Greencoat Renewables Full Year Results 2018

Greencoat Renewables, the renewable infrastructure company invested in euro-denominated assets, today announces its results for the year ended 31 December 2018.

Separate to this set of results, the Company has also today announced its intention to issue further new ordinary shares as part of the share issuance programme announced in July 2018.

2018 Highlights

• Acquisition of ten wind generation assets during 2018, increasing the portfolio to twelve wind farms in total, and increasing net generating capacity from 137MW to 384MW (€883.5 million of GAV as at 31 December 2018)

• NAV at year-end of €392.8 million. NAV per share increased from 96.6 cent to 103.4 cent

• Assets generated 440.5GWh of electricity in 2018; 9% below budget primarily due to low wind speeds; Asset availability was on budget

Strong Cashflow; Consistent Returns

• Net cash generation of €23.1 million1

• Dividend cover for 2018 of 1.3x1 

• 2018 total dividend per share of 6 cent

• Consistent with progressive dividend policy, dividend per share of 6.03 cent targeted for 2019

Capital Structure

• Issued 110 million shares during 2018 in an oversubscribed placing at €1.01 per share

• Increased revolving credit facility to €380 million with a syndicate of five domestic and international banks

• €490.7 million outstanding borrowings as at 31 December 2018, equivalent to 56% of GAV (2018 average gearing of 30%)

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