Greencoat Renewables PLC Acquisition and New Term Loan (9822C)

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RNS Number : 9822C

Greencoat Renewables PLC

23 October 2020

Acquisition of 11.5MW An Cnoc Wind Farm, increasing generation capacity to 550MW

Agreement of new EUR200 million 5-Year Term Loan

Dublin, London - 23 October 2020 | Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") the Irish renewable infrastructure company invested in euro-denominated assets, today announces the acquisition of An Cnoc Wind Farm, as well as the closing of a new EUR200 million Term Loan.

An Cnoc Wind Farm

An Cnoc Wind Farm is located in County Tipperary, Ireland. The wind farm consists of 5 Enercon E70 turbines that have been operational since March 2018. The wind farm's revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032. Enercon will continue to manage the operations and maintenance contract.

The acquisition is being funded by the Company's existing credit facility. Following completion, total borrowings will represent 45% of Gross Asset Value.

New EUR200 million Term Loan

The Company is pleased to announce a new EUR200 million 5-year Term Loan with a syndicate of three banks, Commonwealth Bank of Australia, National Australia Bank and Natwest.

The Term Loan will be used to pay down some of the existing revolving credit facility ("RCF"), leaving the RCF drawn at c.EUR115 million. Over time and in line with strategy, Greencoat Renewables may add additional Term Loan facilities in order to more efficiently maintain its long-term target leverage.

Bertrand Gautier, Partner at Greencoat Capital, the Investment Manager, said: "We have now established a new Term Loan facility with a syndicate of three relationship banks to provide depth to our capital structure in line with our leverage strategy. We are very pleased with the terms of the facility, and the acquisition flexibility that it will provide."

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For further details contact:

 
Greencoat Capital LLP (Investment Manager) 
Bertrand Gautier 
 Paul O' Donnell 
 Tom Rayner                                             [phone] 
 
 
FTI Consulting (Investor Relations & Media) 
Jonathan Neilan                                         [phone] 
Melanie Farrell                                         [e-mail] 
 Davy (Broker, NOMAD and Euronext Growth Adviser) 
  Fergal Meegan 
  Barry Murphy 
  Ronan Veale                                           [phone] 
 RBC Capital Markets (Joint Broker) 
  Matthew Coakes 
  Elizabeth Evans                                       [phone] 
 

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 Northern European countries with stable and robust renewable energy frameworks. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

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October 23, 2020 02:00 ET (06:00 GMT)