Greencoat Renewables : Annual Report for the year end 31 December 2023

Expanding our horizons

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

2

GREENCOAT RENEWABLES ANNUAL REPORT 2023

CONTENTS

At a Glance	3
Strategic report
Chairman's Statement	4
Investment Manager's Report	6
Board of Directors	16
Directors' Report	18
Directors' Remuneration Report	29
Statement of Directors'
Responsibilities	31
Governance report
Corporate Governance report	32
Nomination Committee Report	37
Audit Committee Report	38
Independent Auditor's Report	41
Financial statements
Consolidated Statement of
Comprehensive Income	45
Consolidated Statement of
Financial Position	46
Company Statement of
Financial Position	47
Consolidated and Company
Statement of Changes in Equity	48
Consolidated Statement of
Cash Flows	49
Company Statement of
Cash Flows	50
Notes to the Consolidated
Financial Statements	51
Company Information	75
Supplementary Information
(unaudited)	76
Annex V Disclosure	77
Principal Adverse Impact Statement	86
Defined Terms	97
Alternative Performance Measures	100
Forward Looking Statements
and other Important Information	101

We are driven by our passion for green energy

All capitalised terms are defined in the list of defined terms on pages 97 to 99 unless separately defined.

AT A GLANCE

3

Summary

Greencoat Renewables PLC is a listed renewable energy infrastructure company, investing in European renewable electricity generation and storage assets. The Company's aim is to provide investors with an annual dividend 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.

HIGHLIGHTS

€196.7m

Gross cash generation(1) of €196.7 million

1.5GW

Increase in total capacity to 1.5GW

2.7x

Gross Dividend cover of 2.7x(2)

51%

Aggregate Group Debt of €1,342.1 million, equivalent to 51% of GAV

€524.3m

Completed 4 acquisitions across

5 transactions totalling €524.3 million

6.42c

Dividends of 6.42 cent per share declared with respect to the period

1. Gross cash generation is stated gross of scheduled project level debt repayments amounting to €7.2 million.
2. Net dividend cover for the same period was 2.6x.

Key Metrics

Market capitalisation

Share price

Dividends with respect to the period

Dividends with respect to the period per share

GAV

NAV

NAV per share

Discount to NAV

CO2 emissions reduced per annum

Homes powered per annum

Funds committed in community funds and social projects

As at 31 December 2023

€1,160 million 101.6 cent €72.6 million 6.42 cent €2,621 million €1,279 million 112.1 cent (9.4) %

>1,300,000 tonnes >750,000 homes €1.3 million

4

CHAIRMAN'S STATEMENT

Rónán Murphy

Chairman

Overview

Powering

750,000

homes

Displacing

1.3m tonnes CO2

4

New Assets

I am pleased to report an impressive set of results for Greencoat Renewables PLC for the year ended 31 December 2023. The period saw continued growth in the year, with strong cash generation, underpinned by robust operational performance.

RENEWABLES ANNUAL REPORT 2023

Investment markets and the renewable sector in particular, have continued to adjust to monetary policy decisions across Europe and our priority in this context remains protecting long-term shareholder value. This has required discipline over the past year and the Company has continued to display its experience in this regard.

The period has seen cash generation of €196.7 million with robust trading performance enabling the Company to utilise operating cash flows to part-fund investment activity and repay debt. The increase in cash generation resulting from recent acquisitive growth and intensive asset management activity has also materially broadened the capital allocation options available to the Company including consideration of debt repayments and share buybacks.

Our market leading ability to manage the full life cycle of renewable energy infrastructure assets is enabled by our Investment Manager's multi-disciplinary team of experts with deep local market relationships and insight who identify and execute on opportunities that generate income and capital value growth.

As a leading European renewable energy infrastructure company, sustainability and environmental stewardship remains at the heart of everything we do. We are proud to have generated renewable energy in 2023 to power over 750,000(1) homes and displace

1.3 million(2) tonnes of CO2, with further gains expected in 2024 due to the impact of acquisitive growth in the current year.

With power prices declining towards the end of 2023 and into the early part of 2024, it is important to recognise the Company's disciplined approach to sustaining high levels of contracted revenue that provides income security, inflation protection

and underpins dividend growth. With long-term shareholder value through the disciplined allocation of capital continuing to be our guiding principle, the business is well positioned to take advantage of opportunities as they arise in the new financial year.

Investment Activity

In the year under review, the Company remained a highly selective buyer of assets with over 20,000MW of projects assessed leading to the acquisition of four new assets across five transactions resulting in a 332MW increase in total capacity to 1.5GW.

A summary of investment activity in the year is set out below:

• Completed the acquisition of an initial 22.5% and subsequent additional 15.7% share of the 288MW Butendiek offshore wind farm located in the German North Sea.
• Completed the acquisition of the 38MW Cloghan onshore wind farm located in County Offaly, Ireland.
• Completed the acquisition of the 50MW Torrubia solar farm located in Zaragoza, Spain.

• Completed the acquisition of the 134MW Erstrask North wind farm located in Norrbotten County, Sweden.

As referenced earlier in this statement, increased portfolio size and cash generation capacity enhances our ability to fund investment activity through operating cash flows. Consequently, €119.3 million representing more than 20% of the total capital deployed in the period was funded organically.

As we begin the new year, the Company expects to add an additional 50MW

of generation capacity through the completion of the Andella wind farm located in Valladolid, Spain and 50% of the 80MW South Meath solar farm located in County Meath, Ireland. Upon completion, total generation capacity is expected to increase to 1.6GW.

In addition, we were delighted to secure exclusive access to 50% of a 1GW+ pipeline of onshore wind projects in Ireland by entering into a long term strategic framework agreement with FuturEnergy Ireland, the state-backed joint venture between ESB and Coillte. This framework agreement covers the period through to 2030, paving the way for further growth.

Operational Performance

Despite less than expected wind resource with total portfolio generation of 3,422GWh(3) against a budget of 3,754GWh (-9% versus budget), the Company once again delivered strong

GREENCOAT

1. The number of homes powered is based on the average annual household energy consumption, using the latest reported figures and reflects the portfolio's annual electricity generation as at the relevant reporting date for each region.
2. Based on the marginal generation displaced in each jurisdiction. Gas generation for Ireland and Spain at 385 gCO2/kWh, Nuclear generation for France and Sweden at
   0 gCO2/kWh, Biomass generation for Finland at 0 gCO2/kWh and coal generation for Germany at 935 gCO2/kWh. This approach is the preferred option under PCAF guidance ("Operating margin") for measuring carbon avoided and replaces the methodology applied in 2022 that applied average grid intensity per region.
3. Includes constraints which are financially compensated.

CHAIRMAN'S STATEMENT

5

cash flows and significant dividend cover. Net cash generation of €196.7 million represents 2.7x dividend cover on a gross basis and 2.6x on a net basis after taking account of project level debt repayments. This performance demonstrates the Company's ability to consistently generate high volumes of cash flow and, in doing so, broaden its strategic opportunity set.

In accordance with our balanced approach to price risk, the Company executed its first long term power purchase agreement ("PPA") with a large multinational for 62.5% of the output of the Butendiek offshore wind farm located in the German North Sea. The agreement represented one of the largest PPAs in Germany and paved the way for a second PPA to be signed for 18% of the output of the Butendiek offshore wind farm with an international utility business. These PPAs demonstrate how the Company is delivering on its strategy of maintaining high contracted revenue mix which underpins the long term resilience of the business.

Importantly, at year end, c.75% of revenues were contracted through to 2028 with c.69% of those inflation linked providing a high degree of income security and protection.

NAV & Financing

NAV per share decreased marginally from

112.4 cent per share to 112.1 cent per share as a reduction in short term power prices offset continued strong cash generation. The Group held aggregate debt amounting to €1,342.1 million or €1,263.2 million net of unrestricted cash implying a gearing ratio of 51.2% and 49.7% on a gross and net basis respectively.

Shortly after the year end, the Group successfully entered into a new 5-year term debt facility charged at an all-in interest rate of 4.1%, below the medium-term assumption underpinning the valuation. The new facility demonstrates the Group's continued access to debt markets, provides further financial capacity and adds an additional institutional lender to the Group's banking syndicate.

Dividends

The Company declared a dividend of 1.605 cent per share for the quarter ended 31 December 2023, which was paid on

1 March 2024. In total, the Company will have paid total dividends of 6.42 cent per share with respect to the year ending 31 December 2023 in line with its stated target.

The Board has agreed to increase the 2024 target dividend by 5% to 6.74 cent per share, at the upper end of Irish CPI reflecting its confidence in the scale and sustainability of the Company's cash generation capacity.

Environmental, Social and Governance

Sustainability and environmental stewardship continue to be central to what we do and how we go about our daily business. As a Company investing in operational wind and solar farms, we believe our strategy and activities inherently make a positive contribution toward the global ambition of achieving

a net zero carbon emissions economy and limiting global warming to 1.5°C. More detailed climate-related disclosures can be found within the Director's report.

The Company is committed to meeting the disclosure requirements relating to Article

9 of EU SDFR and TCFD which form part of our 2023 Annual Report, and we continue to report that 100% of our revenues are aligned to the EU Taxonomy criteria for Climate Change Mitigation. Further details of other ESG related activities can be found in our latest ESG report on the Company's website: www.greencoat-renewables.com

As a responsible investor in operating wind and solar farms, the Company takes its health and safety responsibilities very seriously. We work with our Investment Manager to promote the highest standard of health, safety and environmental management practices in managing our portfolio of investments. Detailed key performance indicators and the results of audits are regularly reviewed by the Board and action taken where necessary. We continue to monitor the standards maintained by the operators of our investments, to ensure that these are in line with the wider industry, while seeking continuous improvement.

Board and Governance

The Board places significant emphasis on ensuring it is appropriately constituted to meet the evolving needs of the business and shareholders. During the year under review, the Board held a total of ten meetings subject, in all cases, to appropriate and well informed challenge.

I remain grateful to my fellow Board members for their valued contribution and active stewardship. The Group's governance is described in more detail in the Corporate Governance Report on pages 32 to 36 within the 2023 Annual Report.

Annual General Meeting

Our AGM will take place at 09:30 on Thursday 25 April 2024 at Davy House, 49 Dawson Street, Dublin, D02 PY05, Ireland. Details of the formal business of the meeting will be set out in a separate circular which will be sent to shareholders with the 2023 Annual Report.

Outlook

Whilst disruption within the renewable energy sector creates challenges it also creates opportunities for those with the ability to capitalise on long-term positive trends. The combination of a high-yielding portfolio, prudent approach to pricing risk, and a strong balance sheet, positions the Company well to continue its long-term growth trajectory whilst maintaining capital allocation discipline.

More broadly, as participation in European renewable energy infrastructure accelerates in order to meet government Net Zero targets, there will be increased opportunities for pan-European owners and operators like Greencoat, to take advantage of regional pricing arbitrage (including asset recycling).

The Company has been and will remain, highly selective with its capital allocation decisions. The future of renewables remains overwhelmingly positive

with investment in operating assets representing an attractive, low risk way of participating in the energy transition.

The strength of our results is testimony to the expertise and efforts of the Investment Manager to whom I am most grateful.

Most importantly, I wish to extend my appreciation to our shareholders for their continued support and look forward to 2024 with confidence.

Rónán Murphy

Chairman

05 March 2024

STRATEGIC REPORT

GOVERNANCE

GREENCOAT	FINANCIAL STATEMENTS
RENEWABLES ANNUAL REPORT 2023

6

GREENCOAT RENEWABLES ANNUAL REPORT 2023

INVESTMENT MANAGER'S REPORT

Strong and sustainable

cash generation

Overview

The Investment Manager is pleased to report on another highly successful year underpinned by robust operational performance and continued acquisitive growth.

Cash generation of €196.7 million equating to 2.7x gross dividend cover highlights the Group's ability to consistently generate high volumes of cashflow that enable it to meet dividend targets whilst significantly enhancing its operational and strategic flexibility.

In deploying a total of €524.3 million into four newly acquired assets the Company further diversified its portfolio through expansion into markets where the Investment Manager has deep knowledge and experience. Further, the signing of long-term power purchase agreements ("PPAs") with reputable counterparties in quick succession underpins the ability of the Investment Manager to maintain a high level of contracted revenues (c.75% to 2028) underpinning strong cash flow predictability through proactively managing revenue mix.

Total production in the year was sufficient to power more than 750,000 homes(4) and displace in excess of 1.3 million tonnes(5) of CO2, with further gains expected in 2024 as forward sale agreements complete.

Despite economic headwinds, growth in the renewables sector is expected to increase exponentially in order to meet government Net Zero targets. With an actively managed and highly cash generative portfolio, the Company is well positioned to broaden its strategic opportunity set (including asset recycling) and take advantage of opportunities as they arise.

1. The number of homes powered is based on the average annual household energy consumption, using the latest reported figures, and reflects the portfolio's annual electricity generation as at the relevant reporting date for each region.
2. Based on the marginal generation displaced in each jurisdiction. Gas generation for Ireland and Spain at
   385 gCO2/kWh, Nuclear generation for France and Sweden at 0 gCO2/kWh, Biomass generation for Finland at 0 gCO2/kWh and coal generation for Germany at 935 gCO2/kWh. This approach is the preferred option under PCAF guidance ("Operating margin") for measuring carbon avoided and replaces the methodology applied in 2022 that applied average grid intensity per region.

€196.7m

Cash generation

2.7x

Gross dividend cover

€524.3 million

Capital deployed

INVESTMENT MANAGER'S REPORT

2023 was a year underpinned by strong trading and disciplined growth."

Bertrand Gautier

Bertrand Gautier

The Investment Manager

Paul O'Donnell

7

STRATEGIC REPORT

The Investment Manager's experience covers renewable investment, ownership, finance and operations. All the skills and experience required to manage the Group's investments lie within a single Investment Manager. The Investment Manager has over €10 billion of funds under management, invested

in renewables infrastructure portfolios in the UK, Ireland, Continental Europe and the United States of America. The Investment Manager is authorised and regulated by the FCA and is a full scope UK AIFM.

The Investment Manager has a dedicated team, focussed solely on the Group and the underlying Portfolio of investments and is led by Bertrand Gautier and Paul O'Donnell. The team is comprised of over 20 investment and asset management professionals with significant experience across European markets, including technical asset management and extensive debt and equity capital markets experience.

Bertrand Gautier

Bertrand has over 30 years of operational, financial and investment experience, including 14 years focussed on renewables. He has been a Partner of Schroders Greencoat LLP since joining in 2010. Prior to this, Bertrand held senior positions at Terra Firma Capital Partners, Merrill Lynch and Procter & Gamble. Bertrand holds an MSc in General Engineering from ICAM (France) and an MBA from Harvard Business School (USA).

Paul O'Donnell

Paul has over 20 years of renewables and investment experience, of which the last 17 have been focussed on renewables. He joined Schroders Greencoat LLP, in 2009 and has specialised in managing investments in the wind and solar generation sectors, working across development, operations, technology and financing. Prior to joining Schroders Greencoat LLP, he worked with Libertas Capital, the specialist renewable energy investment bank and PwC Ireland. Paul has been a Partner of Schroders Greencoat LLP since 2016 and holds a BBS (Hons) in Finance from Trinity College Dublin.

GOVERNANCE

GREENCOAT	FINANCIAL STATEMENTS
RENEWABLES ANNUAL REPORT 2023

8

GREENCOAT RENEWABLES ANNUAL REPORT 2023

INVESTMENT MANAGER'S REPORT continued

Investment Portfolio

As at 31 December 2023, the Group owned and operated a total of 39 renewable energy generation and storage assets. The Group's portfolio is well diversified with assets located in 6 European jurisdictions. Further detail on the Group's portfolio is set out in the tables below.

					Total	Ownership	Net
Wind Farm	Country	Turbines	Operator	PPA	MW	Stake	MW
Ballincollig Hill	Republic of Ireland	Enercon	Statkraft	Energia	13.3	100%	13.3
Ballybane	Republic of Ireland	Enercon	EnergyPro	Energia / Erova	48.3	100%	48.3
Beam(1)	Republic of Ireland	Vestas/Enercon	EnergyPro	Prepay Power / Flogas	20.9	100%	20.9
Carrickallen	Republic of Ireland	Senvion	EnergyPro	SSE	20.5	50%	10.3
Cloosh Valley	Republic of Ireland	Siemens Gamesa	SSE	SSE	108.0	75%	81.0
Cloghan	Republic of Ireland	Vestas	Statkraft	Stat	37.8	100%	37.8
Cnoc	Republic of Ireland	Enercon	EnergyPro	Electroroute	11.5	100%	11.5
				(via Supplier Lite Structure)
Cordal	Republic of Ireland	GE	Statkraft	Electroroute	89.6	100%	89.6
				(via Supplier Lite Structure)
Garranereagh	Republic of Ireland	Enercon	Statkraft	Bord Gais	9.2	100%	9.2
Glanaruddery	Republic of Ireland	Vestas	EnergyPro	Supplier Lite	36.3	100%	36.3
Glencarbry	Republic of Ireland	Nordex	EnergyPro	Electroroute	35.6	100%	35.6
				(via Supplier Lite Structure)
Gortahile	Republic of Ireland	Nordex	Statkraft	Energia	20.0	100%	20.0
Killala	Republic of Ireland	Siemens Gamesa	EnergyPro	Electroroute	20.4	100%	20.4
Killala Battery	Republic of Ireland	Fluence	Fluence	Grid Beyond / Statkraft	10.8	100%	10.8
Killhills	Republic of Ireland	Enercon	SSE	Orsted	36.8	100%	36.8
Knockacummer	Republic of Ireland	Nordex	SSE	Orsted	100.0	100%	100.0
Knocknalour	Republic of Ireland	Enercon	Statkraft	Flogas / Energia	9.2	100%	9.2
Letteragh	Republic of Ireland	Enercon	Statkraft	SSE	14.1	100%	14.1
Lisdowney	Republic of Ireland	Enercon	EnergyPro	Flogas	9.2	100%	9.2
Monaincha	Republic of Ireland	Nordex	Statkraft	Bord Gais	36.0	100%	36.0
Raheenleagh	Republic of Ireland	Siemens Gamesa	ESB	ESB	35.2	50%	17.6
Sliabh Bawn	Republic of Ireland	Siemens Gamesa	Bord na Mona	Supplier Lite	64.0	25%	16.0
Taghart	Republic of Ireland	Vestas	Statkraft	Statkraft	25.2	100%	25.2
Tullahennel	Republic of Ireland	GE	Statkraft	Microsoft	37.1	100%	37.1
Tullynamoyle II	Republic of Ireland	Enercon	Statkraft	Bord Gais	11.5	100%	11.5
Ireland					860.5		757.6
Borkum Riffgrund 1	Germany	Siemens Gamesa	Orsted	Orsted	312.0	50%	156.0
Butendiek	Germany	Siemens Gamesa	SGRE/DWT	Danske Energy	288.0	38.2%	110.1
Germany					600.0		266.1
Arcy Precy	France	Vestas	Volkswind	Axpo Solutions AG	16.0	100%	16.0
Genonville	France	Nordex	Volkswind	Axpo Solutions AG	21.6	100%	21.6
Grande Piece	France	Vestas	Volkswind	Axpo Solutions AG	20.7	100%	20.7
Menonville	France	Enercon	Volkswind	Axpo Solutions AG	9.4	100%	9.4
Saint Martin	France	Senvion	Greensolver	Sorégies	10.3	100%	10.3
Sommette	France	Nordex	Greensolver	EDF	21.6	100%	21.6
Pasilly	France	Siemens Gamesa	Greensolver	EDF	20.0	100%	20.0
France					119.6		119.6
Soliedra	Spain	GE	Alfanar	Engie	24.0	100%	24.0
Torrubia	Spain	Suntech	Grupotec	Merchant	50.0	100%	50.0
Kokkoneva	Finland	Nordex	ABO	Gasum Oy	43.2	100%	43.2
Erstrask North	Sweden	Enercon	Enercon	Skelleftea Kraft	134.4	100%	134.4
Erstrask South	Sweden	Enercon	Enercon	Skelleftea Kraft	101.1	100%	101.1
Total Spain, Finland and Sweden				352.7		352.7
Total Operating Portfolio				1,932.7		1,495.9
South Meath - Forward Sale				80.5	50%	40.3
Andella - Forward Sale					50.0	100%	50.0
Contracted to acquire/forward sale				130.5		90.3
Total Operating and Contracted Portfolio(2)						1,586

1. Includes Beam Hill (14MW, Vestas turbines) wind farm and Beam Hill Extension wind farm (6.9MW, Enercon turbines).
2. Includes Killala Battery which has 10.8MW of storage capacity.

INVESTMENT MANAGER'S REPORT

Investment Portfolio continued

Ireland

Ballincollig Hill	1
Ballybane	2
Beam Hill	3
Carrickallen	4
Cloghan	5
Cloosh Valley	6
Cnoc	7
Cordal	8
Garranereagh	9
Glanaruddery	10
Glencarby	11
Gortahile	12
Killala and Killala Battery*	13
Killhills	14
Knockacummer	15
Knocknalour	16
Letteragh	17
Lisdowney	18
Monaincha	19
Raheenleagh	20
Sliabh Bawn	21
South Meath (forward sale)	22
Taghart	23
Tullahennel	24
Tullynamoyle II	25

Finland

Kokkoneva

26

France

Arcy Precy

27

3

		13	25
					4
			21			23
		6					22
						5
		17		19	18	12	20
		11
	24		14	7		16
1	10
15
	8
	2		9

39

9

STRATEGIC REPORT

GOVERNANCE

Genonville	28
Grande Piece	29
Pasilly	30
Menonville	31
Saint Martin	32
Sommette	33

Germany

Borkum Riffgrund 1	34
Butendiek	35

Spain

Andella (forward sale)	36
Soliedra	37
Torrubia Solar	38

Sweden

Erstrask South	39
Erstrask North	40

• Killala wind farm and Killala Battery are a single site on the above map as shown in location 13.

40

35

34

32	28	29	33
31	27
			30

36 37 38

26

GREENCOAT	FINANCIAL STATEMENTS
RENEWABLES ANNUAL REPORT 2023

10

INVESTMENT MANAGER'S REPORT continued

Investment Portfolio continued

GREENCOAT RENEWABLES ANNUAL REPORT 2023

Breakdown of operating portfolio by value as at 31 December 2023.

Assets

Borkum Riffgrund 1	12%
Butendiek	12%
Cloosh Valley	8%
Clordal	7%
Knockacummer	7%
Erstrask North	5%
Other	49%

Principal Equipment Supplier

Siemens Gamesa	38%
Nordex	18%
Enercon	18%
GE	11%
Vestas	11%
Suntech	2%
Senvion	1%
Fluence	1%

Asset Age

< 3 years	18%
3-5 years	6%
5-10 years	70%
> 10 years	6%

Geography

Republic of Ireland	54%
Germany	25%
France	8%
Sweden	8%
Spain	3%
Finland	2%

The Group's portfolio benefits from increased diversification as assets with varying geographical or technological characteristics are acquired. As at 31 December 2023, 78% of capacity related to onshore wind assets, 18% to offshore wind assets, 3% to solar and 1% to battery assets. In addition, the Group benefits from owning and operating a young fleet of assets with 94% less than 10 years old.

Operational Performance

Portfolio generation including compensated constraints amounted to 3,422GWh against a budget of 3,754GWh representing underperformance against budget of 9%. With grid outages largely compensated for, less wind resource than expected and other availability issues resulted in a shortfall versus budget for the year.

Compensable

Wind farm

Grid

Resource/

Compensated

Total

Budget

availability

Other

Production

Production

3,754

(72)

(177)

(231)

148

3,422

YTD GWh

Note: Grid includes curtailment.

The Company's pan European portfolio is exposed to a range of weather systems which directly impacts generation capability. As exposure to new technologies and geographies increases the diversification benefits of the portfolio

will increase.

Investment Activity

In the year under review, the Company remained a highly selective buyer of assets with over 20,000MW of projects assessed leading to the acquisition of four new assets across five separate transactions resulting in a 332MW increase in total capacity to 1.5GW.

In deploying a total of €524.3 million, the Company increased its exposure to offshore wind, further reinforced its market position in Ireland and entered the Spanish solar market for the first time. Importantly, strong operational performance facilitated the reinvestment of €119.3 million of organic cash resources into the funding of new acquisitions.