Greencoat Renewables PLC today announces its results for the year ended 31 December 2022.

2022 Highlights

The Group's portfolio generated 2,487GWh of electricity in the period (2021: 1,522GWh).

Portfolio increased to 35 assets with the acquisition of 9 wind farms, including our first offshore wind farm and expansion into Germany, Finland and Spain, increasing net generating capacity to 1,164MW (2021: 800MW).

Net cash generation was €215 million¹ (2021: €71 million) and gross dividend cover was 3.2x (2021: 1.5x).

GAV increased to €2,227 million as at 31 December 2022 (2021: €1,566 million) and NAV increased to €1,282 million (2021: €935.2 million).

NAV per share increased by 7.3 cents to 112.4 cent per share.

€945 million of Group Debt as at 31 December 2022 (2021: €631 million) equivalent to 42% of GAV (2021: 40%)² .

Declared dividend of 6.18 cent per share with respect to the year, with a target of 6.42 cent per share for 2023.

Successful capital raising activity in the period with gross proceeds of €281.5 million raised in an oversubscribed placing.

Portfolio produced renewable energy to power 538,958 homes, saving 685,997 tonnes of CO₂ emissions and committed €1 million to local communities across 202 community projects.

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

2022 was another very successful year for Greencoat Renewables and I am very pleased that the business continued to deliver strong returns to shareholders.

We achieved a number of significant milestones, with the acquisition of 9 wind farms, including our first offshore wind farm, and expansion into Germany, Finland and Spain. We have built a portfolio of diversified technology across both onshore and offshore wind, solar, and battery, providing us with a robust platform from which to capitalise on the opportunities ahead.

I am very pleased with the strong performance of the business and have great confidence that, as the transition to renewable energy across the region gathers pace, Greencoat Renewables is very well positioned to be a leading long-term owner of European renewable infrastructure assets.