Greencoat Renewables PLC GRP acquires 50% of Carrickallen Wind Farm (3957S)
July 08 2020 - 3:58AM
UK Regulatory
TIDMGRP
RNS Number : 3957S
Greencoat Renewables PLC
08 July 2020
Greencoat Renewables acquires 50% of Carrickallen Wind Farm,
bringing total installed capacity to 538.2MW
Dublin, London, 8 July 2020: Greencoat Renewables PLC
("Greencoat Renewables" or "the Company"), the renewable
infrastructure company invested in euro-dominated assets, is
pleased to announce it has acquired 50% of Carrickallen Wind Farm,
a 20.5MW wind farm situated in County Cavan, Ireland. The remaining
50% of the asset will continue to be owned by the Galetech Group,
an experienced Irish wind developer. The acquisition brings
Greencoat Renewables' portfolio of operational wind assets to an
aggregate capacity of 538MW.
The wind farm consists of 10 Senvion MM92 turbines that have
been operational since January 2019. 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. Siemens 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 44%
of Gross Asset Value.
Paul O'Donnell, Investment Manager said: " We are pleased to
announce our investment into Carrickallen wind farm, adding another
high-quality wind asset with long-term contracted revenues. We were
delighted to partner with Galetech and continue to see a strong
pipeline of opportunities both in Ireland and the continent".
--- ENDS ---
For further details contact:
Greencoat Capital LLP (Investment Manager)
Bertrand Gautier
Paul O' Donnell
Tom Rayner +44 20 7832 9400
FTI Consulting (Investor Relations & Media)
Jonathan Neilan +353 1 765 0886
Melanie Farrell greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
Fergal Meegan
Barry Murphy
Ronan Veale +353 1 679 6363
RBC Capital Markets (Joint Broker)
Matthew Coakes
Jonathan Hardy +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 Greencoat Capital
LLP, an experienced investment manager in the listed renewable
energy infrastructure sector.
About Galetech Energy Group
Galetech Energy Group headquartered in Cavan Ireland, is an
experienced wind farm developer with a multi-disciplinary renewable
energy consultancy division. The group employ 105 people, providing
full-service energy consulting in all areas of wind energy
development, consultancy, construction & operation. Galetech
Energy is currently developing over 450MW of wind projects in
Ireland; the group is also providing consultancy services to
clients in Ireland, UK, France, Sweden, Poland, Bulgaria,
Kazakhstan, Kenya & South Africa.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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