Greencoat Renewables Acquisition

 
TIDMIRSH 
 
 

Acquisition of 36MW Dromadda More wind farm from Impax, increasing generation capacity to 173MW

EUR250m New Revolving Credit Facility with Syndicate of Five Banks

Dublin, London - 21 December 2017 | Greencoat Renewables PLC ("Greencoat Renewables") the Irish renewable infrastructure investment company, today announces an agreement to acquire Dromadda More, a 36MW wind farm from Impax Asset Management ("Impax") and a new EUR250 million Revolving Credit Facility ("RCF").

Highlights

 
 
    -- Greencoat Renewables has agreed to acquire the 36MW Dromadda More Wind 

farm in County Kerry from Impax for a total consideration of EUR88.4

million

 
    -- A new EUR250 million RCF put in place with a syndicate of five domestic 

and international banks: AIB, BNP Paribas, Commerzbank, Royal Bank of

Canada and Santander

 
    -- The RCF, which has a tenor of three years, will be used to re-finance 

existing project finance debt of EUR71 million and fund new acquisitions

including 36MW of operating wind capacity announced today

 
    -- Following the re-financing of existing debt and completion of the 

acquisition of Dromadda More, the RCF will provide capacity for a

further EUR95 million of acquisitions

Dromadda More Windfarm Dromadda More is located in County Kerry and consists of 11 Vestas V112 turbines. It has a capacity of 36MW. The wind farm is currently being energised and is expected to be formally commissioned in March 2018 at which point the acquisition will complete.

As a newly built asset, Dromadda More will benefit from a full 15 years of REFIT-2 revenues, guaranteeing a minimum floor price for the electricity produced by the asset. The acquisition will be subject to an adjustment mechanism that will assess actual energy production over a twelve-month period and the acquisition price will be adjusted accordingly.

New EUR250 million Revolving Credit Facility As outlined at the time of IPO in July 2017, Greencoat Renewables intended to put in place a new RCF to enable the acquisition of further operating assets in the secondary wind market. Greencoat Renewables has now put in place a three year EUR250 million RCF with a syndicate of five domestic and international banks: AIB, BNP Paribas, Commerzbank, Royal Bank of Canada and Santander.

The RCF will be used to pay down the remaining EUR71 million of project finance debt associated with Greencoat Renewables' 137MW portfolio of seed assets, finance the acquisition of the Dromadda More wind farm and provide additional financial capacity for further acquisitions when attractive opportunities appear. Over time and in line with strategy, Greencoat Renewables may refinance some or all of the RCF debt in the equity capital markets, freeing up the RCF for further acquisitions as required.

Bertrand Gautier, Partner at Greencoat Capital, the Investment Manager, said: "As set out at the time of IPO, we have now established a new Revolving Credit Facility with a syndicate of five banks to allow us to effectively pursue wind generation assets when the right opportunities arise. We are very pleased with the terms of the facility, and the acquisition flexibility that it will provide."

Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager, added: "We are very pleased to have acquired Dromadda More - a high quality asset with a high load factor which also benefits from 15 years of REFIT. Dromadda More represents the first acquisition for Greencoat Renewables PLC since IPO and underpins the growth opportunity that we believe exists in the Irish onshore wind market. It is an excellent addition to our seed portfolio, and value-accretive to our shareholders."

--- ENDS ---

For further details contact:

 
Greencoat Capital LLP 
(InvestmentManager) 
Bertrand Gautier                        [phone] 
Paul O'Donnell 
Tom Rayner 
FTI Consulting (Investor 
Relations & Media) 
Jonathan Neilan                         [phone] 
Melanie Farrell                         [e-mail] 
Davy Corporate Finance                  [phone] 
(NOMAD and ESMAdviser) 
Fergal Meegan 
Barry Murphy 
RBC Capital Markets (Joint Broker)      [phone] 
Matthew Coakes 
Jonathan Hardy 
 
 

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.

The Board and the Investment Manager believe there is a significant opportunity to consolidate ownership of operational wind farms in Ireland over the short to medium term.

View source version on businesswire.com: http://www.businesswire.com/news/home/20171220005777/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

December 21, 2017 02:00 ET (07:00 GMT)