Greencoat Renewables has completed the acquisition of the 38MW Cloghan Wind Farm located in County Offaly, Ireland.
Cloghan was acquired in December 2020 under a forward sale commitment from Statkraft, which managed the construction of the wind farm.
Statkraft will continue to provide trading and operational management services for the asset.
The wind farm benefits from a 15-year fixed price contract, secured under the RESS 1 auction, until 2037.
Greencoat Renewables’ total borrowings are now 47% of gross asset value.
Paul O’Donnell, Investment Manager, said: “We are pleased to complete the acquisition of this long-term asset and further strengthen Greencoat Renewables’ market position in the Irish wind sector, which benefits from strong contracted cash flows and where we continue to see opportunities in onshore wind.
“We are also delighted to partner with Statkraft once again and to deliver additional capacity through our flexible forward sale model.”