21 December 2017
McCann FitzGerald advises Greencoat Renewables on Acquisition of Dromada More Wind Farm
We advised Greencoat Renewables (Greencoat) on its acquisition of the 36MW Dromada More wind farm from Impax Asset Management for €88.4 million. The farm, which is expected to be formally commissioned in March 2018, will benefit from a full 15 years of REFIT-2 revenues, guaranteeing a minimum floor price for the electricity produced by the asset.
We also advised on a new €250 million revolving credit facility with a syndicate of five domestic and international banks. The facility will be used to pay down the remaining €71 million of project finance debt associated with the firm’s 137MW portfolio of seed assets, finance the acquisition of Dromadda More and provide additional financial capacity for further acquisitions.
In July this year, we advised Greencoat on its initial public offering (IPO) and the admission to trading of its Ordinary Shares on AIM and ESM markets of the London Stock Exchange plc and Irish Stock Exchange plc. At the time, Greencoat was the first listed renewable energy infrastructure company on the Irish Stock Exchange.