Greencoat Renewables PLC announces the signing of a new 10-year Power Purchase Agreement (‘PPA’) with Keppel DC REIT. Under the PPA, Keppel DC REIT will purchase 100% of the electricity generated from Greencoat Renewables’ Ballincollig wind farm, which has an annual output of 31.5 GWh of renewable energy.

The pay as produced PPA provides escalating contracted revenues through to 2036 and is the second PPA signed with Keppel DC REIT.

Re-contracting Strategy

Since the launch of its re-contracting strategy in December 2023, which focuses on assets transitioning out of tariff regimes, the Company has successfully executed a total of six PPAs for over c540 GWh of energy per annum representing c20% of its 5 year look forward merchant volumes.

The PPAs entered into as part of the re-contracting strategy have an average tenure of over 8 years and span multiple geographies and technologies. Counterparties include a broad range of leading international companies including those in the AI and heavy industry sectors who rely on clean energy to fuel future growth.

The PPA for Ballincollig wind farm is an example of the strategy in action, with the agreement being executed ahead of the asset exiting its regulated tariff structure next month and with a counterparty focused on powering its data centre through renewable energy. Amid the growing demand for clean energy, Greencoat Renewables expects to continue to deliver further PPAs as part of its core strategy.

Paul O’ Donnell, Partner, Schroders Greencoat LLP, commented: 
“This agreement is a clear demonstration of our ability to execute our re-contracting strategy, securing long-term cash flows and supporting asset value. This agreement also further strengthens our position as a trusted partner to leading power buyers, supporting their decarbonization efforts and advancing the energy transition.

As one of Europe’s leading listed owners and operators of renewable energy infrastructure assets, we see significant opportunity in the accelerating energy demand driven by data centre growth and the broader AI-led digital economy. Data centres powered by renewable energy will be a key industrial enabler for the next phase of economic development. Greencoat Renewables is strategically positioned to deliver cost-effective, clean power — supporting the ambitions of our partners and contributing to sustainable economic growth.”

KeyFacts Energy Industry Directory: Greencoat Renewables