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Greencoat Renewables Plc — M&A Activity 2021
Feb 26, 2021
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Download source fileauthor: Joseph Mc Daniel
date: 2021-02-24 14:11:00+00:00
Greencoat Renewables agrees to acquire 89.6MW Cordal Wind Farm
Installed capacity will increase to 650MW
Dublin, London, 26 February 2021: Greencoat Renewables PLC ("Greencoat Renewables” or “the Company”), the renewable infrastructure company invested in euro-denominated assets, is pleased to announce the agreement to acquire Cordal wind farm from Cubico Sustainable Investments, a global renewable energy investor and operator.
The wind farm is located in Co. Kerry, Ireland, and consists of 28 3.2MW GE turbines that reached full commercial operations in May 2018. The wind farm’s revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032. GE will continue to manage the operations and maintenance contract.
The acquisition is being funded by the Group’s existing revolving credit facility and is expected to close in April 2021. Following the acquisition, Greencoat Renewables’ total borrowings will represent c.46% of Gross Asset Value.
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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.
| 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 | [email protected] | ||||
| 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 |