GRP acquires 14.1MW Letteragh Wind Farm

RNS Number : 1329D

Greencoat Renewables PLC

17 February 2020

 

Greencoat Renewables acquires 14.1MW Letteragh Wind Farm

Installed capacity increases to 476MW

Dublin, London, 17 February: Greencoat Renewables PLC ("Greencoat Renewables" or "the Company") the renewable infrastructure company invested in euro-dominated assets is pleased to announce it has acquired Letteragh Wind Farm, a 14.1MW wind farm situated in County Clare, on Ireland's west coast, for an initial consideration of €35.4 million. This brings Greencoat Renewables' portfolio of operational wind assets to 476MW.

The wind farm consists of 6 Enercon E92 turbines that have been operational since December 2019. The wind farm's revenues are contracted under the REFIT 2 scheme, providing long term guaranteed minimum floor price for the electricity generated until 2032. Enercon will continue to manage the operations and maintenance contract.

The acquisition is being funded by the Company's €380 million credit facility. Following the acquisition, Greencoat Renewables total borrowings represent 38% of Gross Asset Value.

Paul O'Donnell Investment Manager said: "We are pleased to announce the acquisition of Letteragh Wind Farm, adding another high-quality wind asset with long-term contracted revenues to our portfolio. We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders."

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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 Jonathan Hardy Elizabeth Evans					[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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