Greencoat Renewables Interim Results 2020

Greencoat Renewables PLC, the renewable infrastructure company invested in euro-dominated assets, is pleased to announce its Interim Results for the six month period ended 30 June 2020.

Highlights

• Portfolio generation was on budget at 688GWh, with asset availability also on budget.
• Power price capture was in line with expectations, with the highly contracted nature of the Group's revenues unaffected by price movements seen elsewhere in the sector.
• Net cash generation (Group and wind farm SPVs) was €40 million (gross of SPV level debt repayment), resulting in a gross dividend cover for the period of 2.1x.
• Successful entry into continental Europe with acquisition of 51.9MW French portfolio of wind farms at Pasilly, Sommette and Saint Martin. In addition, the Group continued its consolidation of the Irish wind market with acquisition of Letteragh wind farm. GAV grew to €1,139 million at 30 June 2020.
• Post-period acquisition of a 50 per cent investment in Carrickallen wind farm increasing the portfolio to 20 wind farms and net generating capacity to 538MW at 11 September 2020.
• The Company declared total dividends of 3.03 cent per share with respect to the period.
• €494.5 million as Aggregate Group Debt at 30 June 2020, equivalent to 43 per cent. of GAV.

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

I am pleased to announce another strong six months of performance for Greencoat Renewables. Given the circumstances, I and the Board also feel fortunate that our company has been able to continue operating relatively unaffected, where many others have not.

In the first six months of the year, we have continued to grow the portfolio with ongoing consolidation in Ireland and our first acquisitions on the continent - a source of significant opportunity for the company. We have also delivered strong operational performance and robust dividend cover in keeping with the company's strategy. The outlook for the business remains positive with a strong pipeline for further growth both in Ireland and Northern Europe

Lastly, I am proud of the work done to support our staff, contractors, and local communities through the challenges of the past few months, whilst continuing to supply the grid and wider society with clean electricity.