Encavis Asset Management has acquired the almost 24MW Clogheravaddy wind farm in Ireland from ABO Wind for an undisclosed price.
The acquisition is the first for Encavis’ new Alternative Investment Fund EIF IV, which is managed by BayernInvest and distributed by Bayern LB.
The 23.6MW project, located in in County Donegal, will have seven turbines in total.
Three machines, each with a capacity of 3.6MW, have been in operation since 2019, while three similar turbines will connect to the grid in the first quarter of this year.
The final seventh turbine is expected to be operational by mid-2023.
The transaction involved the sale of the entire issued share capital of two companies, Clogheravaddy Wind Farm Limited and ABO Wind Supply Limited.
Law firm Beauchamps’ energy and natural resources team advised ABO Wind on the sale.
Beauchamps’ team was led by Ainsley Heffernan and supported by Daniel Cashman, Stuart Conaty, John Sweeney and Hugh Foyle.
Heffernan said: “Having supported ABO Wind from the outset of the Clogheravaddy project – from the planning and development stages right through to project finance, construction and operation, it was a pleasure to now also be involved in the successful sale of the project to the fund managed by Encavis Asset Management.
“We are very proud to continue to support ABO Wind and our other renewable energy clients in their efforts to help Ireland in its transition to a more sustainable carbon neutral economy.”