DUBLIN, IRELAND: Greencoat Renewables, the renewable infrastructure company invested in euro-denominated assets, has acquired the 21MW Soliedra wind farm from Alfanar Global Development. The deal represents the company’s second renewables transaction in Spain.
The wind farm is located in Soria, in the region of Castilla y Leon, Spain and consists of six GE- 137 turbines that have been operational since May 2021. GE will continue to provide long term operations and maintenance services.
Soliedra wind farm is currently contracted as a merchant asset but has the flexibility in the future to contract the electricity produced via a corporate PPA.
Following the acquisition, Greencoat Renewables’ total borrowings will represent 40% of Gross Asset Value.
The transaction is in line with Greencoat Renewables’ European growth strategy and follows the Company’s expansion into France, Finland, Germany and Sweden.
Paul O’Donnell, Partner at Greencoat Capital, the Investment Manager, said: “We are delighted to secure such a high-quality asset from Alfanar and have sight of further value-accretive opportunities in Spain.
As the renewable generation market continues to develop, we expect to see greater opportunity in the unsubsidised renewables market and believe Greencoat Renewables is well positioned to benefit both across mainland Europe and in Ireland.”
Jamal Wadi, Managing Director, Alfanar Global Development, said: “We have been in Spain for many years now and are committed to its energy transition. This deal marks another milestone in our ambitious plans for the European markets.”