Greencoat Renewables has completed the sale of Kokkoneva wind farm located in Finland to Aneo, a Norwegian renewable energy company and Norway’s second largest owner of onshore wind assets.
The sale of the 43.2MW Kokkoneva project, originally acquired in 2022 under a forward sale arrangement, is accretive to shareholders at a 6% premium to NAV, Greencoat said.
The disposal is part of Greencoat Renewables’ wider strategy to focus on more contracted cashflows, as well as providing further flexibility from a capital allocation perspective.
The proceeds of the sale of Kokkoneva will be used to reduce Greencoat’s debt, resulting in a reduction of overall gearing of c.1% based on the Company’s most recent financials relating to 30 September 2024.
Paul O’Donnell, investment manager of Greencoat Renewables, said: “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.”