Greencoat Renewables Plc — M&A Activity 2022

Feb 16, 2022

National Storage Mechanism | Additional information

RNS Number : 7962B

Greencoat Renewables PLC

16 February 2022

Acquisition of 37MW Tullahennel Wind Farm in Ireland

Transaction brings total installed capacity to 837MW

Dublin, London, 16th February 2022: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company"), the renewable infrastructure company invested in euro-denominated assets, is pleased to acquire Tullahennel wind farm from funds managed by affiliates of Apollo Global Management, Inc.  

The windfarm is located in County Kerry, Ireland and consists of 13 GE 2.85MW turbines that have been operational since September 2018. The windfarm's revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until December 2032. GE will continue to manage the operations and maintenance contract.

The acquisition is being funded by the Company's existing credit facility. Following the acquisition, Greencoat Renewables' total borrowings will represent 43% of Gross Asset Value.

Paul O'Donnell, Investment Manager said:

"We are pleased to continue consolidating the Irish renewable energy market with the acquisition of another high-quality asset with long-term contracted revenues.

We are encouraged by the range of attractive opportunities that exist, both in Ireland and the wider European market and are focused on building the premier European renewable energy portfolio which offers strong secure long-term income for shareholders."

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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
Melanie Farrell					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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