Acquisition of 48.3MW Ballybane Wind Farm

RNS Number : 3950F

Greencoat Renewables PLC

29 October 2018

 

Greencoat Renewables acquires 48.3MW Ballybane wind farm for €61.3 million, bringing its operational portfolio to 251MW

Dublin, London, 29 October 2018 | Greencoat Renewables PLC ("Greencoat Renewables"), the Irish renewable infrastructure company, today announces the acquisition of Ballybane, a 48.3MW wind farm situated in County Cork. The wind farm was acquired from an independent local developer for a total consideration of €61.3 million. This brings Greencoat Renewables' portfolio of operational wind farms to 251MW capacity.

Ballybane wind farm consists of 21 Enercon E70 turbines with a net generating capacity of 48.3MW. The wind farm was constructed in three phases, all of which qualify for the REFIT tariff:

·     Phase 1: 13 turbines contracted under the REFIT 1 scheme until 2023

·     Phase 2: 6 turbines contracted under the REFIT 2 scheme until 2030

·     Phase 3: 2 turbines contracted under the REFIT 2 scheme until 2032

The acquisition was in line with Greencoat Renewables' Investment Policy and was funded by the company's €250 million credit facility. Following the acquisition, Greencoat Renewables' total borrowings are 31% of Gross Asset Value (excluding consideration of the Coillte acquisition which is expected to close during November 2018).

Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager said: "Ballybane is a very attractive asset with significant generating capacity and a high load factor. The deal represents our fourth transaction with independent developers in 2018, and following the recent Coillte announcement, further evidences the ongoing opportunity in Ireland's secondary wind 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 Corporate Finance (Broker, NOMAD and ESM Adviser) Fergal Meegan Barry Murphy Ronan Veale					[phone]
RBC Capital Markets (Joint Broker) Matthew Coakes Jonathan Hardy					[phone]

About Greencoat Renewables PLC

Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets, and is focused on the acquisition and management of operating wind farms in Ireland. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

 

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