Greencoat Renewables Adds Irish Wind Asset

Irish clean power infrastructure company Greencoat Renewables has acquired the An Cnoc wind farm in Ireland for an undisclosed price and has closed a new €200m term loan.

An Cnoc is located in Tipperary and consists of five Enercon E70 turbines that have been operational since March 2018.

Greencoat said the wind farm’s revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032.

Enercon will continue to manage the operations and maintenance contract.

The acquisition is being funded by Greencoat’s existing credit facility.

Following completion, total borrowings will represent 45% of gross asset value, the company said.

The €200m five-year term loan is with a syndicate of three banks – Commonwealth Bank of Australia, National Australia Bank and Natwest.

The loan will be used to pay down some of the existing revolving credit facility (RCF), leaving the RCF drawn at about €115m.

Greencoat said that over time and in line with strategy, it may add additional term loan facilities in order to more efficiently maintain its long-term target leverage.

Investment manager Greencoat Capital partner Bertrand Gautier said: “We have now established a new term loan facility with a syndicate of three relationship banks to provide depth to our capital structure in line with our leverage strategy.

“We are very pleased with the terms of the facility, and the acquisition flexibility that it will provide.”