Agreement to Acquire 89.6MW Cordal Wind Farm

RNS Number : 4778Q

Greencoat Renewables PLC

26 February 2021

 

Greencoat Renewables agrees to acquire 89.6MW Cordal Wind Farm

Installed capacity will increase to 650MW

Dublin, London, 26 February 2021: Greencoat Renewables PLC ("Greencoat Renewables" or "the Company"), the renewable infrastructure company invested in euro-denominated assets, is pleased to announce the agreement to acquire Cordal wind farm from Cubico Sustainable Investments, a global renewable energy investor and operator.

The wind farm is located in Co. Kerry, Ireland, and consists of 28 3.2MW GE turbines that reached full commercial operations in May 2018. 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 2032. GE will continue to manage the operations and maintenance contract.

The acquisition is being funded by the Group's existing revolving credit facility and is expected to close in April 2021. Following the acquisition, Greencoat Renewables' total borrowings will represent c.46% of Gross Asset Value.

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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 investing in 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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