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| Date | 16 May 2023 |
| Time | 14:35:36 |
| Category | Acquisitions and alliances |
| ID | 6134Z |
Completion of Cloghan Wind Farm acquisition
Transaction brings total installed capacity to 1,265MW
Dublin, London, 16 May 2023: Greencoat Renewables PLC ("Greencoat Renewables") announces it has completed the acquisition of the 37.8MW Cloghan Wind Farm ("Cloghan"), located in County Offaly, Ireland.
Cloghan was acquired in December 2020 under a forward sale commitment from Statkraft, who managed the construction of the wind farm and who will continue to provide trading and operational management services. The wind farm benefits from a 15-year fixed price contract, secured under the RESS 1 auction, until 2037.
Greencoat Renewables' total borrowings are now c. 47% of Gross Asset Value.
Paul O'Donnell, Investment Manager said:
"We are pleased to complete the acquisition of this long-term asset and further strengthen Greencoat Renewables' market position in the Irish wind sector, which benefits from strong contracted cash flows and where we continue to see opportunities in onshore wind. We are also delighted to partner with Statkraft once again and to deliver additional capacity through our flexible forward sale model."
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For further details contact:
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Schroders Greencoat LLP (Investment Manager) |
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Bertrand Gautier Paul O'Donnell Tom Rayner |
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+44 20 7832 9400
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FTI Consulting (Investor Relations & Media) |
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Melanie Farrell |
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Orla Cox |
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greencoat@fticonsulting.com |
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Davy (Joint Broker, Nomad and Euronext Growth Listing Sponsor) Brian Garrahy Ronan Veale |
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+353 1 679 6363 |
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RBC Capital Markets (Joint Broker) Matthew Coakes Elizabeth Evans |
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+44 20 7653 4000 |
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.