Greencoat Renewables Acquisition
21 December 2017 - 6:00PM
UK Regulatory
TIDMIRSH
Acquisition of 36MW Dromadda More wind farm from Impax,
increasing generation capacity to 173MW
EUR250m New Revolving Credit Facility with Syndicate of Five
Banks
Dublin, London - 21 December 2017 | Greencoat Renewables PLC
("Greencoat Renewables") the Irish renewable infrastructure
investment company, today announces an agreement to acquire
Dromadda More, a 36MW wind farm from Impax Asset Management
("Impax") and a new EUR250 million Revolving Credit Facility
("RCF").
Highlights
-- Greencoat Renewables has agreed to acquire the 36MW Dromadda More Wind
farm in County Kerry from Impax for a total consideration of
EUR88.4
million
-- A new EUR250 million RCF put in place with a syndicate of five domestic
and international banks: AIB, BNP Paribas, Commerzbank, Royal
Bank of
Canada and Santander
-- The RCF, which has a tenor of three years, will be used to re-finance
existing project finance debt of EUR71 million and fund new
acquisitions
including 36MW of operating wind capacity announced today
-- Following the re-financing of existing debt and completion of the
acquisition of Dromadda More, the RCF will provide capacity for
a
further EUR95 million of acquisitions
Dromadda More Windfarm Dromadda More is located in County Kerry
and consists of 11 Vestas V112 turbines. It has a capacity of 36MW.
The wind farm is currently being energised and is expected to be
formally commissioned in March 2018 at which point the acquisition
will complete.
As a newly built asset, Dromadda More will benefit from a full
15 years of REFIT-2 revenues, guaranteeing a minimum floor price
for the electricity produced by the asset. The acquisition will be
subject to an adjustment mechanism that will assess actual energy
production over a twelve-month period and the acquisition price
will be adjusted accordingly.
New EUR250 million Revolving Credit Facility As outlined at the
time of IPO in July 2017, Greencoat Renewables intended to put in
place a new RCF to enable the acquisition of further operating
assets in the secondary wind market. Greencoat Renewables has now
put in place a three year EUR250 million RCF with a syndicate of
five domestic and international banks: AIB, BNP Paribas,
Commerzbank, Royal Bank of Canada and Santander.
The RCF will be used to pay down the remaining EUR71 million of
project finance debt associated with Greencoat Renewables' 137MW
portfolio of seed assets, finance the acquisition of the Dromadda
More wind farm and provide additional financial capacity for
further acquisitions when attractive opportunities appear. Over
time and in line with strategy, Greencoat Renewables may refinance
some or all of the RCF debt in the equity capital markets, freeing
up the RCF for further acquisitions as required.
Bertrand Gautier, Partner at Greencoat Capital, the Investment
Manager, said: "As set out at the time of IPO, we have now
established a new Revolving Credit Facility with a syndicate of
five banks to allow us to effectively pursue wind generation assets
when the right opportunities arise. We are very pleased with the
terms of the facility, and the acquisition flexibility that it will
provide."
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager, added: "We are very pleased to have acquired Dromadda More
- a high quality asset with a high load factor which also benefits
from 15 years of REFIT. Dromadda More represents the first
acquisition for Greencoat Renewables PLC since IPO and underpins
the growth opportunity that we believe exists in the Irish onshore
wind market. It is an excellent addition to our seed portfolio, and
value-accretive to our shareholders."
--- ENDS ---
For further details contact:
Greencoat Capital LLP
(InvestmentManager)
Bertrand Gautier +44 20 7832 9400
Paul O'Donnell
Tom Rayner
FTI Consulting (Investor
Relations & Media)
Jonathan Neilan +353 1 765 0886
Melanie Farrell greencoat@fticonsulting.com
Davy Corporate Finance +353 1 679 6363
(NOMAD and ESMAdviser)
Fergal Meegan
Barry Murphy
RBC Capital Markets (Joint Broker) +44 20 7653 4000
Matthew Coakes
Jonathan Hardy
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro-denominated
renewable energy infrastructure assets, and is focused on the
acquisition and management of operating wind farms in Ireland. It
is managed by Greencoat Capital LLP, an experienced investment
manager in the listed renewable energy infrastructure sector.
The Board and the Investment Manager believe there is a
significant opportunity to consolidate ownership of operational
wind farms in Ireland over the short to medium term.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20171220005777/en/
This information is provided by Business Wire
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