REG - Greencoat Renewables - Completion of Sale of Kokkoneva Wind Farm

Greencoat RenewablesAnnouncement

20/11/2024 07:00

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RNS Number : 8655M  Greencoat Renewables PLC  20 November 2024

Greencoat Renewables PLC

 

Completion of Sale of Kokkoneva Wind Farm

 

Dublin, London, 20 November 2024: Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company"), announces it has completed the sale of the 43.2
MW Kokkoneva wind farm located in Finland to Aneo, a Norwegian renewable
energy company and Norway's second largest owner of onshore wind assets.

 

The sale of Kokkoneva, originally acquired in 2022 under a forward sale
arrangement, is accretive to shareholders at a 6% premium to NAV. The disposal
is part of Greencoat Renewables' wider strategy to focus on more contracted
cashflows, as well as providing further flexibility from a capital allocation
perspective.

 

The proceeds of the sale of Kokkoneva will be used to reduce the Company's
debt, resulting in a reduction of overall gearing of c.1% based on the
Company's most recent financials relating to 30 September 2024.

 

Paul O'Donnell, Investment Manager of Greencoat Renewables, said:

 

"We are pleased to complete the disposal of the Kokkoneva wind farm at an
attractive premium to NAV. This transaction underlines the quality of our
portfolio and our ability to execute on value-accretive opportunities to
recycle capital."

 

ENDS

 

                For further information, please contact:

 

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

 Paul O'Donnell

 John Musk

 FTI Consulting (Investor Relations & Media)
 Sam Moore                                                          +353 87 737 9089
 Aoife Mullen                                                       greencoat@fticonsulting.com (mailto:greencoat@fticonsulting.com)

 Barclays Bank PLC (Joint Broker)

 Dion Di Miceli                                                     +44 20 7623 2323

 Stuart Muress

 James Atkinson

 Davy (Broker, NOMAD and Euronext Growth Listing Sponsor)

 Brian Garrahy

 Ronan Veale                                                        +353 1 679 6363

 RBC Capital Markets (Joint Broker)                                 +44 20 7653 4000

 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 other 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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