Greencoat Renewables PLC today announces its results for the year ended 31 December 2021.

2021 Highlights -  Stable Returns and Continued Diversification

• The portfolio increased to 25 assets with a net generating capacity of 800MW (2020: 557MW).

• Geographic and technology diversification including new wind investment in Sweden, and forward commitments to acquire assets in both Spain and Finland.

• The Group's portfolio generated 1,522 GWh of electricity in the period (2020: 1,404GWh).

• Net cash generation was €70.5 million (2020: €66.4 million) and gross dividend cover was 1.5x (2020: 1.7x).

• Portfolio's exposure to higher market power prices and strong inflation protection, helping to deliver NAV growth of 4 cents in 2021.

• Declared dividend of 6.06 cent for the period, with a target of 6.18 cent per share for 2022.

• €631.1 million of Group Debt as at 31 December 2021, equivalent to 40 per cent of GAV, all of which is contracted on a medium term basis.

• Portfolio produced renewable energy for 339,000 homes, saving 608,856 tonnes of CO₂ and over €1 million committed to local communities across 153 community projects.

• Company classified as Article 9 under the European Union's Sustainable Finance Disclosure Regulation.

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

I am delighted to report another successful year of strategic diversification and growth at Greencoat Renewables, as we continue to execute on our strategy. In a year of low wind resource, we are pleased to deliver a robust dividend cover, reflecting the resilience of our business model, and a continued solid financial and operational performance.

We achieved significant growth milestones in 2021, successfully expanding and strengthening our pan-European platform. Our portfolio now extends to France, Finland, Sweden and Spain, where we committed to acquire our first solar generation asset.

Finally, we are pleased to have further developed the sophistication of our ESG reporting and remain proud to contribute so directly to the sustainability of the economies in which we operate.