Greencoat Renewables PLC First Offshore Transaction in German Market (0593H)
04 April 2022 - 4:00PM
UK Regulatory
TIDMGRP
RNS Number : 0593H
Greencoat Renewables PLC
04 April 2022
Greencoat Renewables enters German market with first offshore
transaction
Acquisition of a 50% stake in the 312MW Borkum Riffgrund 1
offshore wind farm, bringing total installed capacity to 993MW
Dublin, London, 4 April 2022 | Greencoat Renewables PLC
("Greencoat Renewables") announces an agreement to acquire 50% of
the Borkum Riffgrund 1 offshore wind farm in Germany from Kirkbi
A/S (31.5%) and William Demant Invest A/S (18.5%) for a total cash
consideration of c.EUR350 million. The wind farm was developed and
constructed by Ørsted, which remains a 50% shareholder.
Borkumm Riffgrund 1 is located in Germany's exclusive economic
zone in the North Sea and consists of 78 SGRE 4.0MW turbines that
have been operational since 2015. Ørsted will continue to provide
operation, maintenance and management services to the wind farm
under a long-term contract.
The wind farm benefits from a fixed-price CfD until September
2024. After this period, the project benefits from a
government-backed floor price for the electricity sold until May
2035. This provides exposure to power price upside as well as the
emerging European corporate PPA market opportunity.
The transaction is subject to regulatory clearance and is
expected to close in Q2 2022.
Bertrand Gautier, Investment Manager said:
"We are very pleased to enter the continental offshore wind
market with a significant strategic stake in Borkum Riffgrund 1.
This acquisition will contribute to Greencoat Renewables' strategy
to build a diversified portfolio of high-quality renewable
electricity generation assets supported by strong contracted
cash-flows and will support the Company's further expansion into
continental Europe.
The acquisition further strengthens Greencoat Renewables'
partnership with Ørsted and positions us well for future
acquisitions in the European offshore sector.
We believe that offshore wind is key in allowing governments to
reach their decarbonization objectives and we see a c.63GW
investment opportunity across our selected jurisdictions by
2030."
--- 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)
Melanie Farrell +353 86 401 5250
Orla Cox greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
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 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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