Greencoat Renewables PLC, the Dublin-headquartered investor in European renewable energy infrastructure, has announced an unaudited Net Asset Value of €1,047 million, or 97.4c per share, as at 30 September 2026. The company simultaneously declared a quarterly interim dividend of 1.70250c per share for the quarter ended 30 September 2026, payable on 17 December 2026. The update also confirms that the initial €25 million share buyback tranche has been completed, with a second €25 million tranche already under way, and that the full-year dividend target of 6.81c per share and 1.5x net dividend cover remain intact.

Key Points

  • Greencoat Renewables PLC (GRP) — pan-European renewable energy infrastructure investor managed by Schroders Greencoat LLP
  • Unaudited Q3 2026 NAV of €1,047 million (97.4c per share), up 0.2c from 97.2c at 30 June 2026
  • Q3 dividend of 1.70250c per share; payment date 17 December 2026; 2026 full-year target of 6.81c per share maintained with 1.5x net dividend cover reiterated
  • Investors should watch progress on the second €25 million buyback tranche, further PPA announcements, and portfolio optimisation initiatives including Drogheda Energy Park

Elevated European Power Prices Offset Q3 Production Shortfall at Greencoat Renewables

Q3 net cash generation came in above budget at €9.8 million, with the announcement stating that elevated power prices compensated for a production shortfall of 8% versus budget. NAV per share benefited from a 2.2c contribution from short-term mainland European power prices, with Germany alone accounting for 1.4c of that gain. This was partially offset by a 1.2c reduction stemming from a merchant discount rate increase in the Nordics. The company's levered portfolio IRR stands at 9.6% on NAV, implying approximately 12% on a share price basis.

Greencoat Renewables Completes Initial €25 Million Buyback and Advances Second Tranche

The initial €25 million buyback programme was completed during Q3 2026, with 33.1 million shares repurchased at an average discount of 24%. A second €25 million tranche is now under way; the announcement discloses that 5.1 million shares were repurchased within Q3 at an average discount of 19%. Share buyback accretion contributed 0.2c to NAV per share movement during the quarter. The company has 1,071,457,198 shares in issue, of which 200,000 are held in treasury.

Strong Balance Sheet Supports Portfolio Optimisation Including Drogheda Energy Park

Greencoat Renewables reported €128 million of on-balance-sheet cash and €240 million of undrawn Revolving Credit Facility capacity at the quarter end. Total debt stands at €1,201 million, equating to 53% gearing. The company states it is advancing a range of portfolio optimisation initiatives spanning asset disposals, hybridisation, and development opportunities, including Drogheda Energy Park. Further power purchase agreement opportunities are also under active consideration, building on a previously announced short-term PPA at the Borkum asset in Germany.

Q3 2026 Dividend Timetable and Irish Withholding Tax Obligations for Greencoat Renewables Shareholders

The ex-dividend date for UK and Ireland register holders is 26 November 2026, with a record date of 27 November 2026 and payment on 17 December 2026. The gross dividend is subject to Irish Dividend Withholding Tax at 25%. Shareholders on the South African register face a separate 20% SA Dividends Withholding Tax, with relief potentially available under applicable double taxation arrangements. The currency conversion announcement for South African register holders is scheduled for 23 November 2026. Shareholders uncertain of their tax position are directed to seek independent professional advice.