Acquisition of Two Wind Farms from Blackrock

RNS Number : 8908J

Greencoat Renewables PLC

10 December 2018

 

Greencoat Renewables acquires two wind farms from BlackRock Real Assets for €88 million

Monaincha and Garranereagh wind farms comprise 45.2MW capacity

Dublin, London, 10 December 2018 | Greencoat Renewables PLC ("Greencoat Renewables"), the Irish renewable infrastructure company, is pleased to announce an agreement to acquire the Monaincha and Garranereagh wind farms from BlackRock Real Assets ("BlackRock") for a total consideration of €88 million. The transaction is expected to close by the end of December 2018.

-      Monaincha wind farm is located in County Tipperary. It consists of 15 Nordex N117 turbines with a total capacity of 36MW. It was commissioned in September 2014 and benefits from the REFIT 2 tariff until September 2029.

-      Garranereagh wind farm is located in County Cork. It consists of 4 Enercon E82 turbines with a total capacity of 9.2MW. It was commissioned in September 2013 and benefits from the REFIT 1 tariff until December 2027.

The acquisition is in line with Greencoat investment policy and will be made using Greencoat Renewable's increased Revolving Credit Facility of €380m.

Bertrand Gautier, Partner at Greencoat Capital, the Investment Manager said: "We are very pleased with the transaction, and to be adding significant capacity to our portfolio as well as deepening our relationship with BlackRock. In Monaincha and Garranereagh, BlackRock has developed two high-quality assets, both benefitting from high load factors, and a long REFIT life extending to the end of the 2020s."

Rory O'Connor, Head of European Renewables for BlackRock, commented, "We are delighted to partner with Greencoat Renewables on this Irish wind transaction. This portfolio is testament to BlackRock's strong investment, partnering and technical capability in renewable power. We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realisations over time." 

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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]
BlackRock Real Assets
Roland Leithaeuser					[phone]
Geeta Kana					[phone]
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.

About BlackRock Real Assets

In today's dynamic and complex global investing market, we help our clients access real assets that could help meet their investment goals by providing a distinct range of well defined, outcome orientated strategies, along the investment risk - return spectrum.

Our dedicated teams of industry and sector specialists deliver global reach, with deep local expertise. They have decades of relevant experience, are deeply embedded in their operating industries by sector and geography, and have developed strong partnership networks over time.

BlackRock's culture of risk management, knowledge sharing and investment discipline sets us apart and underpins all that we do. With over 380+ professionals in 27 offices managing over US$47bn in client commitments as of 30 September 2018, BlackRock Real Assets partners with clients to provide solutions tailored to individual portfolio needs such as income, growth, liquid or balanced real assets outcomes.

 

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