Greencoat Renewables PLC Acquisition of further stake in Cloosh Valley (3860U)
29 March 2019 - 3:43AM
UK Regulatory
TIDMGRP
RNS Number : 3860U
Greencoat Renewables PLC
28 March 2019
Greencoat Renewables acquires additional 27MW of capacity at
Cloosh Valley wind farm from SSE
Total net generating capacity increased to 411MW
Dublin, London, 28 March 2019 | Greencoat Renewables PLC
("Greencoat Renewables"), the renewable infrastructure company
invested in euro-denominated assets, is pleased to announce the
acquisition of a 25% stake in Cloosh Valley wind farm from SSE for
a total consideration of EUR34.5million, representing the equity
value of the transaction. In addition, the deal includes EUR41.7m
of project finance debt attributable to the shareholding
acquired.
Today's acquisition is in addition to the 50% stake in Cloosh
Valley previously acquired by Greencoat Renewables from Coillte in
December 2018, taking the company's ownership of the wind farm to
75%. SSE will continue to own the remaining 25% of Cloosh Valley
and will continue to manage the operations and trading of the wind
farm.
Cloosh Valley consists of 36 Siemens 3.0MW turbines with a
combined capacity of 108MW. The wind farm was commissioned in
September 2017 and is contracted under the REFIT 2 regime until
2032. Cloosh Valley wind farm is part of the 174MW Galway Wind
Park, the largest renewable generation site on the island of
Ireland.
After the acquisition the company's total borrowings stand at
44% of Gross Asset Value.
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager, said: "We are very pleased to partner with SSE and to
strengthen our relationship as co-owners of this asset at Ireland's
largest wind farm. We continue to see a strong pipeline of
acquisition opportunities, for which our track record in execution
and operations makes us an attractive partner for utilities looking
to recycle capital"
Gregor Alexander, Finance Director of SSE, said: "Galway Wind
Park is a testament to SSE's ability to design, develop, construct
and operate first class renewable energy assets. The sale of this
stake in Cloosh Valley Wind Farm to our asset co-owner Greencoat
Renewables is a continuation of SSE's longstanding approach of
partnering with other renewable investors and securing value for
shareholders at appropriate times."
--- ENDS ---
For further details contact:
Greencoat Capital LLP (Investment Manager)
Bertrand Gautier
Paul O' Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Jonathan Neilan +353 1 765 0886
Melanie Farrell greencoat@fticonsulting.com
Davy Corporate Finance (Broker, NOMAD and ESM Adviser)
Fergal Meegan
Barry Murphy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Jonathan Hardy +44 20 7653 4000
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro denominated
renewable energy infrastructure assets. Governed by a strong and
experienced independent board, it is focused on the acquisition and
management of operating wind farms in Ireland. It is managed by an
experienced team at Greencoat Capital LLP, a leading European
renewable investment manager with over EUR3.5 billion of assets
under management across a number of funds in wind and solar
infrastructure.
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END
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