REG - Greencoat Renewables - Further investment in Butendiek offshore wind farm

Greencoat RenewablesAnnouncement

02/10/2023 07:00

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RNS Number : 2589O  Greencoat Renewables PLC  02 October 2023

 

Further 22.5% investment in Butendiek offshore wind farm

 

Transaction brings total installed capacity to 1,363MW

 

Dublin, London, 2nd October 2023: Greencoat Renewables PLC ("Greencoat
Renewables", or the "Company") is pleased to announce an agreement to acquire
an additional 22.5% stake in the Butendiek offshore wind farm ("Butendiek")
from an affiliate of Siemens Pension Trust. The transaction consideration for
the 22.5% stake is c.€168 million.

 

The Butendiek investment is subject to regulatory approval and scheduled to
complete in November 2023.  Greencoat Renewables expects to make the
acquisition together with additional funds managed by Schroders Greencoat LLP,
with Greencoat Renewables' total investment expected to be €122 million (72%
of the 22.5% acquired stake from an affiliate of Siemens Pension Trust).

Greencoat Renewables originally acquired an initial 22.5% stake in Butendiek
from Marguerite Pantheon in February 2023. The wind farm is located in
Germany's exclusive economic zone in the North Sea and consists of 80 Siemens
Gamesa 3.6MW turbines that have been operational since 2015.

Butendiek recently entered into a new Power Purchase Agreement ("PPA") with a
large multinational for 62.5% of the output of the wind farm for a period of
six and a half years. The PPA covers circa 700 GWh p.a., representing one of
the largest renewable energy PPA's in Germany and underpins the Company's
strategy of actively managing its revenue profile by securing long-term
contracted cashflows.

Post-acquisition of Butendiek, Greencoat Renewables' total borrowings would
stand at 48% of Gross Asset Value.

 

Bertrand Gautier, Investment Manager said:

 

"We are delighted to further increase our investment in Butendiek at a value
that is accretive to NAV. The transaction was originated on a bilateral basis
and reflects the Company's continued ability to transact rapidly and generate
significant shareholder value through selective off-market investments.

 

Butendiek also demonstrates Greencoat Renewables' ability to actively manage
its contracted revenue mix by re-contracting assets and capitalising on the
increasing demand for renewable energy PPAs from multinational organisations."
 

 

 

--- ENDS ---

 

 

 

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 (Broker, NOMAD and Euronext Growth Adviser)

 Brian Garrahy

 Ronan Veale
                                                            +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 European countries with
stable and robust renewable energy frameworks. It is managed by Schroders
Greencoat, an experienced investment manager in the listed renewable energy
infrastructure sector.

 

 

 

 

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