
operating assets attractively priced in historical terms. We are well
positioned to take advantage of opportunities as they arise through our on the
ground experts and active approach to asset management. As such, we are
confident and determined to continue to play a leading role in enabling the
energy transition while delivering for our shareholders."

 

 

Key Metrics

                                                                 As at

30 June 2024
     Market capitalisation                                       979 million
     Share price                                                 86.6 cent
     Dividends paid in the period                                €37.5 million
     Dividends declared with respect to the period per share     3.37 cent
     GAV                                                         €2,572 million
     NAV                                                         €1,266 million
     NAV per share                                               112.1 cent
     Discount to NAV                                             (22.7)%
     CO(2) emissions reduced per annum                           >1,500,000 tonnes
     Homes powered per annum                                     >840,000 homes
     Funds committed in community funds and social projects      €1.4 million

 

A copy of the Interim Results has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.

 

Conference call for analysts and investors

 

A conference call and webcast for analysts and investors will be held at
10.00am BST today, 16 September 2024. To register please contact FTI
Consulting by email at greencoat@fticonsulting.com
(mailto:greencoat@fticonsulting.com) .

 

Presentation materials are available on the Company's
website: www.greencoat-renewables.com (http://www.greencoat-renewables.com/)
.

 

 

--- ENDS ---

 

For further details 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

 Barclays Bank PLC (Joint Broker)

 Dion Di Miceli                                                     +44 20 7623 2323

 Stuart Muress

 James Atkinson

 Davy (Broker, NOMAD and Euronext Growth Listing Sponsor)

 Brian Garrahy

 Ronan Veale                                                        +353 1 679 6363

 RBC Capital Markets (Joint Broker)                                 +44 20 7653 4000

 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 is now also
investing in wind and solar assets in 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.

 

 

 1  (Stated gross of scheduled SPV level debt repayments amounting to €3.9
million. Net dividend cover of 2.9x)

 

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