Greencoat Renewables PLC (LSE:GRP) has agreed to sell a portfolio of six Irish onshore wind farms for €156 million, in a move that forms part of a broader strategy to reshape its portfolio and reduce debt.
The sale includes €139 million in immediate proceeds and a further €17 million to be paid in 2026 and 2027.
The assets, which together have a net capacity of 115.7 megawatts, include full ownership of five wind farms and a 50% stake in a sixth.
The buyer is HitecVision, a private equity firm, which will partner with Greencoat Renewables on future plans for the jointly owned asset.
Greencoat said the deal would be net asset value accretive and is expected to complete in June.
Proceeds will be used to pay down its revolving credit facility, reducing proforma gearing from 54% to around 51%. The company said it remains committed to bringing gearing below 50% over the medium term.
The disposal also slightly improves the company’s contracted cash flow outlook, increasing the proportion of revenue under contract by two percentage points over the next five years.
This sale follows the November 2024 disposal of the Kokkoneva wind farm in Finland and brings total proceeds from recent asset sales to more than €200 million.
Greencoat said the activity reflects a deliberate portfolio management strategy focused on maintaining low leverage and a high level of contracted revenue through selective sales, new power purchase agreements and reinvestment.
Talks are also underway to sell a minority stake in the company’s 50 megawatt Andella wind farm in Spain. Any proceeds from that transaction will also be used to repay debt.
Earlier this month, Greencoat signed a ten-year corporate power purchase agreement with Keppel DC REIT to supply electricity to two data centres in Dublin.
That contract, one of six signed since the firm launched its re-contracting strategy, is included in the portfolio being sold. In total, around 20% of the company’s five-year merchant volumes are now under contract.
Separately, Greencoat announced it is seeking a secondary listing on the Johannesburg Stock Exchange, aiming to attract interest from South African institutional investors.
The listing, which will be conducted by way of introduction, will not involve the issuance of new shares. Regulatory approvals are said to be well advanced, and the listing is expected later this year.
The company said the move would enhance liquidity, expand its shareholder base and provide access to a deep and active capital market. Valeo Capital Proprietary Limited has been appointed as corporate adviser and JSE sponsor.
Greencoat will remain listed on Euronext Growth in Dublin and AIM in London.
The Johannesburg listing follows strong engagement with South African investors, who were drawn to the group’s scale, consistent cash generation and progressive approach to shareholder returns.