Acquisition of Tullynamoyle 2 Wind Farm

RNS Number : 6599J

Greencoat Renewables PLC

03 April 2018

 

Greencoat Renewables PLC

Acquisition of  11.5MW Tullynamoyle 2 Wind Farm for €19.3 million

Dublin, London, 3 April 2018: Greencoat Renewables PLC ("GRP") the Irish renewable infrastructure company, today announces the acquisition of Tullynamoyle 2, a 11.5MW wind farm situated in County Leitrim, from a local developer for a total consideration of €19.3 million.

Tullynamoyle 2 wind farm consists of five Enercon E70 turbines, and was commissioned in February 2018, thereby benefiting from 15 years of contracted revenues under the REFIT 2 scheme, guaranteeing a minimum floor price for the electricity generated until 2032.

Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager said: "This acquisition is in line with our strategy to partner with both local and international developers while creating long term value for our shareholders. Tullynamoyle 2 is a great asset and another acquisition with very long-term contracted revenues, giving us stability and visibility of income out until 2032.".

The acquisition was funded by GRP's €250 million credit facility. Following the completion of Tullynamoyle 2 and the closing of Dromadda More, GRP total borrowings will be 44% of Gross Asset Value.

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For further details contact:

Greencoat Capital LLP (Investment Manager)
Bertrand Gautier Paul O' Donnell					[phone]
Tom Rayner
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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