Greencoat Renewables has marked its entry into continental Europe’s energy market with the acquisition of a portfolio of operating wind assets in France.
The renewable infrastructure company said it has agreed to buy the portfolio of three wind farms from John Laing Group for €30.3m.
The assets come with 16-year long term fixed rate project finance and have an overall net enterprise value of €95m.
The assets include the 20.0MW Passilly wind farm in the Burgundy region, the 21.6MW Sommette wind farm in the Picardy region and the 10.3MW St Martin wind farm in Saint-Martin-l’Ars.
Following the acquisition, Greencoat Renewables’ total installed capacity base will increase to 528.1MW.
Bertrand Gautier, Greencoat Renewables investment manager, said: “Consistent with our long-term strategy, we are pleased to be making our first investment into the French wind market.”
Gautier said the assets benefit from France’s stable regulatory regime, with the fixed-price feed-in-tariff guaranteeing power prices for the next 12.3 years.