Greencoat Renewables has acquired the 21MW Soliedra wind farm in Spain from Alfanar Global Development.
The deal represents the company’s second renewables transaction in Spain.
The wind farm is located in Soria, in the region of Castilla y Leon, Spain and consists of six GE- 137 turbines that have been operational since May 2021.
GE will continue to provide long term operations and maintenance services.
Soliedra wind farm is contracted as a merchant asset but has the flexibility in the future to contract the electricity produced via a corporate power purchase agreement (PPA).
Following the acquisition, Greencoat Renewables’ total borrowings will represent 40% of gross asset value.
Paul O’Donnell, Partner at Greencoat Capital, the investment manager, said: “We are delighted to secure such a high-quality asset from Alfanar and have sight of further value-accretive opportunities in Spain.
“As the renewable generation market continues to develop, we expect to see greater opportunity in the unsubsidised renewables market and believe Greencoat Renewables is well positioned to benefit both across mainland Europe and in Ireland.”