Greencoat Renewables PLC GRP Agrees to Acquire 105.1MW Wind Farm Assets (3912A)
September 11 2018 - 4:00AM
UK Regulatory
TIDMGRP
RNS Number : 3912A
Greencoat Renewables PLC
11 September 2018
Greencoat Renewables agrees to acquire 105.1MW operating wind
farm assets from Coillte
Dublin, London, 11 September 2018: Greencoat Renewables PLC
("Greencoat Renewables") is pleased to announce an agreement to
acquire the majority of Coillte's shareholdings in its portfolio of
operating wind generation assets, for a total consideration of
EUR136.1 million. The portfolio of four windfarms comes with long
term fixed rate project finance and has an overall net enterprise
value of EUR281 million.
Greencoat Renewables will acquire the entirety of Coillte's 50%
stakes in Raheenleagh, Cloosh Valley, and Castlepook wind farms;
and acquire a 25% stake in Sliabh Bawn wind farm with Coillte
retaining 25% ownership. The investments total a net generating
capacity of 105.1MW, taking Greencoat Renewables' total installed
capacity to 299MW.
Coillte's portfolio was co-developed with SSE, ESB and Bord Na
Mona, who each remain joint venture partners in their respective
wind farms and retain certain rights in relation to the
transaction. The assets are of very high quality with high load
factors, experienced utility operators, and managed under a suite
of long-term contracts. The assets also benefit from 13+ years of
fixed-floor power prices under REFIT 2, and options to extend the
land leases to 50 years.
Greencoat Renewables' investment manager, Greencoat Capital, has
a long track-record of partnerships with SSE and ESB.
In line with its strategy, the sale allows Coillte to recycle
capital, and continue to develop its extensive pipeline of over 25
projects, and 1GW of wind capacity in Ireland.
The acquisition, which is expected to complete by November 2018,
will be funded by Greencoat Renewables' existing Revolving Credit
Facility.
The acquisition comprises:
-- 50% stake in Raheenleagh wind farm - Located in County
Wicklow; 11 Siemens 3.2MW turbines with a gross capacity of 35.2MW;
investing alongside ESB which owns the remaining 50%.
-- 50% stake in Cloosh Valley wind farm - Located in County
Galway; 36 Siemens 3.0MW turbines with a gross capacity of 108MW;
investing alongside SSE Renewables which owns the remaining 50%.
Cloosh Valley is part of the Galway Wind Park, co-developed by SSE
and Coillte and Ireland's largest and best performing wind farm,
generating more green energy than any other wind generation site on
the island.
-- 50% stake in Castlepook wind farm - Located in County Cork,
comprising 14 Nordex N90 2.5 MW turbines with a gross capacity of
33.2MW; investing alongside ESB which owns the remaining 50%.
-- 25% stake in Sliabh Bawn wind farm - Located in County
Roscommon; 20 Siemens 3.2MW turbines with a gross capacity of
64.0MW; investing alongside Bord Na Mona which owns 50%, and
Coillte which owns 25%.
Bertrand Gautier, Partner at Greencoat Capital, said: "We are
delighted with this investment into one of Ireland's premier
infrastructure portfolios, and alongside some of the country's most
experienced and trusted utilities. As a strategic scale asset, this
is another example of our ability to find value across the entire
market, and allows Coillte to recycle its capital to build out
their significant development portfolio. We look forward to
deepening our strategic partnerships with SSE, ESB, Bord Na Mona,
and Coillte itself."
Fergal Leamy, Coillte, said: "Today's announcement demonstrates
the quality of the renewable energy assets which we have developed
over the last four years. Greencoat Renewables PLC has an excellent
track record and expertise in the sector and has established a
strong presence in Ireland. This sale clearly demonstrates the
value we can create from every hectare of land we own to ultimately
deliver enhanced value to our shareholder. The proceeds from the
sale will be reinvested in the business to generate more value and
to enhance the overall value of the Group. Over the coming months
we will announce details of how we plan to develop in excess of
1,000 MW of renewable energy generating capacity over the next 10
years across a pipeline of 25 projects we have identified on the
Coillte estate."
--- ENDS ---
For further details contact:
Greencoat Capital LLP (Investment Manager)
Bertrand Gautier
Paul O' Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Jonathan Neilan +353 1 765 0886
Melanie Farrell greencoat@fticonsulting.com
Davy Corporate Finance (Broker, NOMAD and ESM Adviser)
Fergal Meegan
Barry Murphy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Jonathan Hardy +44 20 7653 4000
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro denominated
renewable energy infrastructure assets, and is focused on the
acquisition and management of operating wind farms in Ireland. It
is managed by Greencoat Capital LLP, an experienced investment
manager in the listed renewable energy infrastructure sector.
About Coillte Cuideachta Ghníomhaíochta Ainmnithe
Coillte, Ireland's largest commercial forestry company, was
established by the State in 1989 and has responsibility for
management and commercialisation of an estate of some 440,000
hectares reflecting approximately 7% of the land mass of
Ireland.
Coillte is developing future renewable energy projects of which
in excess of 1,000 MW have been identified and are under active
development.
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END
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