GREENCOAT RENEWABLES PLC

(the "Company")

NOTICE OF EXTRAORDINARY GENERAL MEETING

Dublin, London, 27 September 2022 Greencoat Renewables PLC ("Greencoat Renewables" or the "Company"), announces that an Extraordinary General Meeting of Greencoat Renewables PLC will be held at Davy House, 49 Dawson Street, Dublin 2, Ireland on 13 October 2022 at 10.00 a.m. (the "EGM").

The business of the EGM will be to consider proposed amendments to the Company's Investment Policy (pursuant to the Resolution set out in the Notice of EGM (the "Resolution")) to remove the percentage limits on the value of investments that the Company is permitted or required to make in wind energy assets or solar PV assets in Ireland and in Other Relevant Countries.

Under the current Investment Policy, investments by the Company in operational wind energy assets and wind energy assets under construction in Ireland must represent, in aggregate, not less than 60 per cent. of the Gross Asset Value (calculated immediately following each investment). The Company is further permitted to invest in aggregate, up to 40 per cent. of the Gross Asset Value (calculated immediately following each investment) in operational wind energy assets or operational solar PV assets in Ireland and Other Relevant Countries.

In light of the increasing scope in the acquisition pipeline across Continental Europe, the Board is proposing a change to the Investment Policy regarding the 40% limit on non-Ireland investments, in order to support the Company's continued diversification in Europe, providing access to a wider set of opportunities. Given the accelerating opportunity in Continental Europe, a shareholder consultation process on a change to the current 40% limit on investments outside of Ireland was undertaken, to ensure that the Group is well placed to deliver on its growth potential with the full range of opportunities available in the market.

As noted in the Company's interim report, the rationale for this proposed change is to support the Company's continued diversification in Europe, providing access to a wider set of growth opportunities and to further our strategy of securing consistent cashflows and enhancing returns. In the 12 months to 30 June 2022, the Company added 281MW of net capacity outside of Ireland and 50MW of net capacity within Ireland, reflective of the scale of opportunities available to the Company across Continental Europe. Since its IPO in 2017, the Company has entered five European countries outside of Ireland (being France, Germany, Finland, Spain and Sweden), with the ability to scale demonstrated and a dedicated team of over 15 professionals focused on European opportunities in place added with in-country presence in Ireland, Germany and France.

As the portfolio has grown into new geographies, the business has benefitted from increased diversification both in terms of weather systems and power markets, with low correlation of wind speeds between Continental Europe and Ireland ensuring stability of cashflows in periods of lower regional wind resource. The Company continues to see excellent opportunities for continued diversification across geographies, technologies and pricing structures in both existing and new European markets and has an active pipeline of near-term acquisitions in Europe.

The portfolio continues to remain highly contracted with stable risk-adjusted returns in line with the investment strategy. The continued diversification in Europe enables the Company to seek the best returns while reducing exposure to local variations in renewable resource. Acquisitions in Europe have delivered risk adjusted returns in line with the Company's Investment Policy and this is expected to continue as the Company grows further in Europe. As the largest owner of wind operating assets in Ireland, the Company will also continue to capitalise on its leading position to further consolidate an attractive growing market in Ireland.

The circular which includes the notice of the EGM (the "Circular") and a Form of Proxy have been posted to shareholders today. The Board strongly urges shareholders to review the contents of the Circular in their entirety, including the documents referred to therein, and consider the Board's recommendation to vote in favour of the Resolution.

The Circular, the Form of Proxy and the proposed revisions to the Investment Policy are available to view on the Company's website, www.greencoat-renewables.com, and will be available for inspection during normal business hours on any business day from the date of this letter until the EGM at the registered office of the Company.

Public Health Guidelines and the EGM

The well-being of our Shareholders and our people is a primary concern for the Directors. We are closely monitoring the COVID-19 situation and any advice by the Government of Ireland in relation to the pandemic. We will take all recommendations and applicable law into account in the conduct of the EGM. Any relevant updates regarding the EGM, including any changes to the arrangements outlined in this Notice, will be announced via a Regulatory Information Service and will be available at www.greencoat-renewables.com.

Those Shareholders unable to attend the EGM may appoint a proxy. By submitting a Form of Proxy in favour of the chairman of the EGM you can ensure that your vote on the Resolution is cast in accordance with your wishes without attending in person.

Proxy forms can be submitted in advance of the EGM by availing of one of the options set out in the notice of the EGM:

•          by post to the Registrars of the Company, Computershare Investor Services (Ireland) Limited, 3100 Lake Drive, Citywest Business Campus, Dublin 24, D24 AK82, Ireland, so as to be received in any case no later than 48 hours before the time appointed for the EGM;

•          electronically by accessing www.eproxyappointment.com; or

•          by Euroclear Nominees Limited in respect of the shares registered in its name as nominee for Euroclear Bank SA/NV ("Euroclear Bank"), through the use of a secured mechanism to exchange electronic messages as agreed by the Company with Euroclear Bank.

Persons who hold their interests in ordinary shares as Belgian law rights through the Euroclear system or as CDIs through the CREST system, should consult with their stockbroker or other intermediary at the earliest opportunity for further information.

For voting services offered by custodians holding Irish corporate securities directly with Euroclear Bank, please contact your custodian.

A copy of the Circular can be inspected at the National Storage Mechanism website at

https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.

Important Note

Announcements relating to the EGM contain (or may contain) certain forward-looking statements with respect to certain of the Company's current expectations and projections about future events, including Migration, and the Company's future financial condition and performance. These statements, which sometimes use words such as "aim", "anticipate", "believe", "may", "will", "should",  "intend", "plan", "assume", "estimate", "expect" (or the negative thereof) and words of similar meaning, reflect the directors' current beliefs and expectations and involve known and unknown risks, uncertainties and assumptions, many of which are outside the Company's control and difficult to predict.

Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement may not occur. The information contained in this announcement, including the forward-looking statements, speaks only as of the date of this announcement and is subject to change without notice and the Company does not assume any responsibility or obligation to, and does not intend to, update or revise publicly or review any of the information contained herein save where indicated in the Circular, whether as a result of new information, future events or otherwise, except to the extent required by Euronext Growth Dublin or AIM or by applicable law.

END

For further information on the Announcement, please contact:

Greencoat Renewables PLC                                        +44 20 7832 9400

Bertrand Gautier

Paul O'Donnell                       

Tom Rayner

Davy (Joint Broker, Nomad and

Euronext Growth Adviser)                                          +353 1 6796363

Ronan Veale

Barry Murphy

RBC (Joint Broker)                                                      +44 20 7653 4000

Matthew Coakes

Duncan Smith

Elizabeth Evans

FTI Consulting (Media Enquiries)                               +353 1 765 0886

Jonathan Neilan

Melanie Farrell