Acquisition of further stake in Cloosh Valley

RNS Number : 3860U

Greencoat Renewables PLC

28 March 2019

 

Greencoat Renewables acquires additional 27MW of capacity at Cloosh Valley wind farm from SSE

Total net generating capacity increased to 411MW

Dublin, London, 28 March 2019 | Greencoat Renewables PLC ("Greencoat Renewables"), the renewable infrastructure company invested in euro-denominated assets, is pleased to announce the acquisition of a 25% stake in Cloosh Valley wind farm from SSE for a total consideration of €34.5million, representing the equity value of the transaction. In addition, the deal includes €41.7m of project finance debt attributable to the shareholding acquired.

Today's acquisition is in addition to the 50% stake in Cloosh Valley previously acquired by Greencoat Renewables from Coillte in December 2018, taking the company's ownership of the wind farm to 75%. SSE will continue to own the remaining 25% of Cloosh Valley and will continue to manage the operations and trading of the wind farm.

Cloosh Valley consists of 36 Siemens 3.0MW turbines with a combined capacity of 108MW. The wind farm was commissioned in September 2017 and is contracted under the REFIT 2 regime until 2032. Cloosh Valley wind farm is part of the 174MW Galway Wind Park, the largest renewable generation site on the island of Ireland.

After the acquisition the company's total borrowings stand at 44% of Gross Asset Value.

Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager, said: "We are very pleased to partner with SSE and to strengthen our relationship as co-owners of this asset at Ireland's largest wind farm. We continue to see a strong pipeline of acquisition opportunities, for which our track record in execution and operations makes us an attractive partner for utilities looking to recycle capital"

Gregor Alexander, Finance Director of SSE, said: "Galway Wind Park is a testament to SSE's ability to design, develop, construct and operate first class renewable energy assets. The sale of this stake in Cloosh Valley Wind Farm to our asset co-owner Greencoat Renewables is a continuation of SSE's longstanding approach of partnering with other renewable investors and securing value for shareholders at appropriate times."

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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. Governed by a strong and experienced independent board, it is focused on the acquisition and management of operating wind farms in Ireland. It is managed by an experienced team at Greencoat Capital LLP, a leading European renewable investment manager with over €3.5 billion of assets under management across a number of funds in wind and solar infrastructure.

 

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