Framework Agreement with FuturEnergy Ireland
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 €1 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 €1.4 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 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund