15 May 2025
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Changes to the Board of Directors of Greencoat Renewables PLC

Dublin, London | 15 May 2025: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") today announces the appointment of Bernard Byrne to the Board of Directors (the "Board") as a Non-Executive Director and Chair of the Management Engagement Committee, effective immediately. Bernard will also join the Board's Audit, Nomination and Remuneration Committees.

 

The Company also announces that Eva Lindqvist did not put herself forward for re-election at the Annual General Meeting ("AGM") held earlier today, having resigned from the Board at the conclusion of the previous Board meeting held on 6 May 2025. The Board would like to extend their sincere gratitude and thanks to Eva for her significant contribution over the past three years.

 

Bernard Byrne

 

Bernard most recently served as CEO of Davy, Ireland's largest provider of wealth management and investment banking services.  Before joining Davy, Bernard served as CEO of AIB Group plc, leading the successful IPO of the bank in 2017 and having previously served as Director of Personal, Business & Corporate Banking and Chief Financial Officer.  Prior to this, Bernard was Group Finance and Commercial Director at ESB, Deputy CEO and Finance Director of IWP International plc, and Commercial Director of ESB International.

 

With a successful track record of managing high-growth public, private and semi-state organisations in the finance and utilities sector, Bernard brings a wealth of finance and commercial experience to Greencoat Renewables PLC.

 

Bernard is a Chartered Accountant.

 

Current Directorships

Cairn Homes Plc

Horizons Education Limited

PKH Investments Limited

Soar Foundation CLG

 

Directorships/Partnerships held in the last 5 years

J&E Davy Unlimited Company

J&E Davy Holdings Unlimited Company

Davy Corporate Finance Unlimited Company

Green Note Unlimited Company

Amber Note Unlimited Company

 

The Company confirms that there is no other information that is required to be disclosed in accordance with Rule 17 of the AIM Rules for Companies.

 

Bernard does not hold any ordinary shares in the Company.

 

Rónán Murphy, Chairman of Greencoat Renewables PLC commented:

 

"On behalf of the Board, I am very pleased to welcome Bernard Byrne as a Non-Executive Director of Greencoat Renewables PLC.

 

Bernard's professional experience and impressive track record of leading large private and public Irish companies will be of significant value to the Company and will enhance the overall skillset of the Board. We look forward to Bernard's contribution.

 

I would also like to thank Eva Lindqvist for her considerable contribution as a Non-Executive Director over the last 3 years and wish her every success for the future."

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Secondary listing on the alternative exchange of the Johannesburg Stock Exchange

Dublin, London | 09 June 2025: Greencoat Renewables PLC ("Greencoat", "the Company" or "GRP"), the renewable energy infrastructure company investing in European renewable energy generation assets, is pleased to confirm that, subsequent to the announcement published on 19 May 2025, its secondary listing on the Alternative Exchange of the JSE Limited ("JSE") has become effective as at the opening of trading on the JSE this morning.
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Press Release

Greencoat Renewables approval of secondary listing on the Johannesburg Stock Exchange

Dublin, London | 21 May 2025: Greencoat Renewables PLC ("Greencoat" or "the Company") is pleased to confirm that the Johannesburg Stock Exchange ("JSE") has granted approval to Greencoat for a secondary listing on the Alternative Exchange ("AltX") of the JSE. The listing and commencement of trading will take effect on Monday, 9 June 2025.
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Sale of a portfolio of Irish assets for €156m

Dublin, London | 13 May 2025: Greencoat Renewables PLC ('Greencoat Renewables' or the 'Company') is pleased to announce an agreement to sell a portfolio of six Irish onshore wind assets, totalling 115.7MW in net capacity, for an up-front consideration of €139m and €17m in non-contingent deferred consideration over 2026 and 2027. The NAV accretive disposal is expected to close in June 2025. Capital Allocation Strategy The proceeds from the transaction will be allocated to the repayment of the RCF and will substantially reduce the drawn balance from the €201m reported at Q1 2025. Gearing levels will be reduced from 54% reported at Q1 2025 to c.51% on a proforma basis. The Company continues to target a reduction in gearing over the medium term to a level below 50%. The disposed portfolio comprises 100% of five assets (65.7MW) and a 50% stake in one of the larger assets in Greencoat Renewables' portfolio. Post disposal, the Company's five year look forward contracted cash flow mix will increase by 2pps. The purchasing entity is HitecVision and Greencoat Renewables will work alongside HitecVision and its newly created platform company to assess future value creation opportunities at the jointly owned wind farm. Portfolio Management Strategy The Irish disposal aligns with the Company's active portfolio management strategy that aims to maintain prudent gearing and a high level of contracted revenues through a combination of asset sales, the creation of new PPAs, and reinvestment in due course. It also underpins the opportunity for long-term value creation on older assets, including the optionality around hybridisation and repowering. The disposal announced today builds on the disposal of the Kokkoneva wind farm in Finland that the Company announced in November 2024. The Company has therefore raised in excess of €200m from asset sales across 7 assets in the past six months. The combination of these disposals increases our capital allocation options for the future. The Company continues to explore further disposals and is in advanced negotiations over the sale of a significant minority stake in its 50MW Andella wind farm in Spain. Any proceeds from this transaction will also be allocated to the repayment of the Company's RCF. Earlier this month the Company announced further success in its corporate PPA contracting strategy with the signing of a second agreement with Keppel DC REIT to supply power to two data centres in Dublin for ten years, and this contract is included in the disposed portfolio. In total the company has now entered into six PPAs since it launched its re-contracting strategy representing c.20% of its 5-year merchant volumes. Paul O'Donnell, Partner, Schroders Greencoat LLP, commented: "This transaction reflects the disciplined execution of our capital allocation strategy, unlocking value from our portfolio and further enhancing our financial strength. In the last six months, we have successfully executed disposals that total more than €200 million of gross proceeds, delivering value above our original investment. We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders. As well as providing future balance sheet flexibility, this latest transaction underpins the opportunity to create increasing value from older assets including re-contracting PPAs and options for hybridisation and repowering."
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