GRP acquires 51.9MW of wind capacity in France

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."

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For further details contact:

Greencoat Capital LLP (Investment Manager)
Bertrand Gautier Paul O'Donnell Tom Rayner					[phone]
FTI Consulting (Investor Relations & Media)
Jonathan Neilan					[phone]
Melanie Farrell					[e-mail]
Davy (Broker, NOMAD and Euronext Growth Adviser) Fergal Meegan Barry Murphy Ronan Veale					[phone]
RBC Capital Markets (Joint Broker) Matthew Coakes Jonathan Hardy 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 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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