Acquisition and New Term Loan
Acquisition of 11.5MW An Cnoc Wind Farm, increasing generation capacity to 550MW
Agreement of new €200 million 5-Year Term Loan
Dublin, London - 23 October 2020 | Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") the Irish renewable infrastructure company invested in euro-denominated assets, today announces the acquisition of An Cnoc Wind Farm, as well as the closing of a new €200 million Term Loan.
An Cnoc Wind Farm
An Cnoc Wind Farm is located in County Tipperary, Ireland. The wind farm consists of 5 Enercon E70 turbines that have been operational since March 2018. The wind farm's revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032. Enercon will continue to manage the operations and maintenance contract.
The acquisition is being funded by the Company's existing credit facility. Following completion, total borrowings will represent 45% of Gross Asset Value.
New €200 million Term Loan
The Company is pleased to announce a new €200 million 5-year Term Loan with a syndicate of three banks, Commonwealth Bank of Australia, National Australia Bank and Natwest.
The Term Loan will be used to pay down some of the existing revolving credit facility ("RCF"), leaving the RCF drawn at c.€115 million. Over time and in line with strategy, Greencoat Renewables may add additional Term Loan facilities in order to more efficiently maintain its long-term target leverage.
Bertrand Gautier, Partner at Greencoat Capital, the Investment Manager, said: "We have now established a new Term Loan facility with a syndicate of three relationship banks to provide depth to our capital structure in line with our leverage strategy. We are very pleased with the terms of the facility, and the acquisition flexibility that it will provide."
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For further details contact:
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Greencoat Capital LLP (Investment Manager) |
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Bertrand Gautier Paul O' Donnell Tom Rayner |
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+44 20 7832 9400 |
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FTI Consulting (Investor Relations & Media) |
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Jonathan Neilan |
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+353 1 765 0886 |
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Melanie Farrell |
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greencoat@fticonsulting.com |
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Davy (Broker, NOMAD and Euronext Growth Adviser) Fergal Meegan Barry Murphy Ronan Veale |
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+353 1 679 6363 |
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RBC Capital Markets (Joint Broker) Matthew Coakes Elizabeth Evans |
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+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 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.
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