Greencoat Renewables has acquired the 14MW Letteragh wind farm in County Clare, on Ireland’s west coast, for just over €35m.
The new purchase brings Greencoat Renewables’ portfolio of operational wind assets to 476MW.
Letteragh consists of six Enercon E92 turbines, operational since December 2019.
Seahound Wind Developments Limited developed Letteragh. HSH Nordbank provided project finance for the wind farm’s construction.
Letteragh’s revenues are contracted under the REFIT 2 scheme, providing long term guaranteed minimum floor price for the electricity generated until 2032.
Enercon will continue to manage the operations and maintenance contract. The acquisition is being funded by Greencoat Renewables’ €380m credit facility.
Greencoat Renewables investment manager Paul O’Donnell said: “We are pleased to announce the acquisition of Letteragh wind farm, adding another high-quality wind asset with long-term contracted revenues to our portfolio.
“We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders.”