Davy Research

Greencoat Renewables plc

Initiation of coverage: Irish renewable policy pays dividends
Utilities
Greencoat Renewables plc

DAVY VIEW

Greencoat Renewables offers unique equity access to operating Irish wind assets which, buoyed by strong wind capacity factors, aim to pay a growing regular dividend over time. Given the fund’s reinvestment policy, the structure of the REFIT scheme and the abundance of new assets coming on-stream in the next three years, we expect to see steady NAV growth. We initiate with an ‘Outperform’ rating and a €1.12 price target.

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