REG - Greencoat Renewables - Agreement to acquire 50MW windfarm in Spain

Greencoat RenewablesAnnouncement

01/08/2023 07:00

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RNS Number : 8161H  Greencoat Renewables PLC  01 August 2023

 

Greencoat Renewables continues Spanish expansion

 

Agreement to acquire 50MW Andella wind farm and closing of the 50MW Torrubia
solar park acquisition

 

Dublin, London, 1 August 2023 | Greencoat Renewables PLC ("Greencoat
Renewables" or "the Company"), is pleased to announce an agreement to acquire
the Andella wind farm in Valladolid, Spain. The wind farm will be the
Company's third acquisition in the Spanish market, as it continues to deliver
on its European expansion strategy.

 

The 50MW asset is currently under construction with commencement of commercial
operations expected in Q2 2024. The project consists of 10 Siemens Gamesa 5MW
turbines and Siemens Gamesa will provide long-term O&M services. The
transaction is structured under a forward sale model and will only complete
once the wind farm is fully operational.

 

The Spanish renewables market presents an excellent opportunity for the
Company, having emerged as one of the leading European unsubsidised markets,
with one of the strongest wind resources in Europe and a correspondingly low
cost of electricity generation.

 

The agreement is a further step in the delivery of Greencoat Renewables'
European expansion strategy and follows growth into Germany, France, Finland
and Sweden.

 

Separately, Greencoat Renewables announces it has completed the acquisition of
the 50MW Torrubia solar park in Zaragoza, Spain. Torrubia was signed in
December 2020 under a forward sale commitment from Lightsource BP, who managed
the construction of the solar park.

 

Greencoat Renewables' total borrowings are now 47% of Gross Asset Value.

 

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

 

"The combination of low-cost renewable energy and a well-developed Corporate
PPA market makes Spain a very attractive target for renewable energy
investment. We're delighted to secure such a high-quality wind asset and
further build out our portfolio in the Spanish market.

 

As the renewable generation market continues to develop, we expect to see
greater opportunity for unsubsidised renewables and believe Greencoat
Renewables is well positioned to benefit from this growing opportunity."

 

 

 

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For further details contact:

 Schroders Greencoat (Investment Manager)
 Bertrand Gautier                                                   +44 20 7832 9400

 Paul O'Donnell

 Tom Rayner

 FTI Consulting (Investor Relations & Media)

 Melanie Farrell                                                    +353 1 765 0883
 Orla Cox                                                           greencoat@fticonsulting.com
                                                                    +353 1 679 6363

 Davy (Broker, NOMAD and Euronext Growth Listing Sponsor)

 Ronan Veale

 Brian Garrahy
                                                                    +44 20 7653 4000

 RBC Capital Markets (Joint Broker)

 Matthew Coakes

 Elizabeth Evans

 

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
Schroders Greencoat LLP, an experienced investment manager in the listed
renewable energy infrastructure sector.

 

 

 

 

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