Latest news with #PaulO'Donnell
RTÉ News
13-05-2025
- Business
- RTÉ News
Greencoat Renewables to sell 6 Irish windfarms for €156m
Wind and solar energy group Greencoat Renewables has agreed a deal to sell a portfolio of six Irish onshore wind assets for a total of €156m to Norwegian private equity firm HitecVision. The wind farms have a total of 115.7MW in net capacity. The disposed portfolio comprises 100% of five assets (65.7MW) and a 50% stake in one of the larger assets in its portfolio. The company said today's sale aligns with its active portfolio management strategy that aims to maintain prudent gearing and a high level of contracted revenues through a combination of asset sales, the creation of new PPAs, and reinvestment in due course. Today's deal also builds on the disposal of the Kokkoneva wind farm in Finland announced last November 2024. Greencoat has now raised more than €200m from asset sales across six assets in the past six months. "The combination of these disposals increases our capital allocation options for the future," it stated. Greencoat said it continues to explore value further disposals and is in advanced talks over the sale of a significant minority stake in its 50MW Andella wind farm in Spain. Paul O'Donnell, Partner, Schroders Greencoat LLP, said the deal reflects the disciplined execution of the company's capital allocation strategy, unlocking value from its portfolio and further enhancing its 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. "As well as providing future balance sheet flexibility, this latest transaction underpins the opportunity to create increasing value from older assets including re-contracting PPAs and options for hybridisation and repowering," he added. Greencoat Renewables also said today that it is in the process of applying for a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange. The company said it had received strong interest in the listing from a number of South African institutional investors, who are attracted to the company's scale, strong track record, high cash generation and progressive approach to distributions. It said it believes that admission to the JSE will be beneficial to the company and its stakeholders as it will enhance liquidity for shareholders, diversify its shareholder base and position the company for growth, by providing access to a new and deep capital market. Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said the company has been encouraged by the response of highly reputable South African institutional investors, and expect to increase liquidity, broaden the company's shareholder base and position it for future growth in due course. "Through the continued generation of high and secure cashflows, we consider the company well placed to provide local investors with attractive eurodenominated returns going forward," he added.
Irish Examiner
13-05-2025
- Business
- Irish Examiner
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.
RTÉ News
01-05-2025
- Business
- RTÉ News
Greencoat Renewables, Keppel agree second 10 year Power Purchase Agreement
Greencoat Renewables and Keppel DC REIT have signed a second Power Purchase Agreement (PPA) for the supply of renewable energy that will be used to power Keppel's two data centres in Dublin. Under the terms of the PPA, Singapore-listed Keppel DC REIT will purchase 100% of the electricity generated from Greencoat Renewables' Ballincollig wind farm in Co Kerry, which has an annual output of 31.5 GWh of renewable energy. The PPA for the Ballincollig wind farm is the sixth PPA within the Greencoat Renewables portfolio and the company said the deal underscores its capability to re-contract assets as they transition out of tariff regimes. The six PPAs amount to about 540 GWh of renewable energy a year and represent about 20% of Greencoat Renewables five year look forward merchant volumes. Paul O'Donnell, Partner, Schroders Greencoat LLP, said that as one of Europe's leading listed owners and operators of renewable energy infrastructure assets, it sees a significant opportunity to provide renewable electricity to the growing Irish data centre market. "Our second PPA with Keppel DC REIT further strengthens our position as a trusted provider of renewable energy, supporting our partners with their decarbonization efforts and advancing the energy transition," he said. "Looking ahead, data centres powered by renewable energy will be a key industrial enabler for the next phase of economic development. Greencoat Renewables is strategically positioned to deliver cost-effective, clean power - supporting the ambitions of our partners and contributing to sustainable economic growth," he added. Gary Watson, Country Manager, Keppel DC REIT (Ireland), said the company was delighted to meet its 2030 target of using 100% Irish renewable energy for its operations five years ahead of schedule.
Irish Times
01-05-2025
- Business
- Irish Times
Greencoat Renewables signs second deal with data centre company
Wind and solar energy group Greencoat Renewables has signed a second agreement with a Singapore-based real estate investment trust to supply power for its Dublin data centres. The deal with Keppel DC Reit will run for 10 years, and follows a similar deal signed last year. Keppel will purchase renewable electricity generated from Greencoat Renewables' Ballincollig wind farm in Co Kerry, which has an annual output of 31.5GWh. A gigawatt hours (GWh) is a unit of energy equivalent to one million kilowatt hours. The purchase power agreements are part of Keppel's plan to decarbonise the two data centres, in Citywest and Ballycoolin, by 2030 by ensuring the power they use over the next 10 years is sourced from renewable energy. READ MORE The new agreement helps it meet that target ahead of schedule. It also supports Keppel's sustainability target of introducing renewable energy to at least 50 per cent of its co-location assets by 2030. 'Keppel DC REIT (Ireland) is delighted to meet our 2030 target of using 100 per cent Irish renewable energy for our operations five years ahead of schedule,' said Gary Watson, country manager of Keppel DC Reit Ireland. 'We firmly believe that delivering on our commitment will help our clients achieve their sustainability goals and solidify us as their partner of choice'. Keppel invests in income-producing real-estate assets primarily used for data centres and has been active in the Irish market for the past decade. In 2017, it acquired the Dataplex site in Ballycoolin for €66 million. This is the sixth power purchase agreement signed by Greencoat Renewables portfolio, covering around 540 GWh of renewable energy per year. 'As one of Europe's leading listed owners and operators of renewable energy infrastructure assets, we see a significant opportunity to provide renewable electricity to the growing Irish data centre market,' said Paul O'Donnell, partner at Schroders Greencoat. 'Our second PPA with Keppel DC REIT further strengthens our position as a trusted provider of renewable energy, supporting our partners with their decarbonisation efforts and advancing the energy transition.'
