Greencoat Renewables PLC German offshore acquisition & forward sale update (4058L)
January 03 2023 - 2:00AM
UK Regulatory
TIDMGRP
RNS Number : 4058L
Greencoat Renewables PLC
03 January 2023
Acquisition in German offshore wind and closing of existing
forward sale commitments in Ireland and Finland
Transaction brings total installed capacity to 1228MW
Dublin, London, 3(rd) January 2023: Greencoat Renewables PLC
("Greencoat Renewables") announces an agreement to acquire 22.5% of
the Butendiek offshore wind farm in Germany from Marguerite
Pantheon.
The wind farm is located in Germany's exclusive economic zone in
the North Sea and consists of 80 Siemens Gamesa 3.6MW turbines that
have been operational since 2015. Butendiek benefits from a
fixed-price FiT until December 2023. After this period, the project
benefits from a floor price for the electricity sold until December
2035, providing the opportunity for exposure to the emerging
European Corporate PPA market. The transaction is subject to
regulatory approval and is expected to close in Q1 2023.
Separately, Greencoat Renewables has now completed the
acquisition of the 25MW Taghart wind farm in Ireland as well as the
45MW Kokkoneva wind farm in Finland. Both assets were acquired
under a forward sale commitment.
Post-acquisition of Butendiek, Greencoat Renewables' total
borrowings will stand at c. 47% of Gross Asset Value.
Bertrand Gautier, Investment Manager said :
"We are pleased to make this acquisition which consolidates
Greencoat Renewables' market position in the German offshore wind
sector. This acquisition will also contribute to the
diversification of Greencoat Renewables' European portfolio whilst
bringing further strong contracted cash flows.
The acquisition of Butendiek demonstrates Greencoat Renewables'
commitment to the European offshore wind sector, which plays an
increasing role in providing cost-competitive, decarbonated and
reliable electricity. We believe the sector will continue to offer
attractive investment opportunities in the near future."
--- ENDS ---
For further details contact:
Schroders Greencoat LLP (Investment Manager)
Bertrand Gautier
Paul O'Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Melanie Farrell
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 Schroders Greencoat, an
experienced investment manager in the listed renewable energy
infrastructure sector.
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END
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