Dublin & London, 23 November 2017 | Greencoat Renewables PLC, the sector focussed renewable infrastructure company, invested in operating Irish wind farms that listed on the Irish and London Stock Exchanges in July 2017, announces results for the period from 15 February to 30 September 2017.

Financial Highlights

• Capital raising of 270 million ordinary shares in an oversubscribed Initial Public Offering and listing on the Irish and London Stock Exchanges;
• Portfolio net operating cashflow of €8.9m for the period;
• Net asset value at 30 September of €261.6 million or 96.9 cent per share; and,
• Maiden dividend of 2.61c per share expected to be paid in March 2018 with respect to the period from IPO to 31 December 2017, in line with the Company’s stated initial target dividend of 6c per share.

Portfolio Highlights

• Acquisition of high quality seed portfolio of two wind farms with a capacity of 136.7 MW;
• Portfolio generated 107.7GWh of electricity, 3% above budget for the period from acquisition to 30September 2017; and,
• Planned outage at Knockacummer wind farm completed on schedule

Rónán Murphy, Non-Executive Chairman, of Greencoat Renewables PLC, commented:

Greencoat Renewables successfully launched on the Irish and London Stock Exchanges in July of 2017 raising €270 million. We are very grateful to our shareholders and other stakeholders who have supported this process, and are pleased to report our first set of results.

Our assets have performed well over these first seven months, generating slightly more power than budgeted, due to a slightly higher than average wind resource.

We continue to make good progress against the operational goals we set out at our IPO, and expect to pay a dividend of 2.61c per share in March next year in line with our stated initial target.

We believe that the macroeconomic environment looks increasingly favourable for renewables in Ireland, and we are optimistic about opportunities in Ireland’s secondary wind market.

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

We are pleased with the performance of our investment portfolio which generated 107.7GWh of electricity, 3% above budget for the period from acquisition to 30 September 2017.

Given its strong wind resource, and stable and supportive regulatory regime, Ireland is a very attractive market in which to generate renewable energy from wind. We are confident in the supply of operating Irish wind farms coming to market. We believe that our disciplined investment model, along with the capital raised in our IPO, positions us competitively in the market to acquire operational assets and in turn, create value for our shareholders.