Greencoat Renewables Plc · EURONEXT:GRP

Greencoat Renewables — H1 2017 Earnings Presentation

17 slides from Greencoat Renewables's earnings presentation, 2017

  1. Slide 1: Greencoat Renewables PLC 2017 Interim Results

    Greencoat Renewables PLC 2017 Interim Results STRICTLY CONFIDENTIAL

  2. 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

  3. Slide 3: Results Summary

    Results Summary § Capital Raising of €270m in oversubscribed IPO § Acquisition of a high quality seed portfolio of 2 windfarms with a capacity of 136.7MW § €90m from the IPO proceeds used to prepay the Project Finance facility, leaving outstanding borrowings equivalent to 21% of GAV § Power gene

  4. Slide 4: Investment Case

    Investment Case STRICTLY CONFIDENTIAL

  5. Slide 5: Investment Case

    Investment Case Euro denominated, target 6c progressive dividend, uncorrelated, target IRR 7-8% Strong Irish regulatory regime guaranteeing index linked power price floor for REFIT period 137MW operating portfolio in Ireland acquired from Brookfield Strong Irish pipeline, underlined by REFIT2 build

  6. Slide 6: Operational and Financial Performance

    Operational and Financial Performance STRICTLY CONFIDENTIAL

  7. Slide 7: Portfolio overview

    Portfolio overview Portfolio performance in line with expectations Knockacummer 100MW § 8% above budget (P50) § Outage work completed on schedule § Significant upgrade programme implemented during the planned Killhills outage to wind farm Knockacummer Killhills 37MW § 4% below budget (P50) § No

  8. Slide 8: Knockacummer planned outage

    Knockacummer planned outage Completed on schedule with significant asset maintenance programme implemented Substation upgrade / outage Transmission line upgrade § Glenlara substation and associated Knockacummer upgrades completed on schedule and back operational Knockacummer § Re-energisation on 2

  9. Slide 9: Financial Performance

    Financial Performance To Sept 30, 2017 €m Net cash flow from operating activities 5.0 Cash flow from in investing Acquisition of investments (147.4) Investment acquisition costs (2.5) Repayment of shareholder loan investments 4.1 Net cash flows from investing (145.8) Cash flow from financing activit

  10. Slide 10: NAV

    NAV €m 270 250 200 NAV at IPO €264.6m valuation (Group and wind farm SPVs) €(96.8)m N tin ther relevant assets/liabilties €3.7m €92.6m €261.6m

  11. Slide 11: NAV and the REFIT

    NAV and the REFIT REFIT protects Greencoat Renewables from power price forecasts during REFIT period PARTIAL NO EFFECT ON NAV EFFECT 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Old forecast New forecast Greencoat Renewables

  12. Slide 12: Outlook

    Outlook STRICTLY CONFIDENTIAL

  13. Slide 13: Irish Renewable Energy Policy

    Irish Renewable Energy Policy Ireland: track record of policy stability Government Consultation REFIT 2 § Expected to provide further AER REFIT I (1995 – 2005) (2006 – 2009) (2012 – 2019) support for Irish onshore wind after 2019 § Underlining Irish Government support for the sector, and should pr

  14. Slide 14: Compelling Growth Opportunity: c. €8bn Operational Assets by 2020

    Compelling Growth Opportunity c. €8bn1 Operational Assets by 2020 Irish Wind: A Large and Growing Market Near Term Growth § Strong pipeline of opportunity in the secondary wind market in Ireland Source: Eirgrid all Ireland generation capacity statement 2017-2026 § Continue to see benefit of long P

  15. Slide 15: Appendix

    Appendix STRICTLY CONFIDENTIAL

  16. Slide 16: Investment Manager – Team

    Investment Manager – Team Bertrand Gautier Paul O’Donnell § 25 years operational, § 15 years investment and investment and finance renewables experience, of experience, of which 7 which 7 years wind and solar exclusively renewables asset development § Member of Greencoat Capital § 9 years in the

  17. Slide 17: 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 § 31 wind farms and >800MW § 800MW capacity and 4 § Dublin office since 2009 capacity acquired years experience § Long-t

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