Greencoat Renewables has finalized the sale of the 43.2-MW Kokkoneva wind farm in Finland to Norwegian renewable energy company Aneo, the second-largest owner of onshore wind assets in Norway.
The Kokkoneva project, initially acquired in 2022 under a forward sale agreement, was sold at a 6% premium to its net asset value (NAV), reflecting an accretive outcome for shareholders. The sale aligns with Greencoat's strategy to prioritize assets with more contracted cash flows while enhancing flexibility in capital allocation.
Proceeds from the transaction will be used to reduce the company's debt, lowering its overall gearing by approximately 1% based on financials from September 30, 2024.
Paul O'Donnell, investment manager at Greencoat Renewables, commented on the transaction, stating, “We are pleased to complete the disposal of the Kokkoneva wind farm at an attractive premium to NAV. This transaction underlines the quality of our portfolio and our ability to execute on value-accretive opportunities to recycle capital.”
The sale highlights Greencoat's focus on optimizing its portfolio while leveraging opportunities to enhance shareholder value.
