Greencoat Renewables PLC First transaction in Swedish Market (9569P)
October 22 2021 - 4:02AM
UK Regulatory
TIDMGRP
RNS Number : 9569P
Greencoat Renewables PLC
22 October 2021
Greencoat Renewables announces first transaction in Sweden
Acquisition of 101.1MW Ersträsk South Wind Farm, increasing
total installed generating capacity to 787MW
Dublin, London, 22 October 2021 | Greencoat Renewables PLC
("Greencoat Renewables"), the renewable infrastructure company
invested in euro-denominated assets, is pleased to acquire the
101.1MW wind farm in Norrbotten County, Sweden from Enercon.
The Ersträsk South wind farm consists of 26 Enercon E103 and 10
Enercon E126 turbines and was fully commissioned in January 2021.
Enercon will continue to provide long term operations and
maintenance services.
The acquisition is Greencoat Renewables' first transaction in
Sweden, expanding the Company's operating presence in the Nordics,
which benefits from the ability to develop renewable energy
projects on an unsubsidised basis.
Ersträsk South forms part of a large emerging cluster of
renewable generation in the Markbygden area, with a potential
installed capacity of 4GW. Currently the wind farm is contracted as
a merchant asset exporting electricity into Nordpool but has the
flexibility in the future to contract the electricity produced via
a corporate PPA.
The acquisition will be financed by a drawdown from the
Company's existing revolving credit facility. Following the
acquisition and post the closing of the recent fundraise[1],
Greencoat Renewables' total borrowings will represent 40% of Gross
Asset Value.
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager, said:
"Securing our first asset in Sweden and expanding our presence
in the Nordics is a significant milestone for Greencoat. Sweden is
becoming a major hub for green energy, with the combination of
low-cost generation, significant capacity in development, and a
number of attractive routes to market including access to Nordpool
and a rapidly developing corporate PPA market. We are delighted to
secure such a high-quality asset from Enercon and are
well-positioned to take advantage of future opportunities in the
market".
--- 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
Melanie Farrell greencoat@fticonsulting.com
Davy (Broker, NOMAD and Euronext Growth Adviser)
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 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.
For more information about Greencoat Renewables PLC, please
visit http://www.greencoat-renewables.com/
[1] As per fundraise announcement, EUR165m fundraise amount is
subject to EGM approval on 28(th) October 2021.
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END
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