German insurer Versicherungskammer Group has acquired an undisclosed 28MW wind farm in the west of Ireland.
The project will comprise eight turbines, five of which are due to be installed in 2023.
The remaining three would be built in 2026.
Encavis advised on the deal and will take over the operational management, energy management, accounting and controlling of the wind farm once finished.
Head of Infrastructure Investments at Versicherungskammer Georg Distler said: “Renewable energies are an essential part of our investment strategy and sustainability is an important aspect in our capital investment.
“With this investment in Ireland, we are once again diversifying our portfolio and making an active contribution to CO2 avoidance. We will continue to significantly expand such commitments, as we have done in the past years.”
Encavis spokesperson Karsten Mieth said: “The high wind speeds on the Irish west coast strengthen the fund’s earnings power.
“We are proud to have facilitated this complex transaction for Versicherungskammer and will provide an ongoing contribution to the performance of the assets over the operating life cycle.”