TIDMGRP

RNS Number : 0213P

Greencoat Renewables PLC

15 February 2021

Greencoat Renewables announces first transaction in Nordic market

Agreement to acquire 43.2 MW windfarm in Finland

Dublin, London, 15 February 2021 | Greencoat Renewables PLC ("Greencoat Renewables"), the renewable infrastructure company invested in euro-denominated assets, is pleased to announce the agreement to acquire Kokkoneva wind farm from Abo wind, a global renewable energy project developer, for a consideration of approximately EUR60 million.

The 43.2MW asset is currently under construction in Siikalatva, Finland, with commencement of commercial operations expected in Q2 2022. The transaction is structured under a forward sale model and will only complete once Kokkoneva is fully operational.

The agreement is in line with Greencoat Renewables' European expansion strategy and follows the acquisition of a portfolio of three French wind farms in summer 2020. The Finnish wind market is well-established and characterised by high wind speeds, large capacity turbines, and a correspondingly low cost of electricity generation.

Kokkoneva is a subsidy-free wind farm and has entered a 10-year fixed-price Corporate PPA with Gasum, Finland's state-owned gas utility for the majority of the electricity generated.

The wind farm will use nine Nordex N149 4.8MW turbines and will benefit from a 15-year O&M contract with Nordex. Abo wind will finance and manage the construction of the wind farm and will continue to provide operational management services for the wind farm once operational.

Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager, said:

"The combination of low-cost renewable energy, and a well-developed Corporate PPA market make the Nordics a very attractive target for renewable energy investment. We're delighted to secure such a high-quality asset from Abo wind, and have sight of further value-accretive opportunities in Finland and the rest of the Nordic region.

As the renewable generation market continues to develop, we expect to see greater opportunity in forward-sale and corporate PPA models and believe Greencoat Renewables is well positioned to benefit both in Europe and in Ireland."

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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 
  Elizabeth Evans                                       +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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