DUBLIN: Greencoat Renewables Plc has acquired Glencarbry wind farm from John Laing Group, a news release said.
Glencarbry is located in County Tipperary, Ireland and consists of 12 Nordex turbines that have been operational since July 2017. The wind farm’s revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until July 2032. Nordex will continue to manage the operations and maintenance contract.
The acquisition is being funded by the Company’s existing credit facility. Following the acquisition, Greencoat Renewables’ total borrowings will represent 49% of Gross Asset Value, in the middle of the Company’s target gearing range.
Including the previously announced acquisition of Cordal wind farm which has now completed, Greencoat Renewables’ total installed generating capacity has increased to 685.6MW.
Paul O’Donnell, Investment Manager said: “We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry wind farm, another high-quality asset with long-term contracted revenues.
We are also pleased to have closed our second transaction with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector.
We continue to see a range of attractive opportunities, both in Ireland and the wider European market.”
Greencoat Renewables agrees to buy 89.6MW Cordal Wind Farm
Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the company is now also considering expansion into wind and solar assets in certain other Northern European countries with stable and robust renewable energy frameworks. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.