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Greencoat Renewables Plc — M&A Activity 2018
Apr 3, 2018
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Greencoat Renewables PLC
Acquisition of 11.5MW Tullynamoyle 2 Wind Farm for €19.3 million
Dublin, London, 3 April 2018: Greencoat Renewables PLC (“GRP”) the Irish renewable infrastructure company, today announces the acquisition of Tullynamoyle 2, a 11.5MW wind farm situated in County Leitrim, from a local developer for a total consideration of €19.3 million.
Tullynamoyle 2 wind farm consists of five Enercon E70 turbines, and was commissioned in February 2018, thereby benefiting from 15 years of contracted revenues under the REFIT 2 scheme, guaranteeing a minimum floor price for the electricity generated until 2032.
Paul O’Donnell, Partner at Greencoat Capital, the Investment Manager said: “This acquisition is in line with our strategy to partner with both local and international developers while creating long term value for our shareholders. Tullynamoyle 2 is a great asset and another acquisition with very long-term contracted revenues, giving us stability and visibility of income out until 2032.”.
The acquisition was funded by GRP’s €250 million credit facility. Following the completion of Tullynamoyle 2 and the closing of Dromadda More, GRP total borrowings will be 44% of Gross Asset Value.
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For further details contact:
| Greencoat Capital LLP (Investment Manager) | |||||
| Bertrand Gautier Paul O’ Donnell | +44 20 7832 9400 | ||||
| Tom Rayner | |||||
| FTI Consulting (Investor Relations & Media) | |||||
| Jonathan Neilan | +353 1 765 0886 | ||||
| Melanie Farrell | [email protected] | ||||
| 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, 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.