Greencoat Renewables - German offshore acquisition & forward sale update

Greencoat Renewables

03/01/2023 07:00

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RNS Number : 4058L  Greencoat Renewables PLC  03 January 2023

 

 

Acquisition in German offshore wind and closing of existing forward sale
commitments in Ireland and Finland

 

Transaction brings total installed capacity to 1228MW

 

Dublin, London, 3(rd) January 2023: Greencoat Renewables PLC ("Greencoat
Renewables") announces an agreement to acquire 22.5% of the Butendiek offshore
wind farm in Germany from Marguerite Pantheon.

 

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 benefits from a fixed-price FiT until December 2023.
After this period, the project benefits from a floor price for the electricity
sold until December 2035, providing the opportunity for exposure to the
emerging European Corporate PPA market. The transaction is subject to
regulatory approval and is expected to close in Q1 2023.

 

Separately, Greencoat Renewables has now completed the acquisition of the 25MW
Taghart wind farm in Ireland as well as the 45MW Kokkoneva wind farm in
Finland. Both assets were acquired under a forward sale commitment.

 

Post-acquisition of Butendiek, Greencoat Renewables' total borrowings will
stand at c. 47% of Gross Asset Value.

 

Bertrand Gautier, Investment Manager said:

 

"We are pleased to make this acquisition which consolidates Greencoat
Renewables' market position in the German offshore wind sector. This
acquisition will also contribute to the diversification of Greencoat
Renewables' European portfolio whilst bringing further strong contracted cash
flows.

 

The acquisition of Butendiek demonstrates Greencoat Renewables' commitment to
the European offshore wind sector, which plays an increasing role in providing
cost-competitive, decarbonated and reliable electricity. We believe the sector
will continue to offer attractive investment opportunities in the near
future."

 

 

--- 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)

 Barry Murphy

 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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