Greencoat Renewables : NAV Report – March 2023

31 March 2023 Factsheet

Greencoat Renewables PLC (the "Company") is an owner and operator of renewable infrastructure energy assets. The Company listed on the Euronext Growth Market of Euronext Dublin and the AIM market of the London Stock Exchange in July 2017 and is currently invested in renewable generation and storage assets in the Republic of Ireland, Finland, France, Germany, Spain and Sweden.

Key

Statistics

unaudited,

as at 31 March 2023

Financial and

Operational

Highlights

Listing
Euronext Growth Market (EGM)	Number of shares in issue
London Stock Exchange (AIM)	1,141,238,938
Investment Manager	Share Price2
Schroders Greencoat LLP1	109.0c
Market capitalisation	Aggregate Group Debt
€1,244.0m	€1,106.25m
Gross Asset Value ("GAV")	NAV per share
€2,384.5m	112.0c
Net Asset Value ("NAV")	Target IRR
€1,278.2m	7-8%
Premium/(Discount) to NAV	Target Dividend
(2.7%)	6.42c with respect to 2023

• 2023 Q1 net generation 7% below budget reflecting low wind speed.
• 0.4c decrease in NAV per share driven by reduction nearer term forward power prices, partially mitigated by strong cash generation during the period.
• Completed acquisition of a 22.5% interest in Butendiek, the Company's second offshore wind farm investment in Germany, adding 65MW net capacity.
• Aggregate Group Debt of €1,106m (46% of GAV), comprising €925m term debt and €106m project level debt, all of which is fixed rate debt, plus €75m drawn under the Group's RCF.
• Cash equivalent balance of €217m and €275m available to draw under Group's RCF that was renewed for a 3 year term in February 2023.
• Dividend of 1.545c per share with respect to Q4, 2022, paid on 24 February 2023.

Investment Objective

Summary

Investment

Policy

The Company's aim is to provide investors with an annual dividend (target 6.42c/share) that increases progressively whilst growing the capital value of its investment portfolio in the long term through reinvestment of excess cash flow and the prudent use of portfolio leverage.

The Company is increasing its portfolio of renewable energy generation assets within Continental Europe. The key investment criteria include:

• A stable and robust renewable energy policy framework;
• Diversification through investing in a growing portfolio of assets across several Relevant Countries (including Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Portugal, Spain and Sweden) and a mix of renewable energy technologies; and
• The Company will generally avoid using non-recourse debt at the asset level when acquiring 100% ownership; aggregate group debt will not be more than 60% of GAV at drawdown.

1. Previously known as Greencoat Capital LLP
2. Based on the closing share price on the Euronext Growth Market, Dublin as at 31 March 2023.

Greencoat Renewables PLC (XESM: GRP, AIMX: GRP)
Riverside One
Sir John Rogerson's Quay
Dublin 2
http://www.greencoat-renewables.com	1
Registered in Ireland with company number 598470

Portfolio

Portfolio breakdown (by value)

31 March 2023 Factsheet

The Portfolio consists of interests in 35 operating wind farms located in Ireland, Finland, France, Germany, Spain and Sweden, along with a 11MW co-located battery storage project, with an aggregate net installed capacity of 1,229MW, with another 262MW contracted to acquire under the Group's forward sale model.

Key characteristics of the Portfolio:

• Operational renewable generation and storage assets with established track records; and
• Ownership stakes range from 22.5% to 100%.

	Assets		Principal Equipment Supplier
		Borkum Riffgrund 1		Siemens
			Gamesa
		Cloosh Valley	2%	Nordex
	15%	9%
		Butendiek		Enercon
	9%	13%	39%
48%				GE
	Cordal
	8%
			Vestas
		Knockacummer	16%
	8%
			Senvion
4%	8%
	Erstrask South	21%
			Fluence
		Other

Asset Age				Geography
				Republic of
				Ireland
5%	< 3		2%2%	Germany
years	4%
15%
		10%
	3- 5			France
	years
20%	5- 10			Sweden
	years	23%		59%
60%				Spain
> 10
	years			Finland

Investment Manager

Contact details

Schroders Greencoat LLP ("SG"), is the Investment Manager for the Company and is authorised and regulated in the UK by the FCA. SG has a highly experienced renewable energy infrastructure investment team.

Investment Managers	Public Relations
Paul O'Donnell - [phone]	Tom Rayner - [phone]
[e-mail]	[e-mail]
Bertrand Gautier - [phone]
[e-mail]

Within the European Economic Area, this announcement is directed at and is only being distributed (A) to professional investors (as that term is defined in the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) ("AIFMD")) domiciled or incorporated in Ireland, United Kingdom, Denmark, Germany, the Netherlands, Norway, Belgium, Finland, Luxembourg, Switzerland and Sweden and (B) additionally in the United Kingdom to persons (i) who have professional experience in matters relating to investments and who are "investment professionals" and investment personnel of the same, each within the meaning of the Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"); (ii) who are high net worth bodies corporate, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order; or (iii) to whom "non-mainstream pooled investments" (as defined in the FCA Handbook) may be promoted in the UK.

Greencoat Renewables PLC (XESM: GRP, AIMX: GRP)
Riverside One
Sir John Rogerson's Quay
Dublin 2
http://www.greencoat-renewables.com	2
Registered in Ireland with company number 598470