LONDON (ShareCast) - (Sharecast News) - Renewable infrastructure investment company Greencoat Renewables has acquired a 51.9MW portfolio of wind farms in France, it announced on Friday.
The AIM-traded firm said that, following the acquisition, its total installed capacity will increase to 528.1MW.

It said the previously-announced deal marked its first acquisition in continental Europe, in line with its strategy to pursue value-accretive assets in specific countries within Europe's "very large" secondary market.

The portfolio of three wind farms all benefited from France's "stable and supportive" tariff regime, which guarantees a fixed price for the electricity produced by the asset via a feed-in tariff, with a weighted average remaining subsidy life of 12.3 years.

Greencoat said the portfolio of three windfarms came with 16-year long term fixed rate project finance, adding that its total borrowings now represented 43% of its gross asset value.

"We are very pleased to take ownership of this excellent portfolio, which demonstrates one of our key strategies of seeking value on the continent," said investment manager Bertrand Gautier.

"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."

At 1145 BST, shares in Greencoat Renewables were down 0.22% at €1.22 in London.

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