Greencoat Renewables (CDI) (GRP)

Sector:

Investment Firms

Index:

FTSE AIM 100

  0.87
   
  • Change Today:
     0.00
  • 52 Week High:  1.0
  • 52 Week Low:  0.8
  • Currency: Euro
  • Shares Issued: 1,132.96m
  • Volume: 57,433
  • Market Cap:  981.15m
  • RiskGrade: 74

Greencoat Renewables to buy another 22.5pc of Butendiek wind farm

By Josh White

Date: Monday 02 Oct 2023

LONDON (ShareCast) - (Sharecast News) - Greencoat Renewables announced plans to purchase an additional 22.5% share in the Butendiek offshore wind farm on Monday.

The AIM-traded company said the €168m acquisition would be from an affiliate of Siemens Pension Trust and followed its previous purchase of a similar 22.5% stake in Butendiek from Marguerite Pantheon in February.

Located in Germany's exclusive economic zone in the North Sea, the Butendiek wind farm boasts 80 Siemens Gamesa 3.6MW turbines.

Since it began operations in 2015, the wind farm has played a pivotal role in Germany's renewable energy landscape, Greencoat explained.

A recent deal saw Butendiek enter a power purchase agreement (PPA) with a significant, unnamed multinational corporation.

The agreement was set for six and a half years, covering roughly 700 GWh annually, and would see it become one of Germany's most substantial renewable energy power purchase agreements.

It aligned seamlessly with Greencoat Renewables' strategy, emphasising securing long-term contractual cash flows by actively managing its revenue profile.

The acquisition was set to be finalised in November and hinged on regulatory approval.

Greencoat said it would fund the purchase in collaboration with funds managed by Schroders Greencoat.

Its total investment in the transaction would amount to €122m, representing 72% of the newly acquired stake from Siemens Pension Trust.

After the acquisition, Greencoat Renewables' total borrowings were projected to be 48% of its gross asset value.

"We are delighted to further increase our investment in Butendiek at a value that is accretive to net asset value," said investment manager Bertrand Gautier.

"The transaction was originated on a bilateral basis and reflects the company's continued ability to transact rapidly and generate significant shareholder value through selective off-market investments.

"Butendiek also demonstrates Greencoat Renewables' ability to actively manage its contracted revenue mix by re-contracting assets and capitalising on the increasing demand for renewable energy PPAs from multinational organisations."

At 1313 BST, shares in Greencoat Renewables were up 0.32% at 0.97p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

GRP Market Data

Currency Euro
Share Price   0.87
Change Today   0.00
% Change 0.00 %
52 Week High  1.0
52 Week Low  0.8
Volume 57,433
Shares Issued 1,132.96m
Market Cap  981.15m
RiskGrade 74

GRP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
Market averageMarket averageMarket averageMarket averageMarket average
84.77% above the sector average84.77% above the sector average84.77% above the sector average84.77% above the sector average84.77% above the sector average
Price Trend
Market averageMarket averageMarket averageMarket averageMarket average
76.44% below the sector average76.44% below the sector average76.44% below the sector average76.44% below the sector average76.44% below the sector average
Income
Market averageMarket averageMarket averageMarket averageMarket average
90.27% above the sector average90.27% above the sector average90.27% above the sector average90.27% above the sector average90.27% above the sector average
Growth
Market averageMarket averageMarket averageMarket averageMarket average
17.53% below the sector average17.53% below the sector average17.53% below the sector average17.53% below the sector average17.53% below the sector average

What The Brokers Say

Strong Buy 1
Buy 3
Neutral 4
Sell 0
Strong Sell 0
Total 8
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

GRP Dividends

  Latest Previous
  Q1 Q4
Ex-Div 02-May-24 08-Feb-24
Paid 24-May-24 01-Mar-24
Amount 1.69¢ 1.60¢

Trades for 14-Jun-2024

Time Volume / Share Price
16:47 13,069 @  0.86
16:27 31 @  0.86
16:27 32 @  0.86
16:25 6 @  0.88
16:20 1,367 @  0.88

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