Greencoat to acquire four French wind farms

Greencoat Renewables has agreed to acquire a 65MW portfolio of operating wind farms in France from Switzerland’s largest renewable energy generator Axpo, it announced on Tuesday.

The AIM-traded firm said the acquisition comprised four wind farms, all of which benefited from long-term contracts with the French government.

It said the first, being the 16MW Arcy-Précy wind farm, is located in the Burgundy region of France and consists of eight Vestas V110 turbines.

The project was commissioned between September 2021 and May 2022, and had from a government fixed-price contract until August 2041.

Greencoat said the second, the 9.4MW Butte de Menonville wind farm, is located in the Centre Val-de-Loire region and consists of four Enercon E92 turbines.

It said the project was commissioned in July 2021, and had a government fixed-price contract until June 2041.

The third, 20.3MW Genonville, wind farm, is located in the Centre Val-de-Loire region and consists of six Nordex N117 turbines.

Greencoat said the project was commissioned in March 2022 and had from a government fixed-price contract until February 2042.

Finally, the 19.8MW Grande Pièce wind farm is located in the Centre Val-de-Loire region and consists of six Vestas V112 turbines.

The project was commissioned between August 2017 and October 2018, and had a government fixed-price contract until August 2032.

Greencoat said the transaction would be its second portfolio acquisition in France as part of its European growth strategy, and followed its expansion into Spain, Finland, Germany, and Sweden.

The transaction was expected to close in the second quarter of 2022.

“This transaction represents a further milestone in Greencoat Renewables' strategy to increase our position in the French renewables market, which provides an opportunity to secure long-term contracted renewable energy assets,” said investment manager Bertrand Gautier.

“France will now represent 12% of the Greencoat Renewables portfolio.

“We look forward to working further with Axpo, a large owner of renewable assets in Europe.”

At 1329 BST, shares in Greencoat Renewables were flat at 1.17p.

Reporting by Josh White at Sharecast.com.