Greencoat Renewables PLC GRP acquires 14.1MW Letteragh Wind Farm (1329D)

TIDMGRP

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 EUR35.4 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 EUR380 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                                             +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 
  Elizabeth Evans                                        +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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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