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Greencoat Renewables PLC completed the sale of its 43.2 MW Kokkoneva wind farm in Finland to Aneo on November 20, 2024. The wind farm, originally acquired in 2022, was sold at a 6% premium to Net Asset Value. Proceeds from the sale will be used to reduce the Company's debt, resulting in a c.1% reduction of overall gearing based on its September 30, 2024 financials.
| Date | 20 Nov 2024 |
| Time | 07:00:05 |
| Category | Disposals |
| ID | 8655M |
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:
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Schroders Greencoat LLP (Investment Manager) |
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Bertrand Gautier Paul O'Donnell John Musk |
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+44 20 7832 9400 |
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FTI Consulting (Investor Relations & Media) |
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Sam Moore |
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+353 87 737 9089 |
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Aoife Mullen |
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Barclays Bank PLC (Joint Broker) Dion Di Miceli Stuart Muress James Atkinson |
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+44 20 7623 2323 |
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Davy (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 |
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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 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.