Latest news with #PaulO'Donnell
The Herald Scotland
3 hours ago
- Business
- The Herald Scotland
Deadline for Wood takeover offer postponed for sixth time
The arrangement would include a longer duration for Wood to repay its existing debts via an extension to October 2028, plus an initial cash injection of $250m from Sidara. However, a number of Wood's lenders have yet to agree to the proposal. Read more: Wood said it is working to secure 100% support but in the absence of this it could use a legal process known as a scheme of arrangement, which only requires approval from a majority of creditors representing 75% of outstanding debt. Meanwhile, it has been reported that Sidara is considering reducing the price of its takeover offer following the launch of an investigation by the Financial Conduct Authority (FCA) after an independent review found "cultural failings" with accounting practices at Wood. The nature of the FCA enquiry has not been disclosed, though it covers the period from January 1, 2023 to November 7, 2024. The previous independent review by Deloitte found "material weaknesses and failures" within Wood's projects business and its engagement with the group finance team. This has led to a delay in the publication of Wood's financial accounts for 2024, which were due at the end of April. Wood said it is continuing to work with its auditor to publish those accounts. Read more: Against this backdrop, Wood and Sidara have asked for and received from the Takeover Panel a sixth extension to the "put up or shut up" deadline by which Abu Dhabi-based Sidara must make a firm offer. This will expire at 5pm on August 25. Sidara made its first approach for Wood in May of last year. The Scottish company rejected the initial offer for 205p per share, saying it "fundamentally undervalued Wood and its future prospects". Sidara continued to make advances but in August 2024 withdrew its fourth bid for 230p per share, which valued the company at approximately £1.5 billion, citing "rising geopolitical risks" and broader uncertainty across financial markets. Shares in Wood plummeted thereafter with the company eventually losing its spot in the FTSE 250 index of London mid-caps. Read more: Following the delay in the publication of Wood's 2024 financial accounts, the company's shares were suspended from trading on the London Stock Exchange on May 1 of this year. The remain suspended at 18.44p each. In a separate announcement this morning, Wood also said that it has appointed Paul O'Donnell as a non-executive director of the company. Wood chairman Roy Franklin said Mr O'Donnell, a fellow of Chartered Accountants Ireland, has significant experience of "helping companies navigate similar challenges to those Wood faces today". Mr O'Donnell is described as having more than 25 years' experience of mergers, acquisitions and business transformation, and has previously served on the boards of companies such as Nordic Aviation Capital, The Very Group, and TalkTalk.
IOL News
09-06-2025
- Business
- IOL News
Greencoat Renewables lists on the JSE's AltX, expanding its investor base
Greencoat Renewables's Paul O'Donnell (left to right), Diarmuid Kelly, Bertrand Gautier. Image: Supplied Greencoat Renewables Plc (GRP), a leading owner and operator of European renewable energy infrastructure assets, officially debuted its secondary listing on the JSE's AltX on Monday. GRP remains listed on the Alternative Investment Market in London and the Euronext Growth Market in Dublin. The listing presents a significant opportunity for the Irish-based company, which has a current market capitalisation of €850 million (R17.2 billion), to diversify its shareholder base, enhance liquidity and position itself to take advantage of growth opportunities over time, it said in a statement. GRP offers South African investors access to a large and diversified Pan-European platform consisting of 40 renewable energy assets across five countries, producing 1.5GW of energy. This high-quality and modern portfolio is underpinned by long-term, European government-backed cashflows. In 2024, GRP generated net cash of €141m of which €74m was paid out to investors as dividends and the remainder reinvested in the business. GRP currently trades at a 9% Euro dividend yield. GRP's Bertrand Gautier, who leads the team as a co-portfolio manager, along with Paul O'Donnell, said, 'We're excited to be listing on South Africa's preeminent bourse, which presents us with access to a deep capital market with sophisticated investors who are familiar with and attracted to GRP's value proposition. The JSE also has an excellent track record of supporting real asset companies and is expected to provide a strong platform for future growth." O'Donnell said, 'The European energy transition will require €1.5 trillion in investment to 2030. When considered in the context of a material increase in demand for green electrons by data centres, which are fuelled by Big Tech and AI, the sector represents a unique and compelling long-term opportunity for investors.' He adds that the company's excellent track record of providing investors with a secure and predictable income, backed by GRP's scale and established Pan-European footprint, as well as the constant value-added asset management focus of the team, supports this view. Diarmuid Kelly, the chief financial officer of GRP, said, 'We remain focused on delivering attractive risk-adjusted returns for shareholders through continued high cash generation and disciplined capital allocation. Our cashflows are proactively managed to provide a combination of security and opportunity which facilitates a progressive dividend that has grown 5.5% on a ZAR CAGR basis since IPO (initial public offering) in 2017. In addition, cash generated over and above that required to service dividends is reinvested into the business to grow the net asset value. Our return profile is thus well aligned with long-term, income-focused investors.' The company is managed by Schroders Greencoat, an experienced and specialised investment manager in the listed renewable energy infrastructure sector with over €16bn in AUM across more than 400 assets globally. Valeo Capital is the South African corporate advisor and Sponsor bringing GRP to market. BUSINESS REPORT Visit:
RTÉ News
13-05-2025
- Business
- RTÉ News
Greencoat Renewables to sell 6 Irish windfarms for €156m
Wind and solar energy group Greencoat Renewables has agreed a deal to sell a portfolio of six Irish onshore wind assets for a total of €156m to Norwegian private equity firm HitecVision. The wind farms have a total of 115.7MW in net capacity. The disposed portfolio comprises 100% of five assets (65.7MW) and a 50% stake in one of the larger assets in its portfolio. The company said today's sale aligns with its active portfolio management strategy that aims to maintain prudent gearing and a high level of contracted revenues through a combination of asset sales, the creation of new PPAs, and reinvestment in due course. Today's deal also builds on the disposal of the Kokkoneva wind farm in Finland announced last November 2024. Greencoat has now raised more than €200m from asset sales across six assets in the past six months. "The combination of these disposals increases our capital allocation options for the future," it stated. Greencoat said it continues to explore value further disposals and is in advanced talks over the sale of a significant minority stake in its 50MW Andella wind farm in Spain. Paul O'Donnell, Partner, Schroders Greencoat LLP, said the deal reflects the disciplined execution of the company's capital allocation strategy, unlocking value from its portfolio and further enhancing its financial strength. "We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders," he said. "As well as providing future balance sheet flexibility, this latest transaction underpins the opportunity to create increasing value from older assets including re-contracting PPAs and options for hybridisation and repowering," he added. Greencoat Renewables also said today that it is in the process of applying for a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange. The company said it had received strong interest in the listing from a number of South African institutional investors, who are attracted to the company's scale, strong track record, high cash generation and progressive approach to distributions. It said it believes that admission to the JSE will be beneficial to the company and its stakeholders as it will enhance liquidity for shareholders, diversify its shareholder base and position the company for growth, by providing access to a new and deep capital market. Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said the company has been encouraged by the response of highly reputable South African institutional investors, and expect to increase liquidity, broaden the company's shareholder base and position it for future growth in due course. "Through the continued generation of high and secure cashflows, we consider the company well placed to provide local investors with attractive eurodenominated returns going forward," he added.
Irish Examiner
13-05-2025
- Business
- Irish Examiner
Greencoat Renewables enters deal to €156m to sell six Irish windfarms
Energy infrastructure investment company Greencoat Renewables has announced that it has entered an agreement to sell six of its onshore wind farms to HitecVision, a Norwegian private equity firm, for €156m. The company said these six wind farm assets generate a total of 115.7MW in net capacity. The deal includes an up-front consideration of €139m and €17m in non-contingent deferred consideration over 2026 and 2027. The disposed portfolio comprises 100% of five assets, accounting for 65.7MW, and a 50% stake in one of the larger assets in Greencoat Renewables' portfolio. 'Greencoat Renewables will work alongside HitecVision and its newly created platform company to assess future value creation opportunities at the jointly owned wind farm,' the company said. Proceeds of this sale will be allocated to Greencoat's revolving credit facility. Paul O'Donnell, partner at Schroders Greencoat LLP, said this deal 'reflects the disciplined execution of our capital allocation strategy, unlocking value from our portfolio and further enhancing our financial strength'. 'We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders,' he said. In November last year, the company announced the disposal of the Kokkoneva wind farm in Finland. Including this latest deal, Greencoat has raised in excess of €200m from asset sales across seven assets in the past six months. It is also in advanced negotiations over the sale of a significant minority stake in its 50MW Andella wind farm in Spain. Greencoat Renewables is an investor in euro-denominated renewable energy infrastructure assets. It was initially focused solely on the acquisition and management of operating wind farms in Ireland but has since invested in wind and solar assets in other European countries with stable and robust renewable energy frameworks. It is managed by Schroders Greencoat LLP.
RTÉ News
01-05-2025
- Business
- RTÉ News
Greencoat Renewables, Keppel agree second 10 year Power Purchase Agreement
Greencoat Renewables and Keppel DC REIT have signed a second Power Purchase Agreement (PPA) for the supply of renewable energy that will be used to power Keppel's two data centres in Dublin. Under the terms of the PPA, Singapore-listed Keppel DC REIT will purchase 100% of the electricity generated from Greencoat Renewables' Ballincollig wind farm in Co Kerry, which has an annual output of 31.5 GWh of renewable energy. The PPA for the Ballincollig wind farm is the sixth PPA within the Greencoat Renewables portfolio and the company said the deal underscores its capability to re-contract assets as they transition out of tariff regimes. The six PPAs amount to about 540 GWh of renewable energy a year and represent about 20% of Greencoat Renewables five year look forward merchant volumes. Paul O'Donnell, Partner, Schroders Greencoat LLP, said that as one of Europe's leading listed owners and operators of renewable energy infrastructure assets, it sees a significant opportunity to provide renewable electricity to the growing Irish data centre market. "Our second PPA with Keppel DC REIT further strengthens our position as a trusted provider of renewable energy, supporting our partners with their decarbonization efforts and advancing the energy transition," he said. "Looking ahead, 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," he added. Gary Watson, Country Manager, Keppel DC REIT (Ireland), said the company was delighted to meet its 2030 target of using 100% Irish renewable energy for its operations five years ahead of schedule.
