Completion of Coilte Acquisition

RNS Number : 3428L

Greencoat Renewables PLC

21 December 2018

 

Greencoat Renewables completes acquisition of 87.6MW of operational windfarms

Greencoat Renewables reaches generating capacity of 383.8MW

Dublin, London, 21 December 2018 | Greencoat Renewables PLC ("Greencoat Renewables"), the Irish renewable infrastructure company, has completed the previously announced acquisition of the majority of Coillte's shareholdings in its portfolio of operating wind farms.  

The acquired portfolio comprises:

·    50% stake in 35.2MW Raheenleagh wind farm, acquired from Coillte, investing alongside ESB

·   50% stake in 108MW Cloosh Valley wind farm, acquired from Coillte, investing alongside SSE Renewables

·    25% stake in 64MW Sliabh Bawn wind farm, acquiring 12.5% from Coillte and 12.5% from Bord Na Mona, which each continue to own 37.5%

The portfolio being acquired will not now include Coillte's 50% interest, equating to 17.5MW, in the Castlepook wind farm. ESB has elected to exercise its pre-emption right to acquire this interest on the same terms.

The assets were acquired for a total consideration of €115.3 million (excluding the €9.0m of distributions that the selling shareholders received pre-closing) and add 87.6MW to Greencoat Renewables' operating portfolio, taking the company's generating capacity to 383.8MW.

The portfolio of three windfarms includes long term fixed rate project finance and has an overall net enterprise value of €247 million.  The acquisition takes Greencoat Renewables' total borrowings to 57% 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 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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