Greencoat Renewables sells Kokkoneva wind farm for 6pc premium
By Josh White
Date: Wednesday 20 Nov 2024
(Sharecast News) - Greencoat Renewables announced on Wednesday that it has finalised the sale of its 43.2 MW Kokkoneva wind farm in Finland to Aneo, a Norwegian renewable energy company and one of the largest onshore wind asset owners in Norway.
The AIM-traded firm said the sale, which was originally acquired under a forward sale arrangement in 2022, achieved a 6% premium to the asset's net asset value (NAV), making it accretive to shareholders.
It said the transaction aligned with its strategy of focusing on more contracted cash flows while enhancing flexibility in capital allocation.
Proceeds from the sale would be directed toward reducing the company's debt, lowering overall gearing by about 1% based on the latest financials dated 30 September.
That would support the company's broader goals of optimising its balance sheet and maintaining a disciplined approach to portfolio management.
"We are pleased to complete the disposal of the Kokkoneva wind farm at an attractive premium to NAV," said investment manager Paul O'Donnell.
"This transaction underlines the quality of our portfolio and our ability to execute on value-accretive opportunities to recycle capital."
At 1028 GMT, shares in Greencoat Renewables were up 0.24% at 0.84p.
Reporting by Josh White for Sharecast.com.
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