Greencoat Renewables

Greencoat Renewables 2023 Interim Results

Dublin, London | 18 September 2023: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") today announces its results for the six months ended 30 June 2023, which have been published in full on the Company's website: www.greencoat-renewables.com.

Highlights

·    1,489 GWh of electricity generated in the period (H1 2022: 1,127 GWh)

·    Net cash generation of €125.5 million¹ (H1 2022: €92.1 million) and delivering gross dividend cover of 3.5x² (H1 2022: 3.0x)

·    Completed three acquisitions totalling €275.5 million, increasing the portfolio to 38 renewable generation and storage assets across six European countries

·    Increased total capacity to 1.32GW (H1 2022: 1.03GW)

·    Aggregate Group Debt of €1,154.1 million, equivalent to 47% of GAV

·    Dividends of 3.21 cent per share declared with respect to the period

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

"I am pleased to confirm another successful period for the Company, evidenced by continued strong cash generation, increased dividend cover and acquisitive growth.

We deployed a total of €275.5 million in the period, acquiring three new assets which increased our portfolio generation capacity to 1.32GW across six European countries. The expansion of the portfolio demonstrates our ability to selectively deploy capital into strategic locations that provide value accretive opportunities for revenue diversification and long-term growth.

As Europe continues to pursue greater energy independence with Net Zero targets, the opportunity and investment case for renewables remains strong. Given our depth of experience and approach to active asset management, we are well-positioned to play a leading role in enabling this energy transition."

^{1)        Stated gross of scheduled SPV level debt repayments amounting to €3.5 million.}

^{2)        Net dividend cover for the same period was 3.4x.}

Key Metrics

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.

Conference call for analysts and investors

A conference call and webcast for analysts and investors will be held at 10.00am BST today, 18 September 2023. To register please contact FTI Consulting by email at [email protected].

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

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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.