Greencoat Renewables (GRP) continues to make good strategic progress. The platform has now been scaled to a more established level (gross asset value (GAV) almost €1.5bn), with a congruent expansion in the company’s opportunity and optionality. As the fundamental sector backdrop also improves, there are several growth and value-enhancement drivers to consider. Combined, we believe the medium-term net asset value (NAV) environment is improving for GRP, meaning it can sustain its consistent (and uncorrelated) market outperformance. We reiterate our ‘Outperform’ recommendation.
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