Greencoat Renewables PLC GRP to acquire 51.9MW of wind capacity in France (1178H)
March 23 2020 - 3:00AM
UK Regulatory
TIDMGRP
RNS Number : 1178H
Greencoat Renewables PLC
23 March 2020
Greencoat Renewables agrees to acquire 51.9MW of operating wind
capacity in France
Transaction marks entry to continental Europe and brings total
installed capacity to 528.1MW
Dublin, London, 23 March 2020: Greencoat Renewables PLC,
("Greencoat Renewables" or the "Company"), the renewable
infrastructure company invested in euro-dominated assets, is
pleased to announce an agreement to acquire a portfolio of
operating wind assets in France from John Laing Group for a total
consideration of EUR30.3 million. The portfolio of three windfarms
come with 16-year long term fixed rate project finance and have an
overall net enterprise value of EUR95 million. Following the
acquisition, Greencoat Renewables' total installed capacity base
will increase to 528.1MW.
The acquisition will mark the Company's first investment in the
continental European renewable energy market. The assets will
benefit from France's stable and supportive tariff regime which
guarantees a fixed price for the electricity produced by the asset.
All assets will benefit for fixed price Feed in Tariff ("FIT") with
a weighted average remaining FIT of 12.3 years.
The acquisition will close following French regulatory approval
and will be funded by the Company's EUR380 million credit facility.
Following the acquisition, Greencoat Renewables' total borrowings
will represent 43% [1] of Gross Asset Value.
The portfolio comprises:
-- Passilly - 20.0MW wind farm commissioned in September 2016
consisting of 10 Gamesa 2.0MW turbines, located in the Burgundy
region;
-- Sommette - 21.6MW wind farm commissioned in December 2017
consisting of 9 Nordex 2.4MW turbines, located in the Picardy
region;
-- St Martin - 10.3MW wind farm commissioned in June 2018
consisting of 5 Senvion 2.05MW turbines, located in
Saint-Martin-l'Ars.
Bertrand Gautier, Investment Manager said:
"Consistent with our long-term strategy, we are pleased to be
making our first investment into the French wind market. The assets
benefit from France's stable regulatory regime, with the
fixed-price Feed-in-Tariff guaranteeing power prices for the next
12.3 years. Our existing portfolio already has 97% of its cashflows
contracted under REFIT until Jan 1 2028, and this acquisition
further extends the proportion and duration of our fixed-price
revenues.
The acquisition will bring gearing to 43%, which is towards the
lower end of our target range and will provide flexibility to
pursue further opportunities as they arise. We are also pleased to
have partnered with John Laing, again demonstrating our ability to
transact with leading investors and developers across the
sector."
--- 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. Initially focused solely on
the acquisition and management of operating wind farms in Ireland,
the Company is now also considering expansion into 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.
[1] Gearing is based on aggregate Group debt comprising
draw-down Group's revolving credit facility and Group's
proportionate share of long-term project finance debt at SPV's
level.
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END
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