DAVY VIEW

The announced sale of Kokkoneva onshore wind farm (Finland) is consistent with Greencoat Renewables’ strategy to identify asset recycling opportunities. The consideration, representing a 6% premium to its carrying value and likely in the region of €50m by our own estimates, reinforces current portfolio valuations. In addition, it will be modestly accretive to NAV, will reduce debt by c.1 percentage point and will enhance the contracted mix of the portfolio. Further asset recycling opportunities, including the reported sale of assets in Ireland, are likely also being considered.