March 23 (Renewables Now) - Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) said today it has agreed to invest EUR 30.3 million (USD 32.4m) to buy a portfolio of wind farms in France.
The company will purchase the assets from UK-based infrastructure investor John Laing Group Plc (LON:JLG). The specific portfolio consists of three operational wind parks, namely the 20-MW Passilly in Burgundy, the 21.6-MW Sommette in Picardy and the 10.3-MW St Martin in Saint-Martin-l'Ars. Equipped with Gamesa, Nordex and Senvion hardware, the wind farms were brought online between September 2016 and June 2018.
The plants come with 16-year long term project debt and have an overall net enterprise value of EUR 95 million. They receive fixed feed-in tariff (FiT) remuneration, of which period 12.3 years are left.
Greencoat Renewables is funding the purchase with its EUR-380-million credit facility. The capacity of the company's operational wind portfolio has increased to 528.1 MW with the latest deal, which it says is its first investment in the continental European renewable energy market.
The completion of the acquisition is subject to regulatory clearance in France.
(EUR 1.0 = USD 1.070)