Greencoat Renewables Full Year Results 2019
Greencoat Renewables PLC, the renewable infrastructure company invested in euro-denominated assets, today announces its results for the year ended 31 December 2019.
2019 Highlights
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Further investment in Cloosh Valley and acquisition of 3 new wind farms increasing the portfolio to 15 wind farms in total, and increasing net generating capacity to 462MW
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NAV at year-end of €650m; NAV per share of 103.1 cent
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Generated 1,154GWh of electricity in 2019; 4 per cent below budget owing to higher than expected curtailment
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Net generating capacity to 462MW and GAV to €1,016.9 million as at 31 December 2019
Strong Cashflow; Consistent Returns
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Net cash generation of €48.8 million
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Dividend cover for 2019 of 1.7x
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2019 total dividend per share of 6.03 cent
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Consistent with progressive dividend policy, dividend per share of 6.06 cent targeted for 2020
Capital Structure
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Raised €273 million of new capital to fund growth in two oversubscribed offerings
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€366.9 million outstanding borrowings as at 31 December 2019, equivalent to 36% of GAV
Proposed Change in Investment Policy
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A special resolution will be proposed at the Company's forthcoming AGM to amend the investment policy to enable the Group to invest in Denmark, Norway and Sweden. Further details will be included in the notice of AGM expected to be published on or around 20 March 2020.
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In addition to Finland, the additional Nordic countries of Denmark, Norway and Sweden would provide the Group with the benefit of a larger pool of potential acquisition targets and facilitate the Group's diversification opportunities.
Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said:
2019 represented another period of growth and delivery for the Company as we consolidated our market leading position in Ireland. I am delighted to present another strong set of results, with all elements of our strategy delivered upon.
On the operational side, I am pleased by the steps taken to further enhance performance and availability. As was expected when we laid out our strategy for aggregation, the increasing size of our asset base is creating further opportunities for improvement, and we expect this trend to continue as the market and associated technologies mature.
The additions to the portfolio this year demonstrate the strength of our relationships with developers and co-investors, as well as our ability to transact at all levels of the market. We continue to find value in Ireland, and increasingly in continental Europe. The pipeline for further growth looks attractive across a range of geographies and markets.
Given the performance and outlook, I am pleased to confirm an increase in our target 2020 dividend to 6.06 cent consistent with our commitment to a progressive dividend policy.
In addition to announcing our full year results today, we also publish our second annual ESG report, detailing our activity throughout 2019. The report demonstrates our commitment to effective management of environmental, social and governance matters as we recognise that these are of fundamental importance to the long-term success of our business.
Secondary listing on the alternative exchange of the Johannesburg Stock Exchange
Greencoat Renewables approval of secondary listing on the Johannesburg Stock Exchange
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