Greencoat Renewables PLC Framework Agreement with FuturEnergy Ireland (6394L)
September 07 2023 - 2:00AM
UK Regulatory
TIDMGRP
RNS Number : 6394L
Greencoat Renewables PLC
07 September 2023
Greencoat Renewables announces landmark Strategic Framework
Agreement with FuturEnergy Ireland
Agreement set to assist the delivery of over 1GW of onshore wind
projects in Ireland by 2030
Dublin, 7 September 2023: Greencoat Renewables PLC ("Greencoat
Renewables" or "Greencoat") announces it has entered into a
long-term Strategic Framework Agreement ("the Agreement") with
FuturEnergy Ireland, in respect of its 1GW+ pipeline of onshore
wind projects. FuturEnergy Ireland is the recently established
state-backed joint venture company co-owned by ESB and Coillte and
is one of the country's leading wind developers.
This is the first Strategic Framework Agreement entered into by
Greencoat, providing access to a long-term pipeline of onshore wind
projects in Ireland. The Agreement will establish a unique
structure under which Greencoat agrees to acquire project stakes
under a Forward Sale basis, subject in all cases to receipt of
relevant shareholder consents. The acquisition of each project
stake would complete upon each project reaching commercial
operation.
The framework structure will leverage FuturEnergy Ireland's
unique development pipeline and market leading expertise in
renewable energy project development and delivery. Greencoat
expects to invest over EUR1 billion enterprise value into its stake
of the projects under the framework by 2030. The Agreement will
help streamline and accelerate the delivery of critical renewable
energy projects across Ireland.
The assets under the framework will target a proportion of
long-term contracted revenues through the Irish Governments
Renewable Electricity Support Scheme ("RESS") as well as Ireland's
well established corporate PPA market.
Paul O'Donnell, Greencoat Renewables PLC said :
"We are very excited to partner with FuturEnergy Ireland and
their development team on this long-term Strategic Framework
Agreement, which will make a significant contribution to Ireland's
2030 climate targets and broader net zero ambitions.
The framework will provide access to long-term contracted
cashflows and forms an integral part of our strategy as we
re-invest organic cash to secure attractive new investments.. As
the largest owner of onshore assets in Ireland, representing an
investment of over EUR1.4 billion over the last 6 years, we are
well-positioned to deliver these critical projects."
Peter Lynch, CEO, FuturEnergy Ireland said:
"We are very much looking forward to establishing a new
strategic relationship with Greencoat Renewables through this
innovative framework structure. The framework will build upon a
well-established history of successful partnerships in our business
and further demonstrates Greencoat's commitment to Ireland and its
renewables market.
This agreement will help to accelerate the commercialisation of
projects and leverage its many benefits and efficiencies to enable
us to deliver a large pipeline of renewable energy projects in
support of national and EU climate goals. This in turn will result
in the faster delivery of our renewable energy projects that are
urgently needed to reduce carbon emissions."
--- ENDS ---
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 LLP, an
experienced investment manager in the listed renewable energy
infrastructure sector.
Greencoat Renewables is an Irish investment company investing
primarily into Euro denominated Irish and European renewable energy
assets and is the leading investor into operational renewable
energy assets in the Republic of Ireland. Established in 2017, its
primary listing is on the Irish Stock Exchange and has over 758 MW
of operational assets currently under management in the Irish
market.
About FuturEnergy Ireland
FuturEnergy Ireland is a leading Irish wind developer
established in 2021 as a stand-alone joint venture between Coillte
(Ireland's state-owned forestry company) and the ESB (Ireland's
state-owned electrical utility company). The aim of the joint
venture is to maximise the potential of Ireland's unique wind and
land resources and accelerate Ireland's transformation to a low
carbon energy economy. The business is targeting the delivery of
1GW of onshore wind projects (net share) by 2030.
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 (Joint Broker, Nomad and Euronext Growth Listing Sponsor)
Brian Garrahy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans +44 20 7653 4000
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