Greencoat Renewables is to acquire the almost 90MW Cordal wind farm in County Kerry, Ireland, from Cubico Sustainable Investments for an undisclosed price.
Cordal consists of 28 GE 3.2MW turbines that reached full commercial operations in May 2018.
The 89.6MW wind farm’s revenues are contracted under the REFIT 2 scheme, which provides a long-term guaranteed minimum floor price for the electricity generated until 2032, Greencoat said.
GE will continue to manage the operations and maintenance contract.
The acquisition is being funded by Greencoat’s existing revolving credit facility and is expected to close in April 2021.
It will bring the investor’s total installed capacity to 650MW.
The company said that following the acquisition, its total borrowings will represent about 46% of gross asset aalue.