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Greencoat Renewables enters French windfarm market with €30m acquisition


Greencoat spent €152m on wind farm projects  last year

Greencoat spent €152m on wind farm projects last year

(c) Kzenon

Greencoat spent €152m on wind farm projects last year

Greencoat Renewables is buying a portfolio of wind assets in France from John Laing Group for €30.3m.

The acquisition is the company’s first investment in the continental European renewable energy market.

It consists of three windfarms, which come with 16-year long term fixed rate project finance, and have an overall net enterprise value of €95m.

The assets benefit from France's “supportive” tariff regime which guarantees a fixed price for the electricity produced by the asset, Greencoat said.

All assets will benefit for fixed price Feed in Tariff (FIT) with a weighted average remaining FIT of 12.3 years.

Bertrand Gautier, investment manager at Greencoat, said: “"Consistent with our long-term strategy, we are pleased to be making our first investment into the French wind market.

Our existing portfolio already has 97pc of its cashflows contracted under REFIT until Jan 1 2028, and this acquisition further extends the proportion and duration of our fixed-price revenues.”

The purchase is being funded by the company’s €380m credit facility.

Following the acquisition, the listed renewable infrastructure company’s total installed capacity base will increase to 528.1MW.

Online Editors