Greencoat Renewables has begun an expansion into mainland Europe. It has acquired three operating wind assets in France from John Laing Group for €30.3 million. The portfolio comes with 16-year long-term fixed-rate project finance and have an overall net enterprise value of €95 million, the company said.

Following the acquisition, Greencoat Renewables’ total installed capacity base will be 528.1MW.

Greencoat highlighted France’s stable and supportive tariff regime, which guarantees a fixed price for electricity produced. All assets access a fixed-price feed in tariff (“FIT”) with a weighted average remaining FIT of 12.3 years.

The acquisition will close following French regulatory approval and will be funded by the Company’s €380 million credit facility.

The portfolio comprises:

• Passilly – 20.0MW wind farm commissioned in September 2016 consisting of 10 Gamesa 2.0MW turbines, located in Burgundy;

• Sommette – 21.6MW wind farm commissioned in December 2017 consisting of 9 Nordex 2.4MW turbines, located in Picardy;

• St Martin – 10.3MW wind farm commissioned in June 2018 consisting of 5 Senvion 2.05MW turbines, in Saint-Martin-l’Ars.

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.”

He noted, ”Our existing portfolio already has 97% of its cashflows contracted under REFIT until Jan 1 2028, and this acquisition further extends the proportion and duration of our fixed-price revenues.

“The acquisition will bring gearing to 43%, which is towards the lower end of our target range and will provide flexibility to pursue further opportunities as they arise. We are also pleased to have partnered with John Laing.”