Greencoat Renewables PLC GRP to acquire 20MW Gortahile Wind Farm (0247M)
12 September 2019 - 12:46AM
UK Regulatory
TIDMGRP
RNS Number : 0247M
Greencoat Renewables PLC
11 September 2019
Greencoat Renewables to acquire 20MW Gortahile Wind Farm
Installed capacity base increases to 431MW
Dublin, London, 11 September 2019: Greencoat Renewables PLC
("Greencoat Renewables") the Irish renewable infrastructure company
invested in euro-dominated assets is pleased to announce it has
entered into an agreement to acquire Gortahile, a 20MW wind farm
situated in County Laois from Glennmont Partners. The transaction
is expected to close on 18 September 2019.
Gortahile Wind Farm consists of eight Nordex N90 turbines. The
wind farm was commissioned in August 2010 and its revenues are
contracted under the REFIT 1 scheme, providing a long term
guaranteed minimum floor price for the electricity generated.
Following the acquisition, Nordex will continue to manage the wind
farm's O&M contract. The additional aggregate generating
capacity will bring Greencoat Renewable's total installed capacity
to 431MW.
The acquisition will be funded by Greencoat Renewables EUR380
million credit facility. Following the completion of the
acquisition, Greencoat Renewables total borrowings will be 46% of
Gross Asset Value.
Paul O'Donnell, Investment Manager said: "We are pleased to
announce the acquisition of Gortahile, adding another high-quality
wind asset with long-term contracted revenues. We were delighted to
work with Glennmont Partners on the transaction and continue to see
a strong pipeline of opportunities in the Irish secondary
market".
Francesco Cacciabue, Partner and CFO of Glenmont Partners said:
"We are delighted to be entering into an agreement for the sale of
Gortahile Wind Farm to Greencoat Renewables. Glennmont Partners has
been an active investor in the Irish wind market for a number of
years and this divestment from Clean Energy Fund I further
underlines our ability to deliver value from our assets. With a
specialist focus on clean energy infrastructure investors can look
forward to our experienced team securing and adding further value
from European power generation assets in the coming months".
--- 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 (Broker, NOMAD and Euronext Growth 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, 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQEALNFFLLNEFF
(END) Dow Jones Newswires
September 11, 2019 10:46 ET (14:46 GMT)
Greencoat Renewables (LSE:GRP)
Historical Stock Chart
From Apr 2024 to May 2024
Greencoat Renewables (LSE:GRP)
Historical Stock Chart
From May 2023 to May 2024