Greencoat Renewables PLC Agreement to acquire 50MW windfarm in Spain (8161H)
01 Agosto 2023 - 8:00AM
UK Regulatory
TIDMGRP
RNS Number : 8161H
Greencoat Renewables PLC
01 August 2023
Greencoat Renewables continues Spanish expansion
Agreement to acquire 50MW Andella wind farm and closing of the
50MW Torrubia solar park acquisition
Dublin, London, 1 August 2023 | Greencoat Renewables PLC
("Greencoat Renewables" or "the Company"), is pleased to announce
an agreement to acquire the Andella wind farm in Valladolid ,
Spain. The wind farm will be the Company's third acquisition in the
Spanish market, as it continues to deliver on its European
expansion strategy.
The 50MW asset is currently under construction with commencement
of commercial operations expected in Q2 2024. The project consists
of 10 Siemens Gamesa 5MW turbines and Siemens Gamesa will provide
long-term O&M services. The transaction is structured under a
forward sale model and will only complete once the wind farm is
fully operational.
The Spanish renewables market presents an excellent opportunity
for the Company, having emerged as one of the leading European
unsubsidised markets, with one of the strongest wind resources in
Europe and a correspondingly low cost of electricity
generation.
The agreement is a further step in the delivery of Greencoat
Renewables' European expansion strategy and follows growth into
Germany, France, Finland and Sweden.
Separately, Greencoat Renewables announces it has completed the
acquisition of the 50MW Torrubia solar park in Zaragoza, Spain.
Torrubia was signed in December 2020 under a forward sale
commitment from Lightsource BP, who managed the construction of the
solar park.
Greencoat Renewables' total borrowings are now 47% of Gross
Asset Value.
Paul O'Donnell, Partner at Schroders Greencoat, the Investment
Manager, said:
"The combination of low-cost renewable energy and a
well-developed Corporate PPA market makes Spain a very attractive
target for renewable energy investment. We're delighted to secure
such a high-quality wind asset and further build out our portfolio
in the Spanish market.
As the renewable generation market continues to develop, we
expect to see greater opportunity for unsubsidised renewables and
believe Greencoat Renewables is well positioned to benefit from
this growing opportunity."
--- ENDS ---
For further details contact:
Schroders Greencoat (Investment Manager)
Bertrand Gautier
Paul O'Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Melanie Farrell +353 1 765 0883
Orla Cox greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Listing Sponsor)
Ronan Veale
Brian Garrahy +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Elizabeth Evans +44 20 7653 4000
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 Schroders Greencoat
LLP, an experienced investment manager in the listed renewable
energy infrastructure sector.
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END
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