Greencoat wraps up purchase of 51.9-MW French wind bundle

Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) said today it has closed the acquisition of a 51.9-MW portfolio of operational wind farms in France.

As a result, the Irish firm has expanded its total installed capacity to 528.1 MW. According to its bourse filing, this was its first investment in the continental European renewable energy market.

Greencoat purchased the French portfolio from UK-based infrastructure investor John Laing Group Plc (LON:JLG), paying EUR 30.3 million (USD 34.3m). The bundle of assets includes three 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, that were brought online in the 2016-2018 period.

The plants come with 16-year long term project debt and receive fixed feed-in tariff (FiT) remuneration, of which period 12.3 years are left.

"Whilst Ireland remains our core market, through our deep relationships with a range of major counterparties we are seeing a high volume of attractive opportunities in the very large secondary markets of our target European geographies,” said Bertrand Gautier, investment manager at Greencoat.

(EUR 1.0 = USD 1.131)

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