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Mar 29 2019, 07:00 GMT
As it advised, Greencoat has moved swiftly to deploy the proceeds of its recent capital raise. It has acquired a further 25% stake in Cloosh Valley, bringing its shareholding in Ireland’s largest windfarm to 75%. This brings its total portfolio to 411MW (the transaction adding c.7%). Gross asset value (GAV) increases to €960m, with leverage of €422m now equating to 44% of GAV. With project finance of €42m included in the enterprise value of €76m, the company now has some €170m of fixed debt as part of its capital structure (18% of GAV). In many ways, the deal provides evidence that the company is well positioned, both financially and strategically, to continue to increase its share of the Irish wind farm market.