Slide 1: Greencoat Renewables PLC 2017 Full Year Results
Greencoat Renewables PLC 2017 Full Year Results STRICTLY CONFIDENTIAL
Slide 2: Disclaimer
Disclaimer This Presentation (the “Presentation”) has been prepared and issued by Greencoat Renewables PLC (the “Company” or “Greencoat Renewables”). While this Presentation has been prepared in good faith, the information contained in it has not been independently verified and does not purport to b
Slide 3: Results Summary
Results Summary • Power generation of 182.3 GWh • Portfolio net operating cashflow of €11.8m • Successful capital reorganisation through 2017 - €270m equity raised in over subscribed IPO - €250m debt acquisition facility to acquire assets • 46MW of acquisitions added to portfolio since IPO (post per
Slide 4: Portfolio Background
SECTION 1 Portfolio Background STRICTLY CONFIDENTIAL
Slide 5: Seed Portfolio Overview
Seed Portfolio Overview 10 months of operating performance, slightly below budget Killhills 37MW • 4% below budget (P50), due to lower wind speeds • Availability on budget Knockacummer 100MW 1 Killhills • 4% below budget (P50), due to lower wind speeds 2 Knockacummer • Outage work completed on sched
Slide 6: Operational Update
Operational Update Transmission Line Upgrade Knockacummer § Glenlara substation upgrade complete with Knockacummer (Wind Farm) reconnected to distribution line on 27 Oct 2017 § Significant pre-emptive asset maintenance programme implemented during the outage Glenlara Oct 2017 (Substation) H1 2018 §
Slide 7: Financial Performance
SECTION 2 Financial Performance STRICTLY CONFIDENTIAL
Slide 8: Significant Capital Reorganisation Through 2017
2017: Financing the IPO and Subsequent Reorganisation Significant Capital Reorganisation Through 2017 GAV (€m approximate) 600 Project finance debt Group level debt €443m 400 Equity 200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 2017 2018 Seed Funding €270m IPO Equity Revolving
Slide 9: Financial Performance
Financial Performance To December 31, 2017 €m Dividend Net cash flow from operating activities 3.8 Maiden dividend payable in March 2018 with respect to period from IPO to Dec. Cash flow from in investing Acquisition of investments (147.4) Target 6.0c Dividend for full Investment acquisition costs (
Slide 10: Movement in NAV
Movement in NAV Opening NAV Movement in Movement in cash Movement in Movement in Closing NAV 25 July DCF valuation (Group and other relevant Aggregate 31 December 2017 wind farm SPVs) assets/iabilties Group Debt 2017 €264.6m €(4.9)m €(96.3)m €5.2m €92.2m €260.9m 270 225 180 €m 135 90 45 0 Shares in
Slide 11: Debt Strategy: Positioned for Growth
Debt Strategy: Positioned for Growth Cost effective capital structure in place to pursue growth strategy • 3-year €250m Revolving Credit Facility with an accordion extension to €300m • Syndicate of five domestic and international banks: – AIB, BNP Paribas, Commerzbank, RBC and Santander • Delivered
Slide 12: Acquisitions
SECTION 3 Acquisitions STRICTLY CONFIDENTIAL
Slide 13: Acquisitions: Executing on the Growth Plan
Acquisitions: Executing on the Growth Plan 1 Knockacummer 3 Dromadda More 36.3MW 2 Kilhills • Seller: Impax Asset Management (large scale international 3 Dromadda Mor developer) • Located in Co. Kerry, Ireland 4 Lisdowney • Project energised, final COD April 2018 • Vestas turbines with long term O&M
Slide 14: Asset Overview
Asset Overview Wind Farm Country Turbines PPA Total MW Group Net MW Commercial Subsidy Forecast Ownership Operations Net Load Stake Date Factor (1) Knockacummer Republic of Nordex Brookfield 100.0 100% 100 December REFIT 1 33.1% Ireland 2014 / July 2015 Killhills Republic of Enercon Brookfield 36.8
Slide 15: Growth Opportunity: Strong Pipeline
Growth Opportunity: Strong Pipeline c. €8bn1 Operational Assets by 2020 with 1GW+ of newly built REFIT assets in last 3 years Irish Wind: A Large and Growing Market Republic of Ireland Cumulative Installed Wind Power 2014-2019 (MW) 4,500 800MW additional capacity anticipated by 2019 2017 – To Date #
Slide 16: Regulation
SECTION 4 Regulation STRICTLY CONFIDENTIAL
Slide 17: Irish Renewable Energy Policy
Irish Renewable Energy Policy REFIT provides a stable and supportive regulatory regime with expected extension to REFIT 2 AER REFIT I REFIT 2 REFIT 4 (1995 – 2005) (2006 – 2009) (2012 – 2019) 2019+ REFIT protects Greencoat Renewables from wholesale power price volatility during REFIT period NO EFFEC
Slide 18: Summary
SECTION 5 Summary STRICTLY CONFIDENTIAL
Slide 19: Investment Summary
Investment Summary TRACK 6c REFIT 137MW Pipeline RECORD Euro denominated, Strong Irish Seed portfolio of Strong Irish pipeline, Greencoat Capital target 6c progressive regulatory regime 137MW with 46MW underlined by has demonstrated dividend, guaranteeing index of acquisitions since REFIT2 build out
Slide 20: Appendix
Appendix STRICTLY CONFIDENTIAL
Slide 21: Investment Manager – Team
Investment Manager – Team Bertrand Gautier Paul O’Donnell • 25 years operational, investment and • 15 years investment and renewables finance experience, of which 8 exclusively experience renewables • 9 years in the Irish energy sector • Member of Greencoat Capital UK Wind (“UKW”) Investment Committ
Slide 22: Investment Manager – Greencoat Capital
Investment Manager – Greencoat Capital c. €2.5bn AUM and multiple fund strategies (listed wind, unlisted solar, PE) Acquisition Operational Irish Presence Expertise Experience § 33 wind farms and >842 § 842MW capacity and 4 § Dublin office since 2009 MW capacity acquired years experience § Long-term
Slide 23: STRICTLY CONFIDENTIAL
STRICTLY CONFIDENTIAL