DUBLIN: Greencoat Renewables PLC, the Irish renewable infrastructure company invested in euro-denominated assets, announced the acquisition of An Cnoc Wind Farm, as well as the closing of a new €200 million Term Loan.
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.
Greencoat Renewables announced a new €200 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.€115 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.”
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.