Acquisition of 35.6MW Glencarbry Wind Farm

RNS Number : 2123U

Greencoat Renewables PLC

01 April 2021

 

Acquisition of 35.6MW Glencarbry Wind Farm

Transaction brings total installed capacity to 685.6MW

Dublin, London, 1 April 2021: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company"), the renewable infrastructure company invested in euro-denominated assets, is pleased to acquire Glencarbry wind farm from John Laing Group.

Glencarbry is located in County Tipperary, Ireland and consists of 12 Nordex turbines that have been operational since July 2017. The wind farm's revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until July 2032. Nordex will continue to manage the operations and maintenance contract.

The acquisition is being funded by the Company's existing credit facility. Following the acquisition, Greencoat Renewables' total borrowings will represent 49% of Gross Asset Value, in the middle of the Company's target gearing range.

Including the previously announced acquisition of Cordal wind farm which has now completed, Greencoat Renewables' total installed generating capacity has increased to 685.6MW.

Paul O'Donnell, Investment Manager said:

"We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry wind farm, another high-quality asset with long-term contracted revenues.

We are also pleased to have closed our second transaction with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector.

We continue to see a range of attractive opportunities, both in Ireland and the wider European market."

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For further details contact:

Greencoat Capital LLP (Investment Manager)
Bertrand Gautier Paul O'Donnell Tom Rayner					[phone]
FTI Consulting (Investor Relations & Media)
Jonathan Neilan					[phone]
Melanie Farrell					[e-mail]
Davy (Broker, NOMAD and Euronext Growth Adviser) Fergal Meegan Barry Murphy Ronan Veale					[phone]
RBC Capital Markets (Joint Broker) Matthew Coakes Elizabeth Evans					[phone]

About Greencoat Renewables PLC

Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the company is now also considering expansion into wind and solar assets in certain other Northern European countries with stable and robust renewable energy frameworks. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

 

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