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    Greencoat Renewables plc - Greencoat Renewables NAV Report - June 2022


    July 28, 2022 - UKI Equity Markets (Web Disclosure) via PUBT

     

      30 June 2022 Factsheet

      Greencoat Renewables PLC (the "Company") is an owner and operator of renewable infrastructure energy assets. The Company listed on the Euronext Growth Market of Euronext Dublin and the AIM market of the London Stock Exchange in July 2017 and is currently invested in wind farms in the Republic of Ireland, France, Germany, Spain and Sweden.

      Key

      Statistics

      unaudited,

      as at 30 June 2022

      Financial and

      Operational

      Highlights

      Listing

      Euronext Growth Market (EGM)

      Number of shares in issue

      London Stock Exchange (AIM)

      1,141,238,938

      Investment Manager

      Share Price1

      Greencoat Capital LLP

      118.0c

      Market capitalisation

      Aggregate Group Debt

      €1,346.7m

      €898.7m

      Gross Asset Value ("GAV")

      NAV per share

      €2,154.8m

      110.1c

      Net Asset Value ("NAV")

      Target IRR

      €1,256.1m

      7-8%

      Premium to NAV

      Target Dividend

      7.2%

      6.18c with respect to 2022

      • H1 generation was 4% below budget, predominantly due to curtailment and constraints.
      • Robust H1 2022 gross dividend cover of 3.0x2.
      • 1.5c quarterly increase in NAV per share, mostly driven by increased short term captured power prices.
      • In Q2, 2022, acquisition of 50% of 312MW Borkum Riffgrund 1 (first offshore wind farm and market entry in Germany). Acquisition of 21MW Soliedra onshore wind farm in Spain.
      • Agreements to acquire 65MW onshore wind farm portfolio in France and 134MW Erstrask North onshore wind farm in Sweden.
      • Total gearing 42% of GAV, cash or cash equivalent balances of €264m, with €300m available to draw under Group's Revolving Credit Facility.
      • €281.5m gross proceeds in over-subscribed equity raise completed on 5 April 2022.
      • Dividend of 1.545c per share with respect to Q1 2022, paid on 9 June 2022.

      Investment Objective

      Summary

      Investment

      Policy

      The Company's aim is to provide investors with an annual dividend (currently 6.18c/share) that increases progressively whilst growing the capital value of its investment portfolio in the long term through reinvestment of excess cash flow and the prudent use of portfolio leverage.

      The Company is increasing its portfolio of renewable energy generation assets within Continental Europe. The key investment criteria include:

      • A stable and robust renewable energy policy framework;
      • Diversification through investing in a growing portfolio of assets across several Relevant Countries (including Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Portugal, Spain and Sweden) and a mix of renewable energy
      1. Based on the closing share price on the Euronext Growth Market, Dublin as at 30 June 2022.
      2. Gross dividend cover excludes SPV level debt repayment. Net dividend cover was 2.7x for H1 2022.

      Greencoat Renewables PLC (XESM: GRP, AIMX: GRP)

      Riverside One

      Sir John Rogerson's Quay

      Dublin 2

      http://www.greencoat-renewables.com

      1

      Registered in Ireland with company number 598470

      30 June 2022 Factsheet

      Portfolio

      Portfolio breakdown (by value)

      technologies of up to 40% of GAV. Ireland remains a key country of focus with no less than 60% of GAV invested; and

      • The Company will generally avoid using non-recourse debt at the asset level when acquiring 100% ownership; aggregate group debt will not be more than 60% of GAV at drawdown.

      The Portfolio consists of interests in 28 operating wind farms located in Ireland, France, Germany, Spain and Sweden, along with a 11MW co-located battery storage project, with an aggregate net installed capacity of 1,028MW.

      Key characteristics of the Portfolio:

      • Operational wind farms with established track records; and
      • Ownership stakes range from 25% to 100%.

      Assets

      Principal Equipment Supplier

      Borkum

      Siemens

      Riffgrund 1

      Gamesa

      Cloosh Valley

      Nordex

      Knockacummer

      Enercon

      Cordal

      GE

      Erstrask South

      Vestas

      Glanaruddery

      Senvion

      Other

      Fluence

      Asset Age

      Geography

      <>3

      Republic of

      Ireland

      years

      Germany

      3- 5

      years

      Sweden

      > 5

      France

      years

      Spain

      Investment Manager

      Contact details

      Greencoat Capital LLP ("GC") is the Investment Manager for the Company and is authorised and regulated in the UK by the FCA. GC has a highly experienced renewable energy infrastructure investment team.

      Investment Managers

      Public Relations

      Paul O'Donnell - +353 1 702 6737

      Tom Rayner - +44 207 832 9400

      paul.odonnell@greencoat-capital.com

      tom.rayner@greencoat-capital.com

      Bertrand Gautier - +44 207 832 9427

      bertrand.gautier@greencoat-capital.com

      Within the European Economic Area, this announcement is directed at and is only being distributed (A) to professional investors (as that term is defined in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) ("AIFMD")) domiciled or incorporated in Ireland, United Kingdom, Germany, Netherlands, Belgium, Finland, Luxembourg and Sweden and (B) additionally in the United Kingdom to persons

      1. who have professional experience in matters relating to investments and who are "investment professionals" and investment personnel of the same, each within the meaning of the Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"); (ii) who are high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order; or (iii) to whom "non-mainstream pooled investments" (as defined in the FCA Handbook) may be promoted in the UK.

      Greencoat Renewables PLC (XESM: GRP, AIMX: GRP)

      Riverside One

      Sir John Rogerson's Quay

      Dublin 2

      http://www.greencoat-renewables.com

      2

      Registered in Ireland with company number 598470

      Disclaimer

      Greencoat Renewables plc published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 12:55:46 UTC.

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