Greencoat Renewables has acquired 50% of the 20MW Carrickallen wind farm in County Cavan, Ireland.
The remaining 50% of the operational asset will continue to be owned by the Irish wind developer Galetech Group.
The acquisition brings Greencoat Renewables’ portfolio of operational wind assets to an aggregate capacity of 538MW.
The wind farm consists of 10 Senvion MM92 turbines that have been operational since January 2019.
Its revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032. Siemens will continue to manage the operations and maintenance contract.
The acquisition is being funded by Greencoat’s existing credit facility. Following completion, total borrowings will represent 44% of gross asset value.
Investment manager Paul O’Donnell said: “We are pleased to announce our investment into Carrickallen wind farm, adding another high-quality wind asset with long-term contracted revenues.
“We were delighted to partner with Galetech and continue to see a strong pipeline of opportunities both in Ireland and the continent.”