Greencoat Renewables PLC Acquisition of 48.3MW Ballybane Wind Farm (3950F)
October 29 2018 - 3:00AM
UK Regulatory
TIDMGRP
RNS Number : 3950F
Greencoat Renewables PLC
29 October 2018
Greencoat Renewables acquires 48.3MW Ballybane wind farm for
EUR61.3 million, bringing its operational portfolio to 251MW
Dublin, London, 29 October 2018 | Greencoat Renewables PLC
("Greencoat Renewables"), the Irish renewable infrastructure
company, today announces the acquisition of Ballybane, a 48.3MW
wind farm situated in County Cork. The wind farm was acquired from
an independent local developer for a total consideration of EUR61.3
million. This brings Greencoat Renewables' portfolio of operational
wind farms to 251MW capacity.
Ballybane wind farm consists of 21 Enercon E70 turbines with a
net generating capacity of 48.3MW. The wind farm was constructed in
three phases, all of which qualify for the REFIT tariff:
-- Phase 1: 13 turbines contracted under the REFIT 1 scheme until 2023
-- Phase 2: 6 turbines contracted under the REFIT 2 scheme until 2030
-- Phase 3: 2 turbines contracted under the REFIT 2 scheme until 2032
The acquisition was in line with Greencoat Renewables'
Investment Policy and was funded by the company's EUR250 million
credit facility. Following the acquisition, Greencoat Renewables'
total borrowings are 31% of Gross Asset Value (excluding
consideration of the Coillte acquisition which is expected to close
during November 2018).
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager said: "Ballybane is a very attractive asset with
significant generating capacity and a high load factor. The deal
represents our fourth transaction with independent developers in
2018, and following the recent Coillte announcement, further
evidences the ongoing opportunity in Ireland's secondary wind
market."
--- 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.
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END
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