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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.
Mar 29 2019, 07:00 GMT