Greencoat Renewables PLC today announces its results for the year ended 31 December 2020.

2020 Highlights

• 2020 Generation increased by 22% to 1,404GWh, 3 per cent below budget. (2019: 1,154GWh)
• 2020 Net cash generation increased by 36% to €66.4¹ million (2019: €48.7million)
• Dividend cover for 2020 of 1.7x²

Delivering on expansion strategy

• Increased the portfolio to 21 wind farm investments, net generating capacity to 557MW and GAV to €1,177 million as at 31 December 2020.
• Acquisition of 4 wind farms in Ireland in the period.
• Completed the Group's first transaction in Continental Europe with the acquisition of 3 wind farms in France.
• Agreement to acquire the Cloghan and Taghart wind farms, the Group's first RESS investments once they become operational in 2022.
• Post year end, the Company announced its agreement to acquire the Kokkoneva wind farm in Finland once it becomes operational in 2022 and its agreement to acquire the Cordal wind farm in Ireland which is expected to close in April 2021.

Dividends and a robust capital structure to drive growth

• The Company has declared total dividends of 6.06 cent per share with respect to the year.
• Placement of a new 3 year €300 million revolving credit facility and €200 million of 5 year term loans during the year adding more stability to the capital structure.
• Issuance of 111 million new shares raising €125 million.
• €427.9 million Aggregate Group Debt as at 31 December 2020, equivalent to 36 per cent of GAV.

A focussed ESG approach

• The portfolio's generation in 2020 was sufficient to displace thermal generation equivalent to 561,432 tonnes of CO₂ and power 330,355 homes.
• €0.8 million of funds committed to local communities across 114 community projects.
• Made our first submission to CDP as well developing our carbon strategy

Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said:

I am very pleased to announce another strong set of results for the Company, both in terms of operational performance and continued implementation of our growth strategy. While real challenges remain in the wider economy as a consequence of COVID-19, fortunately the Company continues to perform extremely well, demonstrating the stability of our business model.

The Company has matured significantly in the 3 plus years since listing. We are much larger and more diversified and are benefiting from increasing economies of scale. We also have a considerable opportunity ahead of us as we bring our expertise and experience to the deep pool of renewable assets in Europe

Despite negative inflation in the short term, I am pleased to confirm our target 2021 dividend will remain at 6.06 cent, consistent with our strategy of having a progressive dividend policy.

In addition to announcing our full year results today, we also publish our third annual ESG report, detailing our activity throughout 2020. The report demonstrates our commitment to effective management of environmental, social and governance matters and our recognition that these are of fundamental importance to the long-term success of the business.

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