Irish investor Greencoat Renewables has acquired the 20MW Killala community wind farm in the west of Ireland.
The company will pay an initial €37.2m for five Siemens Gamesa 3.4MW turbines in County Mayo that have been operational since July of this year.
Further unspecified proceeds will be paid once a sixth and final unit from the German-Spanish manufacturer is installed, which is expected in the fourth quarter.
Siemens Gamesa will manage an O&M contract at the site that is contracted under support scheme Refit 2, guaranteeing a minimum floor price for electricity 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.
Investment manager Paul O’Donnell 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 wind farm and we are delighted that the local community will be sharing in the value created.”