Acquisition of Two Wind Farms from Blackrock

Greencoat Renewables PLC ("Greencoat Renewables"), the Irish renewable infrastructure company, is pleased to announce an agreement to acquire the Monaincha and Garranereagh wind farms from BlackRock Real Assets ("BlackRock") for a total consideration of €88 million. The transaction is expected to close by the end of December 2018.

• Monaincha wind farm is located in County Tipperary. It consists of 15 Nordex N117 turbines with a total capacity of 36MW. It was commissioned in September 2014 and benefits from the REFIT 2 tariff until September 2029.
• Garranereagh wind farm is located in County Cork. It consists of 4 Enercon E82 turbines with a total capacity of 9.2MW. It was commissioned in September 2013 and benefits from the REFIT 1 tariff until December 2027.

The acquisition is in line with Greencoat investment policy and will be made using Greencoat Renewable's increased Revolving Credit Facility of €380m.

Bertrand Gautier, Partner at Greencoat Capital, the Investment Manager said:

We are very pleased with the transaction, and to be adding significant capacity to our portfolio as well as deepening our relationship with BlackRock. In Monaincha and Garranereagh, BlackRock has developed two high-quality assets, both benefitting from high load factors, and a long REFIT life extending to the end of the 2020s.

Rory O'Connor, Head of European Renewables for BlackRock, commented,

We are delighted to partner with Greencoat Renewables on this Irish wind transaction. This portfolio is testament to BlackRock's strong investment, partnering and technical capability in renewable power. We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realisations over time.