Greencoat Renewables PLC announced an agreement to acquire the Andella wind farm in Valladolid, Spain. The wind farm will be the Company's third acquisition in the Spanish market, as it continues to deliver on its European expansion strategy. The 50MW asset is currently under construction with commencement of commercial operations expected in Second Quarter 2024.

The project consists of 10 Siemens Gamesa 5MW turbines and Siemens Gamesa will provide long-term O&M services. The transaction is structured under a forward sale model and will only complete once the wind farm is fully operational. The Spanish renewables market presents an excellent opportunity for the Company, having emerged as one of the leading European unsubsidised markets, with one of the strongest wind resources in Europe and a correspondingly low cost of electricity generation.

The agreement is a further step in the delivery of Greencoat Renewables' European expansion strategy and follows growth into Germany, France, Finland and Sweden. Separately, Greencoat Renewables announces it has completed the acquisition of the 50MW Torrubia solar park in Zaragoza, Spain. Torrubia was signed in December 2020 under a forward sale commitment from Lightsource BP, who managed the construction of the solar park.

Greencoat Renewables' total borrowings are now 47% of Gross Asset Value.