Greencoat Renewables PLC Further investment in Butendiek offshore wind farm (2589O)
02 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMGRP
RNS Number : 2589O
Greencoat Renewables PLC
02 October 2023
Further 22.5% investment in Butendiek offshore wind farm
Transaction brings total installed capacity to 1,363MW
Dublin, London, 2nd October 2023: Greencoat Renewables PLC
("Greencoat Renewables", or the "Company") is pleased to announce
an agreement to acquire an additional 22.5% stake in the Butendiek
offshore wind farm ("Butendiek") from an affiliate of Siemens
Pension Trust. The transaction consideration for the 22.5% stake is
c.EUR168 million.
The Butendiek investment is subject to regulatory approval and
scheduled to complete in November 2023. Greencoat Renewables
expects to make the acquisition together with additional funds
managed by Schroders Greencoat LLP, with Greencoat Renewables'
total investment expected to be EUR122 million (72% of the 22.5%
acquired stake from an affiliate of Siemens Pension Trust).
Greencoat Renewables originally acquired an initial 22.5% stake
in Butendiek from Marguerite Pantheon in February 2023. The wind
farm is located in Germany's exclusive economic zone in the North
Sea and consists of 80 Siemens Gamesa 3.6MW turbines that have been
operational since 2015.
Butendiek recently entered into a new Power Purchase Agreement
("PPA") with a large multinational for 62.5% of the output of the
wind farm for a period of six and a half years. The PPA covers
circa 700 GWh p.a., representing one of the largest renewable
energy PPA's in Germany and underpins the Company's strategy of
actively managing its revenue profile by securing long-term
contracted cashflows.
Post-acquisition of Butendiek, Greencoat Renewables' total
borrowings would stand at 48% of Gross Asset Value.
Bertrand Gautier, Investment Manager said:
"We are delighted to further increase our investment in
Butendiek at a value that is accretive to NAV. The transaction was
originated on a bilateral basis and reflects the Company's
continued ability to transact rapidly and generate significant
shareholder value through selective off-market investments.
Butendiek also demonstrates Greencoat Renewables' ability to
actively manage its contracted revenue mix by re-contracting assets
and capitalising on the increasing demand for renewable energy PPAs
from multinational organisations ."
--- ENDS ---
For further details contact:
Schroders Greencoat LLP (Investment Manager)
Bertrand Gautier
Paul O'Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Melanie Farrell
Orla Cox greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
Brian Garrahy
Ronan Veale +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 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.
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END
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