Greencoat Renewables PLC Completion of Sale of Kokkoneva Wind Farm

RNS Number : 8655M

Greencoat Renewables PLC

20 November 2024

 

Greencoat Renewables PLC

 

Completion of Sale of Kokkoneva Wind Farm

 

Dublin, London, 20 November 2024: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company"), announces it has completed the sale of the 43.2 MW Kokkoneva wind farm located in Finland to Aneo, a Norwegian renewable energy company and Norway's second largest owner of onshore wind assets.

 

The sale of Kokkoneva, originally acquired in 2022 under a forward sale arrangement, is accretive to shareholders at a 6% premium to NAV. The disposal is part of Greencoat Renewables' wider strategy to focus on more contracted cashflows, as well as providing further flexibility from a capital allocation perspective.

 

The proceeds of the sale of Kokkoneva will be used to reduce the Company's debt, resulting in a reduction of overall gearing of c.1% based on the Company's most recent financials relating to 30 September 2024.

 

Paul O'Donnell, Investment Manager of Greencoat Renewables, said:

 

"We are pleased to complete the disposal of the Kokkoneva wind farm at an attractive premium to NAV. This transaction underlines the quality of our portfolio and our ability to execute on value-accretive opportunities to recycle capital."

 

ENDS

               

                For further information, please contact:

 

Schroders Greencoat LLP (Investment Manager)
Bertrand Gautier Paul O'Donnell John Musk					[phone]
FTI Consulting (Investor Relations & Media)
Sam Moore					[phone]
Aoife Mullen					[e-mail]
Barclays Bank PLC (Joint Broker) Dion Di Miceli Stuart Muress James Atkinson					[phone]
Davy (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 other European countries with stable and robust renewable energy frameworks. It is managed by Schroders Greencoat LLP, an experienced investment manager in the listed renewable energy infrastructure sector.

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