REG - Greencoat Renewables - Framework Agreement with FuturEnergy Ireland

Greencoat RenewablesAnnouncement

07/09/2023 07:00

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RNS Number : 6394L  Greencoat Renewables PLC  07 September 2023

 

Greencoat Renewables announces landmark Strategic Framework Agreement with
FuturEnergy Ireland

 

Agreement set to assist the delivery of over 1GW of onshore wind projects in
Ireland by 2030

 

Dublin, 7 September 2023: Greencoat Renewables PLC ("Greencoat Renewables" or
"Greencoat") announces it has entered into a long-term Strategic Framework
Agreement ("the Agreement") with FuturEnergy Ireland, in respect of its 1GW+
pipeline of onshore wind projects. FuturEnergy Ireland is the recently
established state-backed joint venture company co-owned by ESB and Coillte and
is one of the country's leading wind developers.

 

This is the first Strategic Framework Agreement entered into by Greencoat,
providing access to a long-term pipeline of onshore wind projects in Ireland.
The Agreement will establish a unique structure under which Greencoat agrees
to acquire project stakes under a Forward Sale basis, subject in all cases to
receipt of relevant shareholder consents. The acquisition of each project
stake would complete upon each project reaching commercial operation.

 

The framework structure will leverage FuturEnergy Ireland's unique development
pipeline and market leading expertise in renewable energy project development
and delivery. Greencoat expects to invest over €1 billion enterprise value
into its stake of the projects under the framework by 2030. The Agreement will
help streamline and accelerate the delivery of critical renewable energy
projects across Ireland.

 

The assets under the framework will target a proportion of long-term
contracted revenues through the Irish Governments Renewable Electricity
Support Scheme ("RESS") as well as Ireland's well established corporate PPA
market.

 

Paul O'Donnell, Greencoat Renewables PLC said:

 

"We are very excited to partner with FuturEnergy Ireland and their development
team on this long-term Strategic Framework Agreement, which will make a
significant contribution to Ireland's 2030 climate targets and broader net
zero ambitions.

 

The framework will provide access to long-term contracted cashflows and forms
an integral part of our strategy as we re-invest organic cash to secure
attractive new investments.. As the largest owner of onshore assets in
Ireland, representing an investment of over €1.4 billion over the last 6
years, we are well-positioned to deliver these critical projects."

 

Peter Lynch, CEO, FuturEnergy Ireland said:

 

"We are very much looking forward to establishing a new strategic relationship
with Greencoat Renewables through this innovative framework structure. The
framework will build upon a well-established history of successful
partnerships in our business and further demonstrates Greencoat's commitment
to Ireland and its renewables market.

 

This agreement will help to accelerate the commercialisation of projects and
leverage its many benefits and efficiencies to enable us to deliver a large
pipeline of renewable energy projects in support of national and EU climate
goals. This in turn will result in the faster delivery of our renewable energy
projects that are urgently needed to reduce carbon emissions."

 

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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 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.

 

Greencoat Renewables is an Irish investment company investing primarily into
Euro denominated Irish and European renewable energy assets and is the leading
investor into operational renewable energy assets in the Republic of Ireland.
Established in 2017, its primary listing is on the Irish Stock Exchange and
has over 758 MW of operational assets currently under management in the Irish
market.

 

About FuturEnergy Ireland

FuturEnergy Ireland is a leading Irish wind developer established in 2021 as a
stand-alone joint venture between Coillte (Ireland's state-owned forestry
company) and the ESB (Ireland's state-owned electrical utility company). The
aim of the joint venture is to maximise the potential of Ireland's unique wind
and land resources and accelerate Ireland's transformation to a low carbon
energy economy. The business is targeting the delivery of 1GW of onshore wind
projects (net share) by 2030.

 

For further details contact:

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

 Paul O'Donnell

 Tom Rayner

 FTI Consulting (Investor Relations & Media)
 Melanie Farrell
 Orla Cox                                                                 greencoat@fticonsulting.com
                                                                          +353 1 679 6363

 Davy (Joint Broker, Nomad and Euronext Growth Listing Sponsor)

 Brian Garrahy

 Ronan Veale
                                                                          +44 20 7653 4000

 RBC Capital Markets (Joint Broker)

 Matthew Coakes

 Elizabeth Evans

 

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