Greencoat Renewables PLC Completion of Cloghan Wind Farm acquisition (6134Z)

TIDMGRP

RNS Number : 6134Z

Greencoat Renewables PLC

16 May 2023

Completion of Cloghan Wind Farm acquisition

Transaction brings total installed capacity to 1,265MW

Dublin, London, 16 May 2023: Greencoat Renewables PLC ("Greencoat Renewables") announces it has completed the acquisition of the 37.8MW Cloghan Wind Farm ("Cloghan"), located in County Offaly, Ireland.

Cloghan was acquired in December 2020 under a forward sale commitment from Statkraft, who managed the construction of the wind farm and who will continue to provide trading and operational management services. The wind farm benefits from a 15-year fixed price contract, secured under the RESS 1 auction, until 2037.

Greencoat Renewables' total borrowings are now c. 47% of Gross Asset Value.

Paul O'Donnell, Investment Manager said :

"We are pleased to complete the acquisition of this long-term asset and further strengthen Greencoat Renewables' market position in the Irish wind sector, which benefits from strong contracted cash flows and where we continue to see opportunities in onshore wind. We are also delighted to partner with Statkraft once again and to deliver additional capacity through our flexible forward sale model."

--- ENDS ---

For further details contact:

 
Schroders Greencoat LLP (Investment Manager) 
Bertrand Gautier 
 Paul O'Donnell 
 Tom Rayner                                                            [phone] 
 
 
 
  FTI Consulting (Investor Relations & Media) 
Melanie Farrell 
Orla Cox                                                               [e-mail] 
 
  Davy (Joint Broker, Nomad and Euronext Growth Listing Sponsor) 
  Brian Garrahy 
  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 European countries with stable and robust renewable energy frameworks. It is managed by Schroders Greencoat, an experienced investment manager in the listed renewable energy infrastructure sector.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQSFSFDMEDSEDI

(END) Dow Jones Newswires

May 16, 2023 09:35 ET (13:35 GMT)