Last checked at 
3 Jan 2023 07:00
Acquisition in German offshore wind and closing of existing forward sale commitments in Ireland and Finland
Transaction brings total installed capacity to 1228MW
Dublin, London, 3rd January 2023: Greencoat Renewables PLC ("Greencoat Renewables") announces an agreement to acquire 22.5% of the Butendiek offshore wind farm in Germany from Marguerite Pantheon.
The wind farm is located in Germany's exclusive economic zone in the North Sea and consists of 80 Siemens Gamesa 3.6MW turbines that have been operational since 2015. Butendiek benefits from a fixed-price FiT until December 2023. After this period, the project benefits from a floor price for the electricity sold until December 2035, providing the opportunity for exposure to the emerging European Corporate PPA market. The transaction is subject to regulatory approval and is expected to close in Q1 2023.
Separately, Greencoat Renewables has now completed the acquisition of the 25MW Taghart wind farm in Ireland as well as the 45MW Kokkoneva wind farm in Finland. Both assets were acquired under a forward sale commitment.
Post-acquisition of Butendiek, Greencoat Renewables' total borrowings will stand at c. 47% of Gross Asset Value.
Bertrand Gautier, Investment Manager said:
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector. This acquisition will also contribute to the diversification of Greencoat Renewables' European portfolio whilst bringing further strong contracted cash flows.
The acquisition of Butendiek demonstrates Greencoat Renewables' commitment to the European offshore wind sector, which plays an increasing role in providing cost-competitive, decarbonated and reliable electricity. We believe the sector will continue to offer attractive investment opportunities in the near future."
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For further details contact:
Schroders Greencoat LLP (Investment Manager) | |||||
Bertrand Gautier Paul O'Donnell Tom Rayner | +44 20 7832 9400
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FTI Consulting (Investor Relations & Media) | |||||
Melanie Farrell | |||||
Orla Cox | 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 Schroders Greencoat, an experienced investment manager in the listed renewable energy infrastructure sector.