Greencoat Renewables PLC Interim Results to 30 June 2021

 Greencoat Renewables PLC («Greencoat Renewables» or the «Company»), the renewable infrastructure company invested in euro-dominated assets, is pleased to announce its Interim Results for the six-month period ended 30 June 2021. 

Highlights 

▪ The Group’s investments generated 745GWh of electricity, net cash generation was €40 million (gross of SPV level debt prepayment), resulting in gross dividend cover for the period of 1.8x. 

▪ Acquisition of Cordal and Glencarbry wind farms in Ireland increased the portfolio to 23 wind farms, total installed capacity to 685.6MW and GAV to €1,442 million as at 30 June 2021. 

▪ Successful entry into the Nordic wind market with the commitment to acquire the 43MW Kokkoneva wind farm, once operational in Q2 2022. 

▪ The Company declared total dividends of 3.03 cent per share with respect to the period. 

▪ €693.3 million Aggregate Group Debt at 30 June 2021, equivalent to 48.1 per cent of GAV. 

▪ Against a supportive backdrop with renewables remaining a highly attractive asset class, the Group has identified significant near and medium term growth opportunities in both Ireland and Europe. 

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

«The past six months have been a successful period for Greencoat Renewables, marked by a strong operational performance and continued expansion into Europe, including our first investment into the Nordic market. 

The business continues to deliver enhanced value from the existing portfolio and I am pleased with the progress made across a number of strategic initiatives. These include a significant corporate PPA at attractive terms, evidencing the maturing market for contracted renewable power, and the construction of our first co-located battery project. 

The overall outlook for the company remains positive, with good dividend cover, appropriate gearing, and the ability to pursue a strong near and medium term pipeline of opportunities in both Ireland and Europe.» 

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