Agreement set to assist the delivery of over 1GW of onshore wind projects in Ireland
Dublin, 7 September 2023: FuturEnergy Ireland, a Coillte and ESB joint venture company, announces it has entered into a long-term strategic framework agreement with Greencoat Renewables PLC in respect of its 1GW-plus pipeline of onshore wind projects. More than 500 MW is anticipated to be sold to Greencoat by 2030 through the framework structure.
The agreement will operate in respect of FuturEnergy Ireland’s portfolio of onshore wind projects in Ireland. This market-leading agreement establishes a framework whereby Greencoat Renewables can seek to acquire project stakes in operating assets under a forward sale structure, subject to receipt of relevant shareholder consents, adherence to an agreed commercial structure and achieving market value. The acquisition of each project stake would complete upon each project reaching commercial operation. Through this framework, FuturEnergy Ireland can assist Coillte, one of its two shareholders, in the execution of its strategy to dispose of wind farm assets once they become operational.
This new framework combines FuturEnergy Ireland’s unique pipeline of projects and market-leading expertise in renewable energy project development and delivery with Greencoat’s unmatched commitment to investing in Irish renewables. Between now and 2030, Greencoat expects to invest more than €1 billion in acquiring projects successfully delivered by FuturEnergy Ireland.
The assets under the framework shall be supported through the Irish Government’s Renewable Electricity Support Scheme (RESS), as well as through Ireland’s well-established corporate PPA market.
FuturEnergy Ireland was supported throughout the process to select Greencoat Renewables by its advisory team, which comprised RBC Capital Markets (financial advisor), Eversheds Sutherland (legal counsel) and KPMG (tax advisor).
Peter Lynch, CEO, FuturEnergy Ireland said:
“We are very much looking forward to establishing a new strategic relationship with Greencoat Renewables through this innovative framework structure. The framework will build upon a well-established history of successful partnerships in our business and further demonstrates Greencoat’s commitment to Ireland and its renewables market.This agreement will help to accelerate the commercialisation of projects and leverage its many benefits and efficiencies to enable us to deliver a large pipeline of renewable energy projects in support of national and EU climate goals. This in turn will result in the faster delivery of our renewable energy projects that are urgently needed to reduce carbon emissions.”
Paul O’Donnell, Investment Manager, Greencoat Renewables PLC said:
“We are very excited to partner with FuturEnergy Ireland and their development team on this long-term Strategic Framework Agreement, which will make a significant contribution to Ireland’s 2030 climate targets and broader net zero ambitions.
The framework will provide access to long-term contracted cashflows and forms an integral part of our strategy as we re-invest organic cash to secure attractive new investments. As the largest owner of onshore assets in Ireland, representing an investment of over €1.4 billion over the last 6 years, we are well-positioned to deliver these critical projects.”
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About FuturEnergy Ireland
FuturEnergy Ireland is a leading Irish wind developer established in 2021 as a stand-alone joint venture between Coillte (Ireland’s state-owned forestry company) and the ESB (Ireland’s state-owned electrical utility company). The joint venture company was formed in order to maximise the potential of Ireland’s unique wind and land resources and accelerate Ireland’s transformation to a low carbon energy economy. The business is targeting the delivery of 1GW of onshore wind projects (net share) by 2030.
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the Company is now also investing in wind and solar assets in certain other European countries with stable and robust renewable energy frameworks. It is managed by Schroders Greencoat, an experienced investment manager in the listed renewable energy infrastructure sector.
Greencoat Renewables is an Irish investment company investing primarily into Euro denominated Irish and European renewable energy assets and is the leading investor into operational renewable energy assets in the Republic of Ireland. Established in 2017, its primary listing is on the Irish Stock Exchange and has over 758MW of operational assets currently under management in the Irish market.
For further information, please contact:
FuturEnergy Ireland DAC
Janine Thomas, Communications and Media Manager
janine.thomas@futurenergyireland.ie / 087 706 2551
For Coillte-related queries, please contact:
Gerry O’Sullivan Q4PR
gerry@q4pr.ie / 087 259 7644
