DUBLIN: Greencoat Renewables PLC the Irish renewable infrastructure company invested in euro-dominated assets has acquired Killala Community Wind Farm, a 20.4MW wind farm situated in County Mayo.
The project consists of 5 Siemens 3.4MW turbines that have been operational since July 2019. An additional Siemens 3.4MW turbine is currently under construction which will bring the installed capacity to 20.4MW in Q4 2020.
The initial consideration is €37.2 million, with further proceeds payable once the final turbine becomes operational. Construction of the additional turbine is being overseen by the existing developers and Siemens will continue to manage the wind farm’s O&M contract.
The project revenues are contracted under the REFIT 2 scheme, providing a guaranteed minimum floor price for the electricity generated until 2032.
The acquisition is being funded by the Company’s €380 million credit facility. Following the acquisition, Greencoat Renewables total borrowings are 47% of Gross Asset Value.
Paul O’Donnell, Investment Manager said: “We are pleased to announce the acquisition of Killala, adding another high-quality wind asset with long-term contracted revenues. This is our first acquisition of a community windfarm and we are delighted that the local community will be sharing in the value created.”