Greencoat Renewables PLC First transaction in Nordic Market (0213P)
February 15 2021 - 2:00AM
UK Regulatory
TIDMGRP
RNS Number : 0213P
Greencoat Renewables PLC
15 February 2021
Greencoat Renewables announces first transaction in Nordic
market
Agreement to acquire 43.2 MW windfarm in Finland
Dublin, London, 15 February 2021 | Greencoat Renewables PLC
("Greencoat Renewables"), the renewable infrastructure company
invested in euro-denominated assets, is pleased to announce the
agreement to acquire Kokkoneva wind farm from Abo wind, a global
renewable energy project developer, for a consideration of
approximately EUR60 million.
The 43.2MW asset is currently under construction in Siikalatva,
Finland, with commencement of commercial operations expected in Q2
2022. The transaction is structured under a forward sale model and
will only complete once Kokkoneva is fully operational.
The agreement is in line with Greencoat Renewables' European
expansion strategy and follows the acquisition of a portfolio of
three French wind farms in summer 2020. The Finnish wind market is
well-established and characterised by high wind speeds, large
capacity turbines, and a correspondingly low cost of electricity
generation.
Kokkoneva is a subsidy-free wind farm and has entered a 10-year
fixed-price Corporate PPA with Gasum, Finland's state-owned gas
utility for the majority of the electricity generated.
The wind farm will use nine Nordex N149 4.8MW turbines and will
benefit from a 15-year O&M contract with Nordex. Abo wind will
finance and manage the construction of the wind farm and will
continue to provide operational management services for the wind
farm once operational.
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager, said:
"The combination of low-cost renewable energy, and a
well-developed Corporate PPA market make the Nordics a very
attractive target for renewable energy investment. We're delighted
to secure such a high-quality asset from Abo wind, and have sight
of further value-accretive opportunities in Finland and the rest of
the Nordic region.
As the renewable generation market continues to develop, we
expect to see greater opportunity in forward-sale and corporate PPA
models and believe Greencoat Renewables is well positioned to
benefit both in Europe and in Ireland."
--- ENDS ---
For further details contact:
Greencoat Capital LLP (Investment Manager)
Bertrand Gautier
Paul O' Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Jonathan Neilan +353 1 765 0886
Melanie Farrell greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
Fergal Meegan
Barry Murphy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans +44 20 7653 4000
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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END
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