Final results announcement and declaration of maiden dividend

Financial Highlights

• Issuance of 270 million ordinary shares in an oversubscribed IPO and subsequent listing on the Irish Stock Exchange's Enterprise Securities Market and the London Stock Exchange's Alternative Investments Market in July.
• Placing of a new €250 million revolving credit facility with a syndicate of five domestic and international banks, delivering the capital structure to fund future acquisitions.
• Drawdown of €71 million in period to fully remove the existing project finance debt facility (equivalent to 21% of GAV)
• Net operating cash flow of €11.8 million for the period, from acquisition to 31 December 2017.

Portfolio Highlights

• Seed portfolio includes ownership of two operating onshore wind farms comprising 136.7MW of capacity.
• Assets generated 182.3GWh of electricity, 4% below budget for the period; due to lower than average wind speeds experienced during the period.
• Announced in December 2017 intention to acquire 36.3MW Dromadda More wind farm from Impax Asset Management for €88.4 million.
• Post period end, announced in February 2018 an intention to acquire 9.2MW Lisdowney wind farm for €22.5 million.
• Acquisition pipeline remains attractive with GRP well positioned to consolidate further opportunities in the Irish onshore wind market during the course of 2018.

Dividend and Shareholder Returns

NAV per share decreased from 98.0 cent per share at IPO to 96.6 cent per share at 31 December 2017, driven by a decline in power price forecasts beyond the REFIT period as well as lowered short-term inflation forecasts.

Maiden dividend of 2.61 cent per share with respect to the period from IPO to the 31 December 2017 in line with stated target dividend policy, with an ex-dividend date of 8 March 2018, record date of 9 March 2018 and payment date of 29 March 2018.

The Company is targeting a dividend of 6.0 cent per share for the 2018, to be paid in equal quarterly instalments commencing May 2018.

Ronan Murphy, Chairman of Greencoat Renewables PLC, said:

I am delighted with the Company's achievements in its first year and very pleased to announce our maiden dividend of 2.61c. The outlook for the Company is positive, we have a high-quality operating portfolio, a capital structure aligned for growth opportunities, and a strong position in an attractive secondary market for wind assets.

Bertrand Gautier, Partner of Greencoat Capital, the Investment Manager, said:

We are very pleased to have achieved a significant number of key milestones in 2017, including the successful IPO, the subsequent €250 million credit facility as well as executing over €400m of acquisitions over the past year. The underlying assets have performed well during the period and we are well positioned to continue to grow our portfolio in 2018 and beyond.