Greencoat Renewables PLC Acquisition and New Term Loan (9822C)
October 23 2020 - 1:00AM
UK Regulatory
TIDMGRP
RNS Number : 9822C
Greencoat Renewables PLC
23 October 2020
Acquisition of 11.5MW An Cnoc Wind Farm, increasing generation
capacity to 550MW
Agreement of new EUR200 million 5-Year Term Loan
Dublin, London - 23 October 2020 | Greencoat Renewables PLC
("Greencoat Renewables" or the "Company") the Irish renewable
infrastructure company invested in euro-denominated assets, today
announces the acquisition of An Cnoc Wind Farm, as well as the
closing of a new EUR200 million Term Loan.
An Cnoc Wind Farm
An Cnoc Wind Farm is located in County Tipperary, Ireland. The
wind farm consists of 5 Enercon E70 turbines that have been
operational since March 2018. 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. Enercon 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 45%
of Gross Asset Value.
New EUR200 million Term Loan
The Company is pleased to announce a new EUR200 million 5-year
Term Loan with a syndicate of three banks, Commonwealth Bank of
Australia, National Australia Bank and Natwest.
The Term Loan will be used to pay down some of the existing
revolving credit facility ("RCF"), leaving the RCF drawn at
c.EUR115 million. Over time and in line with strategy, Greencoat
Renewables may add additional Term Loan facilities in order to more
efficiently maintain its long-term target leverage.
Bertrand Gautier, Partner at Greencoat Capital, the Investment
Manager, said: "We have now established a new Term Loan facility
with a syndicate of three relationship banks to provide depth to
our capital structure in line with our leverage strategy. We are
very pleased with the terms of the facility, and the acquisition
flexibility that it will provide."
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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
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 Greencoat Capital
LLP, an experienced investment manager in the listed renewable
energy infrastructure sector.
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END
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