Greencoat Renewables enters deal to €156m to sell six Irish windfarms
Energy infrastructure investment company Greencoat Renewables has announced that it has entered an agreement to sell six of its onshore wind farms to HitecVision, a Norwegian private equity firm, for €156m.
The company said these six wind farm assets generate a total of 115.7MW in net capacity. The deal includes an up-front consideration of €139m and €17m in non-contingent deferred consideration over 2026 and 2027.
The disposed portfolio comprises 100% of five assets, accounting for 65.7MW, and a 50% stake in one of the larger assets in Greencoat Renewables' portfolio.
'Greencoat Renewables will work alongside HitecVision and its newly created platform company to assess future value creation opportunities at the jointly owned wind farm,' the company said.
Proceeds of this sale will be allocated to Greencoat's revolving credit facility.
Paul O'Donnell, partner at Schroders Greencoat LLP, said this deal 'reflects the disciplined execution of our capital allocation strategy, unlocking value from our portfolio and further enhancing our financial strength'.
'We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders,' he said.
In November last year, the company announced the disposal of the Kokkoneva wind farm in Finland. Including this latest deal, Greencoat has raised in excess of €200m from asset sales across seven assets in the past six months.
It is also in advanced negotiations over the sale of a significant minority stake in its 50MW Andella wind farm in Spain.
Greencoat Renewables is an investor in euro-denominated renewable energy infrastructure assets. It was initially focused solely on the acquisition and management of operating wind farms in Ireland but has since invested in wind and solar assets in other European countries with stable and robust renewable energy frameworks.
It is managed by Schroders Greencoat LLP.
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