Greencoat Renewables has entered into an agreement to acquire the 20MW Gortahile wind farm situated in County Laois, Ireland, from Glennmont Partners.
The transaction is expected to close on 18 September and will bring Greencoat Renewable’s total installed capacity to 431MW.
Gortahile consists of eight Nordex N90 turbines.
The wind farm was commissioned in August 2010 and its revenues are contracted under the REFIT 1 scheme, providing a long term guaranteed minimum floor price for the electricity generated.
Following the acquisition, Nordex will continue to oversee the wind farm under an operations and maintenance contract.
The acquisition will be funded by Greencoat Renewables’ €380m credit facility.
Greencoat Renewables investment manager Paul O’Donnell said: “We are pleased to announce the acquisition of Gortahile, adding another high‐quality wind asset with long‐term contracted revenues.
“We were delighted to work with Glennmont Partners on the transaction and continue to see a strong pipeline of opportunities in the Irish secondary market.”
In its interim results for the first six months of 2019, Greencoat Renewables’ net cash generation for the group and wind farm special purpose vehicles (SPV) was €27.1m, gross of SPV level debt repayment.
The group’s investments generated 555.9 gigawatt hours of electricity, 5% below budget.
Greencoat Renewables non-executive chairman Ronan Murphy said: “I am pleased to announce strong six months results for Greencoat Renewables which also saw the generating portfolio grow and diversify, continued robust dividend cover, and another oversubscribed equity placing.”