Greencoat Renewables PLC Acquisition of 21MW Soliedra Wind Farm in Spain (5436H)
April 07 2022 - 2:00AM
UK Regulatory
TIDMGRP
RNS Number : 5436H
Greencoat Renewables PLC
07 April 2022
Acquisition of 21MW Soliedra Wind Farm in Spain
Transaction will bring total installed capacity to
1,014MW([1])
Dublin, London, 7(th) April 2022 | Greencoat Renewables PLC
("Greencoat Renewables" or "the Company"), the renewable
infrastructure company invested in euro-denominated assets, is
pleased to acquire the 21MW Soliedra wind farm from Alfanar Global
Development. The deal represents the Company's second renewables
transaction in Spain.
The wind farm is located in Soria, in the region of Castilla y
Leon, Spain and consists of six
GE- 137 turbines that have been operational since May 2021. GE
will continue to provide long term operations and maintenance
services.
Soliedra wind farm is currently contracted as a merchant asset
but has the flexibility in the future to contract the electricity
produced via a corporate PPA.
Following the acquisition, Greencoat Renewables' total
borrowings will represent 40%([2]) of Gross Asset Value.
The transaction is in line with Greencoat Renewables' European
growth strategy and follows the Company's expansion into France,
Finland, Germany and Sweden.
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager, said:
"We are delighted to secure such a high-quality asset from
Alfanar and have sight of further value-accretive opportunities in
Spain.
As the renewable generation market continues to develop, we
expect to see greater opportunity in the unsubsidised renewables
market and believe Greencoat Renewables is well positioned to
benefit both across mainland Europe and in Ireland."
Jamal Wadi, Managing Director, Alfanar Global Development,
said:
"We have been in Spain for many years now and are committed to
its energy transition. This deal marks another milestone in our
ambitious plans for the European markets."
--- 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)
Melanie Farrell +353 86 401 5250
Orla Cox greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
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 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] This includes 156MW related to the 50% acquisition of the
312MW German offshore project known as 'Borkum Riffgrund 1'
announced by the Company on the 4(th) April, which is yet to be
paid and remains subject to regulatory clearance expected around
May 2022.
[2] This includes the recent equity raise proceeds of EUR281.5m
and the Borkum Riffgrund 1 acquisition price of c.EUR350m, which
remains to be paid following receipt of regulatory clearance
expected around May 2022.
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END
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