Greencoat Renewables Plc

Capital Allocation Update - Commencement of Share Buyback Programme

Dublin, London | 08 May 2024: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") announces that it will commence an initial tranche of its share buyback programme today, to repurchase ordinary shares of the Company (the "Shares") up to a maximum aggregate consideration of €25 million (the "Programme"). The Company intends to complete this buyback within a six-month period.

In line with the Company's capital allocation framework, which is regularly reviewed by the Board, the Company is continuously evaluating a range of options to maximise shareholder returns. Given the Board's confidence in the outlook, current discount to NAV and the robustness and resilience of the Company's cash generation, the Board has decided to launch an initial €25m share buyback programme.

The share buyback programme is underpinned by the strong cash generating capability of the Company (as evidenced by Q1 2024 net cash generation of €72.8 million), available resources (€161 million cash on balance sheet at Q1 2024) and ongoing progress on its debt repayment and asset recycling plans.

Post completion of the initial €25m Programme, the Board will review further share buyback programmes against its capital allocation priorities at that time.

Details of the Programme

The Company has entered into an agreement with J&E Davy ("Davy") and RBC Europe Limited ("RBC") to act as principals to conduct the Programme and to purchase Shares on Euronext Dublin for subsequent repurchase by the Company for a maximum aggregate consideration of up to €25 million and to make trading decisions under the Programme in accordance with certain pre-set parameters. Under the terms of the agreement, Davy and RBC will make purchases of the Shares under the Programme independently of, and uninfluenced by, the Company.

The Programme will commence on 8 May 2024, and end no later than 8 November 2024, subject to market conditions. The purpose of the Programme is to reduce the share capital of the Company in line with this announcement. Under the terms of the Programme, the Shares will be repurchased on Euronext Dublin and will subsequently be cancelled.

The Programme will be conducted in accordance with:

(i) the Company's general authority to repurchase shares (which authorises the repurchase of a maximum of 171,071,717 shares, being 14.99% of the issued share capital of the Company), as approved by shareholders at the Company's AGM held on 25 April 2024 (the "Authority"); and

(ii) the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052 (including as each of them forms part of retained EU law in the United Kingdom ("UK") from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable laws and regulations of the UK Financial Conduct Authority and the Central Bank of Ireland.

There is no guarantee that the Programme will be implemented in full or that any Shares will be bought back by the Company.

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About Greencoat Renewables PLC

Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the Company is now also investing in wind and solar assets in other European countries with stable and robust renewable energy frameworks. It is managed by Schroders Greencoat LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

For more information about Greencoat Renewables PLC, please visit http://www.greencoat-renewables.com/