Greencoat Renewables PLC GRP acquires 51.9MW of wind capacity in France (7375P)
June 12 2020 - 2:00AM
UK Regulatory
TIDMGRP
RNS Number : 7375P
Greencoat Renewables PLC
12 June 2020
Greencoat Renewables completes first acquisition in continental
Europe - 51.9MW French portfolio from John Laing Group
Dublin, London, 12 June 2020: Greencoat Renewables PLC
("Greencoat Renewables" or "the Company"), the renewable
infrastructure company invested in euro-dominated assets has
completed the acquisition of a 51.9MW portfolio of wind farms in
France. Following the acquisition, Greencoat Renewables' total
installed capacity will increase to 528.1MW.
The previously announced deal marks the Company's first
acquisition in Continental Europe, in line with its strategy to
pursue value-accretive assets in specific countries within Europe's
very large secondary market.
The portfolio of three windfarms all benefit from France's
stable and supportive tariff regime which guarantees a fixed price
for the electricity produced by the asset via a Feed in Tariff
("FIT") with a weighted average remaining subsidy life of 12.3
years.
The portfolio of three windfarms come with 16-year long term
fixed rate project finance and Greencoat Renewables' total
borrowings now represent 43%(1) of Gross Asset Value.
Bertrand Gautier, Investment Manager said:
"We are very pleased to take ownership of this excellent
portfolio, which demonstrates one of our key strategies of seeking
value on the continent. Whilst Ireland remains our core market,
through our deep relationships with a range of major counterparties
we are seeing a high volume of attractive opportunities in the very
large secondary markets of our target European geographies."
--- 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
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.
(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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