Greencoat Renewables to Acquire Lisdowney Wind Farm for €22.5 million
Dublin, London, 16 February 2018 | Greencoat Renewables PLC (“Greencoat Renewables”) the Irish renewable infrastructure company, today announces the acquisition of Lisdowney, a 9.2MW wind farm situated in County Kilkenny, for a total consideration of €22.5 million.
Lisdowney wind farm consists of four Enercon E82 turbines. The wind farm was commissioned in November 2016 and its revenues are contracted under the REFIT 2 scheme until 2031, guaranteeing a minimum floorprice for the electricity generated. Following the acquisition Enercon will continue to manage the wind farm’s O&M contract.
The acquisition will be subject to an adjustment mechanism that will assess actual energy production over an 18 month period and the acquisition price will be adjusted accordingly if required.
Paul O’Donnell, Partner at Greencoat Capital, the Investment Manager said: “We’re very pleased with the acquisition of Lisdowney, a high quality addition to our portfolio. This acquisition is in line with our strategy of acquiring high quality wind farms in the Republic of Ireland. We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders.”
The acquisition was funded by Greencoat Renewables €250 million credit facility. Following completion of Lisdowney and Dromadda More, Greencoat Renewables total borrowings will be 41% of Gross Asset Value.
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For further details contact:
|Greencoat Capital LLP (Investment Manager)|
Paul O’ Donnell
|+44 20 7832 9400|
|FTI Consulting (Investor Relations & Media)|
|Jonathan Neilan||+353 1 765 0886|
Davy Corporate Finance (Broker, NOMAD and ESM Adviser)
|+353 1 679 6363|
RBC Capital Markets (Joint Broker)
|+44 20 7653 4000|
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets, and is focused on the acquisition and management of operating wind farms in Ireland. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.