Acquisition of 21MW Soliedra Wind Farm in Spain

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."

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For further details contact:

Greencoat Capital LLP (InvestmentManager)
Bertrand Gautier Paul O'Donnell Tom Rayner					[phone]
FTI Consulting (Investor Relations & Media)
Melanie Farrell					[phone]
Orla Cox					[e-mail]
Davy (Broker, NOMAD and Euronext Growth Adviser) Barry Murphy Ronan Veale					[phone]
RBC Capital Markets (Joint Broker) Matthew Coakes Elizabeth Evans					[phone]

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.

 

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[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 €281.5m and the Borkum Riffgrund 1 acquisition price of c.€350m, which remains to be paid following receipt of regulatory clearance expected around May 2022.

 

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