Greencoat Renewables PLC First solar transaction in Spanish market (5225W)
December 22 2021 - 6:23AM
UK Regulatory
TIDMGRP
RNS Number : 5225W
Greencoat Renewables PLC
22 December 2021
Greencoat Renewables enters Spanish market with first solar
transaction
Agreement to acquire 50MW solar farm from Lightsource bp
Dublin, London, 22 December 2021 | Greencoat Renewables PLC
("Greencoat Renewables"), the renewable infrastructure company
invested in euro-denominated assets, is pleased to announce the
agreement to acquire Torrubia solar farm from Lightsource bp, a
leading global solar developer. The deal represents the Company's
first solar transaction and entry into the Spanish market.
The 50MW asset is currently under construction in La Muela,
Spain, with commencement of commercial operations expected in Q4
2022. The transaction is structured under a forward sale model and
will only complete once Torrubia is fully operational.
The agreement is in line with Greencoat Renewables' European
growth strategy and follows the Company's expansion into France,
Finland and Sweden.
Spain represents an exciting opportunity having emerged as one
of the leading European unsubsidised markets, with strong solar
resources and a correspondingly low cost of electricity
generation.
Lightsource bp will finance and manage the construction of the
solar farm and will continue to provide operational management
services.
Paul O'Donnell, Partner at Greencoat Capital, the Investment
Manager, said:
"The combination of low-cost renewable energy, and a
well-developed Corporate PPA market make Spain a very attractive
target for renewable energy investment. We're delighted to secure
such a high-quality asset from Lightsource bp and have sight of
further value-accretive opportunities in Spain.
As the renewable generation market continues to develop, we
expect to see greater opportunity in the unsubsidised renewable
market and believe Greencoat Renewables is well positioned to
benefit both in Europe and in Ireland."
Fernando Roger, Country Head Spain at Lightsource bp added:
"We are delighted to partner with Greencoat Renewables on this
strategic transaction, which will be instrumental for our growth in
the Spanish market. As one of our leading markets we are looking to
increase the impact that our developments can have on the energy
transition within Spain. By selling and reinvesting in new projects
we can increase Lightsource bp's market impact, ultimately
positioning Spain as a key hub for our operations. This approach
allows us to increase the speed of our influence on the energy
transition, which is vital if we are to successfully shift to a low
carbon economy in line with government targets."
--- 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)
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.
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END
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