Agreement to Acquire 65MW French Wind Portfolio

RNS Number : 5694M

Greencoat Renewables PLC

24 May 2022

 

Greencoat Renewables agrees to acquire 65MW onshore wind portfolio in France

Transaction will bring total installed capacity to 1,079MW[1]

Dublin, London, 24 May 2022 | Greencoat Renewables PLC ("Greencoat Renewables") announces an agreement to acquire a 65MW portfolio of operating wind farms in France from Axpo, Switzerland's largest producer of renewable energy.

The acquisition comprises 4 wind farms, all of which benefit from French government long-term contracts:

· The 16MW Arcy-Précy windfarm is located in the Burgundy region of France and consists of eight Vestas V110 turbines. The project was commissioned between September 2021 (12MW) and May 2022 (4MW) and benefits from a government fixed-price contract until August 2041.

· The 9.4MW Butte de Menonville windfarm is located in the Centre Val-de-Loire region of France and consists of four Enercon E92 turbines. The project was commissioned in July 2021 and benefits from a government fixed-price contract until June 2041.

· The 20.3MW Genonville windfarm is located in the Centre Val-de-Loire region of France and consists of six Nordex N117 turbines. The project was commissioned in March 2022 and benefits from a government fixed-price contract until February 2042.

· The 19.8MW Grande Pièce windfarm is located in the Centre Val-de-Loire region of France and consists of six Vestas V112 turbines. The project was commissioned between August 2017 and October 2018 and benefits from a government fixed-price contract until August 2032.

The transaction is the Company's second portfolio acquisition in France, as it continues to execute its European growth strategy and follows Greencoat Renewables' expansion into Spain, Finland, Germany, and Sweden.

The transaction is expected to close in Q2 2022.

Bertrand Gautier, Investment Manager said :

"This transaction represents a further milestone in Greencoat Renewables' strategy to increase our position in the French renewables market, which provides an opportunity to secure long-term contracted renewable energy assets. France will now represent 12% of the Greencoat Renewables portfolio.

We look forward to working further with Axpo, a large owner of renewable assets in Europe."

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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)
Melanie Farrell					[phone]
Orla Cox					[e-mail]
Davy (Broker, NOMAD and Euronext Growth Adviser) 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 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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[1] This includes 156MW related to the 50% acquisition of the 312MW German offshore project known as 'Borkum Riffgrund 1' announced by the Company on the 4^th April, which is yet to be paid and remains subject to regulatory clearance expected around May 2022.

 

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