DUBLIN: Greencoat Renewables PLC, the renewable infrastructure company invested in euro-dominated assets, has completed the acquisition of a 51.9MW portfolio of wind farms in France. Following the acquisition, Greencoat Renewables’ total installed capacity will increase to 528.1MW.

The previously announced deal marks the Company’s first acquisition in Continental Europe, in line with its strategy to pursue value-accretive assets in specific countries within Europe’s very large secondary market.

The portfolio of three windfarms all benefit from France’s stable and supportive tariff regime which guarantees a fixed price for the electricity produced by the asset via a Feed in Tariff (“FIT”) with a weighted average remaining subsidy life of 12.3 years.

The portfolio of three windfarms come with 16-year long term fixed rate project finance and Greencoat Renewables’ total borrowings now represent 43%¹ of Gross Asset Value.

Bertrand Gautier, Investment Manager said: “We are very pleased to take ownership of this excellent portfolio, which demonstrates one of our key strategies of seeking value on the continent. Whilst Ireland remains our core market, through our deep relationships with a range of major counterparties we are seeing a high volume of attractive opportunities in the very large secondary markets of our target European geographies.”