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 Q2 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.

Paul O'Donnell, Partner at Schroders Greencoat, the Investment Manager, said:

The combination of low-cost renewable energy and a well-developed Corporate PPA market makes Spain a very attractive target for renewable energy investment. We're delighted to secure such a high-quality wind asset and further build out our portfolio in the Spanish market.

As the renewable generation market continues to develop, we expect to see greater opportunity for unsubsidised renewables and believe Greencoat Renewables is well positioned to benefit from this growing opportunity.