Greencoat Renewables PLC GRP to acquire 20.4MW Killala Community Wind Farm (6583T)
November 18 2019 - 2:00AM
UK Regulatory
TIDMGRP
RNS Number : 6583T
Greencoat Renewables PLC
18 November 2019
Greencoat Renewables acquires 20.4MW Killala Community Wind
Farm
Installed capacity will increase to 451MW
Dublin, London, 18 November 2019: Greencoat Renewables PLC
("Greencoat Renewables" or "the Company") the Irish renewable
infrastructure company invested in euro-dominated assets is pleased
to announce it has acquired Killala Community Wind Farm, a 20.4MW
wind farm situated in County Mayo.
The project consists of 5 Siemens 3.4MW turbines that have been
operational since July 2019. An additional Siemens 3.4MW turbine is
currently under construction which will bring the installed
capacity to 20.4MW in Q4 2020.
The initial consideration is EUR37.2 million, with further
proceeds payable once the final turbine becomes operational.
Construction of the additional turbine is being overseen by the
existing developers and Siemens will continue to manage the wind
farm's O&M contract.
The project revenues are contracted under the REFIT 2 scheme,
providing a guaranteed minimum floor price for the electricity
generated until 2032.
The acquisition is being funded by the Company's EUR380 million
credit facility. Following the acquisition, Greencoat Renewables
total borrowings are 47% of Gross Asset Value.
Paul O'Donnell, Investment Manager said: "We are pleased to
announce the acquisition of Killala, adding another high-quality
wind asset with long-term contracted revenues. This is our first
acquisition of a community windfarm and we are delighted that the
local community will be sharing in the value created."
--- 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
Jonathan Hardy +44 20 7653 4000
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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END
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