Interim Results to 30 June 2019

Greencoat Renewables PLC is pleased to announce its Interim Results for the six month period ended 30 June 2019.

Highlights

• The Group’s investments generated 555.9GWh of electricity, 5 per cent. below budget.
• Net cash generation (Group and wind farm SPVs) was €27.1 million (gross of SPV level debt repayment)
• In March 2019, the Group made a further investment in Cloosh Valley increasing GAV to €954.6 million as at 30 June 2019.  In September 2019, the Group agreed to acquire Gortahile wind farm increasing net generating capacity to 431MW.
• Issuance of 140 million ordinary shares in an oversubscribed placing raising €147.7 million. 
• The Company declared total dividends of 3.015 cent per share with respect to the period. 
• €416.5 million of outstanding borrowings as at 30 June 2019, equivalent to 44 per cent. of GAV. 

Commenting on today’s results, Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said:

I am pleased to announce strong 6 months results for Greencoat Renewables which also saw the generating portfolio grow and diversify, continued robust dividend cover, and another oversubscribed equity placing.

The outlook for the business remains positive, with an attractive pipeline of growth opportunities in Ireland, and the ability to make opportunistic acquisitions elsewhere in Europe. I would like to thank our new and existing shareholders for their strong support and the Board looks forward to the Company continuing to grow.